ASX Increases, Oil Prices Decrease After US and Iran Stop Missile Attacks

The Australian stock market, or ASX, has increased by 1% after the US and Iran decided to stop their missile attacks.

The price of oil has decreased by 5% because of the reduced conflict in the Middle East.

Our team of business reporters will provide updates on the latest financial news throughout the day.

Please note that this blog is not meant to be investment advice.

We will provide live updates on the ASX and other financial news.

The ASX has opened strongly, with tech stocks and miners performing well.

The energy sector has been negatively affected by the decrease in oil prices.

The gold miners have seen a significant increase in their stock prices, with the All Ordinaries gold index up 4.5%.

The banks have seen a slight increase in their stock prices, with NAB gaining 0.9%.

Energy stocks have decreased across the board, with Santos down 3.9% despite announcing its first shipment from the Barossa LNG project.

The refiners and fuel retailers have also seen a decrease in their stock prices, while aviation and travel stocks have increased due to the prospect of cheaper fuel.

The ASX 200 top movers board is dominated by gold miners, with Capricorn Metals up 13.7% after an upgrade of its reserves estimate.

Energy stocks are at the bottom of the movers list, with Karoon Energy down 8.4%.

Former Grocon boss Daniel Grollo has been declared bankrupt, according to the Australian Financial Security Authority's Bankruptcy Register.

The bankruptcy comes nearly six years after property giant Grocon entered administration, with Mr Grollo blaming the collapse on a legal dispute with the NSW government.

Grocon Group was started by Mr Grollo's grandfather Luigi in the 1940s and built several iconic developments, including Melbourne's casino and the Rialto Towers.

Myer has reported a 10% decrease in its stock price after warning of 'volatile' and 'challenging' conditions in the second half of the financial year.

The company's bottom line has been affected by increased discounting and promotions to attract more customers.

Sales are expected to increase by only 0.3% over the year, while operating gross profit will likely decrease marginally.

Myer Executive Chair Olivia Wirth said the company observed a material downturn in sentiment, particularly in June and July, resulting in a subdued consumer and weak discretionary spending.

The ASX 200 has gained 1% at 10:10am AEST, with the broader All Ordinaries also up 1%.

While tech stocks and miners are performing well, the energy sector has slumped due to falling oil prices.

Department store Myer has managed to lift its full-year sales and profits despite a tough second half.

The company's operating gross profit is expected to be around $1.6 billion, up 14% on an actual basis but down around 2% on a pro-forma basis.

Total sales came in at $4,089 million, with the company saying trading through the second half of the financial year had been 'volatile' on a month-to-month basis.

Santos has made its first sale from its Timor Sea-based Barossa gas project, shipping approximately 300,000 barrels of gas condensate to the SK Incheon Petrochem plant in South Korea.

The Barossa Project is a joint venture between Santos and PRISM Energy, and has had a troubled history with cost blowouts and regulatory challenges.

The ASX-listed tertiary education provider EDU Holdings has reported a 57% jump in pre-tax profit to a record $13 million.

The company's revenue increased by 48% to $53.5 million, driven by a 57% increase in domestic and international enrolments.

NAB chief economist Sally Auld has made an interesting observation about the Middle East conflict, saying that developments have moved in a positive direction over the weekend.

The US Federal Reserve's rate-setting committee meets this week, with markets expecting the Fed to keep interest rates unchanged.

The local focus this week will be on the second-quarter inflation figures, with the consensus pick that headline inflation rose 0.7% over the quarter.

The RBA's preferred measure, trimmed mean CPI, is expected to increase by 0.9% over the quarter, nudging the annual rate up to 3.7%.

IG Markets analyst Tony Sycamore says that if the inflation reading is in line or hotter than expected, it would test the RBA's hawkish bias and raise the chances of a rate hike in August.

The big miners Rio Tinto and Capstone Copper will release their first-half results on Wednesday and Thursday, respectively.

Overseas, rate-setting meetings by the US Federal Reserve, the Bank of England, and the Bank of Japan are of the most interest, despite all being expected to leave their benchmark settings unchanged.

The S&P 500 enjoyed a buying spurt just before closing to eke out a marginal gain, but not nearly enough to push it into positive territory over the week.

The tech retreat is still a dominant theme, with shares in chipmaker Intel falling 8% despite posting a strong quarterly result.

The so-called 'Magnificent Seven' tech stocks collectively shed around 5% for the week, with Amazon and Tesla falling around 10% and 18% respectively post-results.

Global oil prices eased back below the $US100/barrel mark despite two weeks of missiles, drones, and threats whizzing back and forth across the Gulf.

The fall in prices came after news filtered out that China had initiated a push to resume stalled peace talks between the United States and Iran.

Oil prices may ease more today with the news overnight that the US and Iran had called a halt to their bombing campaigns, at least temporarily.

The easing in oil prices saw US Treasury bond yields dip from their 18-month high, but the fear of inflation and the Fed being forced to jack up rates meant investors remained cautious.

The Fed's rate-setting committee meets this week, with markets still pricing in another 'hold'.

Most currencies were steady against the Greenback, although the Aussie dollar nudged higher to trade just under 70 US cents.

Welcome to another day on the ABC markets and finance blog, where we will provide live updates on the latest financial news throughout the day.

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