Live: ASX to fall, price of oil surges
The Australian share market is set to drop at the open, following losses on Wall Street.
Brent crude continues to surge, opening above $US100 a barrel.
Wall St was briefly buoyed off the back of US inflation data showing it was slowing more than expected in August, though the market closed slightly lower, reversing earlier gains.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
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Market snapshot
By Alex Turner-Cohen
By Alex Turner-Cohen
- ASX futures: -0.5% to 8765 points
- ASX 200 (Wednesday close): 8,789 points
- Australian dollar: +0.04% to 69.5 US cents
- Wall Street: Dow Jones (-0.95%), S&P 500 (-0.25%), Nasdaq Composite (+0.23%)
- Europe: Stoxx 600 (-0.5%), DAX (+0.79%), FTSE (-0.5%)
- Spot gold: -0.59% to $US4,155/ounce
- Oil (Brent futures): +0.89% at $US103.50/barrel
- Iron ore: -0.04% to $US93.20/tonne
- Bitcoin: +0.18% to $US83,774
- 10-year bonds: US -0.26%, Australia -0.31%
Prices current at around 7:30am AEST
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More than 1000 large companies paid no tax
By Liana Walker
By Liana Walker
Data from the Australian Tax Office shows almost 30 per cent of large companies paid no tax in 2024–25.
The ATO's 12th corporate tax transparency report found there were 1,149 entities that did not pay tax during that period.
The tax office is watching companies that use offshore financing and marketing hubs, as well as AI businesses.
Nassim Khadem has the full story:
US inflation figures released overnight less than expected
By Alex Turner-Cohen
By Alex Turner-Cohen
Inflation figures released overnight from the US were less than expected, but still rose, sparking fears of another rate hike.
Headline inflation rose by 0.3 per cent for the month, bringing the rate to 3.4 per cent for the year to August. The core Personal Consumption Expenditure rose by 0.2 per cent for the month, bringing the annual rate to 3 per cent.
The figures were better than expected, with initial estimates putting headline inflation at the 3.7 per cent mark.
However, inflation still rose, causing fears that another US rate rise is just around the corner.
The US central bank hiked interest rates in September, for the first time in three years, amid inflation fears.
Nigel Green, CEO of deVere Group, said inflation was "still miles above target".
“We said after September’s hike it wouldn’t be the last one this year, and we’re sticking with that call.”
ASX to fall, Wall St briefly buoyed by US inflation data
By Alex Turner-Cohen
By Alex Turner-Cohen
Good morning everyone and happy Thursday.
Liana Walker and I are here to take you through all things business and markets this morning.
The ASX is set to fall this morning, with ASX 200 futures down 48 points or 0.5 per cent to 8,765.
Wall St was briefly buoyed off the back of US inflation data showing it was slowing more than expected in August, though the market closed slightly lower, reversing earlier gains.
Despite that, crude oil continues to rise, sparking continued inflation fears.
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