The ASX200 finished down 0.09%, with losses in Utilities, Materials, Info Tech, and Healthcare. The Financials sector managed to post modest gains, cushioning the broader market's decline.
On the commodities front, Aluminium, Copper, and Zinc prices fell, reflecting softer global demand expectations. Nickel was the exception, rising slightly.
Date: 20 June 2025
By Tim Montague Jones
Australian shares slipped on Thursday, while global investors weighed rising oil prices, geopolitical tensions, and economic warnings from Russia. With U.S. markets closed for the Juneteenth public holiday, attention shifted to commodity price moves and news out of the Middle East and Europe.
The ASX200 finished down 0.09%, with losses in Utilities, Materials, Info Tech, and Healthcare. The Financials sector managed to post modest gains, cushioning the broader market's decline.
On the commodities front, Aluminium, Copper, and Zinc prices fell, reflecting softer global demand expectations. Nickel was the exception, rising slightly.
Brent crude surged 2.7% to US$78.74 per barrel, as tensions in the Middle East flared. Reports suggest Iran is ramping up oil exports in anticipation of further Israeli strikes on its infrastructure, especially around Kharg Island — a key oil export hub. Satellite imagery indicates Iran’s storage tanks are now full, suggesting a strategic push to maximise revenue before any potential disruption.
Gold remained flat at US$3,381.35 an ounce, while iron ore slipped 0.2% to US$94.71 a tonne, pressured by weak demand signals from China.
U.S. equity markets were shut for the Juneteenth holiday, though geopolitical and macro risks remain front of mind. Investors are still digesting the Federal Reserve’s recent guidance and preparing for potential volatility as global growth slows.
Web Travel Group announced the appointment of two new independent non-executive directors: Paul Scurrah, former CEO of Virgin Australia, and Melanie Wilson, a director at JB Hi-Fi and Oroton Group. The board refresh follows the company’s recent demerger, with director Brad Holman set to retire in September.
Chair Roger Sharp said the appointments would bring "strong credentials, fresh perspectives, and deep experience" to the board as the company enters a new phase.
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In a rare admission, Russia’s Economy Minister Maxim Reshetnikov said the country is “on the brink of going into a recession.” Speaking at the St. Petersburg International Economic Forum, Reshetnikov cited deteriorating business conditions and weakening indicators, suggesting Russia’s economy is already beginning to contract.
This adds to the global economic headwinds facing investors, particularly as energy markets remain sensitive to developments in both Russia and the Middle East.
With rising geopolitical risks, weaker commodity demand, and signals of slowing global growth, markets are treading cautiously. Investors remain focused on defensive sectors and are closely monitoring developments in oil, energy infrastructure, and macro policy.
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