Aussie shares drop after Biden’s offhand comment on war

[Pelican Press 0]

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Aussie shares drop after Biden’s offhand comment on war

The Australia share market has been sinking following an offhand comment by US President Joe Biden and ahead of another set of US jobs figures that may reset expectations on interest rate cuts.

At noon AEST on Friday, the benchmark S&P/ASX200 index was down 65 points, or 0.79 per cent, to 8,140.2, while the broader All Ordinaries had dropped 66 points, or 0.78 per cent, to 8,408.9.

Overnight, Mr Biden told reporters outside the White House that the US was “in discussion” about the possibility ******* might ******* Iran’s vast oilfields in retaliation for its missile barrage.

“I think that would be a little …” the ********* president said, before stopping mid-sentence. “Anyway,” he said.

The off-the-cuff remark sent shockwaves through markets, with Brent crude jumping $US2 to $77.50 a barrel.

Traders were also waiting for the latest US non-farm payrolls report for September, to be released on Friday night AEST.

With a few hours of trading left, the ASX200 was on track to snap its three-week winning streak with a drop of 0.8 per cent.

At lunchtime, nine of the ASX’s 11 sectors were lower, with health care up 0.3 per cent and energy spiking 2.1 per cent.

Woodside had gained 2.9 per cent, Santos had added 2.2 per cent and Ampol had risen 2.5 per cent.

On the flip side, the mining sector was the biggest ******, down 1.6 per cent.

BHP and Fortescue were both down 2.2 per cent, while Rio Tinto had dropped 2.5 per cent.

All of the big four banks were lower as well.

Westpac had fallen 2.2 per cent, ANZ had dropped 1.5 per cent and NAB and CBA had both retreated 1.3 per cent.

Insurance companies were higher, with IAG gaining 1.8 per cent, Suncorp up 1.1 per cent, QBE rising 0.7 per cent and health insurer Medibank Private advancing 1.0 per cent.

The *********** dollar was buying 68.46 US cents, down from 68.74 US cents at Thursday’s ASX close.

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