9m agoFri 13 Mar 2026 at 12:31amUpdate
Market snapshot
ASX 200: +0.1% to 8,641 pointsÂ
Australian dollar: +0.1% at 70.83 US centsÂ
Dow Jones: -1.6% to 46,677 pointsS&P 500: -1.5% to 6,672 pointsFTSE: -0.5% to 10,305 points Spot gold: -1.6% to $US5,096/ounce Spot silver: +1.1% to $US84.71/ounce
Brent crude: -0.3% at $US100.13/barrelÂ
Iron ore: +0.5% to $US104.72/tonne Bitcoin: +1.6% to $US71,597
Prices current around 11:31am AEDT
Live updates on the major ASX indices:
4m agoFri 13 Mar 2026 at 12:36amAustralia releasing 20 per cent of its petrol and diesel reserves
The Federal Government will take a bold step towards trying to ease the nation’s looming energy crisis.
It’s announced it will release 762 million litres of petrol and diesel from Australia’s domestic reserves in an effort to address ongoing shortages stemming from the Iran war.
This represents up to 20% of the Minimum Stockholding Obligation for petrol and diesel.
Energy Minister Chris Bowen says companies releasing fuel from storage will have to take steps to prioritise supply to regional, agricultural and maritime customers experiencing supply shortages.
26m agoFri 13 Mar 2026 at 12:14amUS and China to meet this weekend to discuss trade
With all the chaos in the Middle East we’ve been thinking less about the ongoing trade war between the US and China.
US Treasury Secretary Scott Bessent has announced he will hold a two-day meeting with Chinese Vice Premier He Lifeng in France starting on Sunday.
This comes as the two sides prepare for US President Donald Trump’s meeting with Chinese President Xi Jinping in Beijing at the end of March.
“This weekend, I will again meet with Vice Premier He Lifeng to continue the US-China trade and economic dialogue in Paris, France,” Bessent said in a post on X.
US Trade Representative Jamieson Greer also will participate in the meetings, his office said.
The Treasury and USTR provided few details about their objectives for the Paris meetings, the latest in a series of dialogues in European cities in recent months between Bessent, Greer, He and Chinese trade negotiator Li Chenggang.
The four officials last year negotiated a US-China trade truce after Trump imposed sweeping new tariffs on Chinese imports that prompted tit-for-tat escalation and draconian Chinese export controls on rare earth minerals and magnets that threatened to bring US high-tech industries to a standstill.
The truce brought Trump’s new emergency tariff rate down to about 20% for Chinese goods and partially restored the rare earths supplies.
It was largely extended until November 2026 after the leaders met last year in South Korea, but the US Supreme Court has since ruled Trump’s emergency tariffs illegal.
The meeting may provide some clarity on the path forward for tariffs, as the US has reimposed a new 10% tariff on global imports under a law meant to resolve balance of payments issues.
With reporting by Reuters
56m agoThu 12 Mar 2026 at 11:44pm’Australia has never been more vulnerable to an energy crisis’
We’ve already seen petrol prices rocket across Australia over the past week or so.
The war in Iran has had an immediate impact at the bowser in every state and territory, with the Strait of Hormuz — which carries roughly 20% of the world’s oil — all but shut to passing ships.
The ABC’s chief business correspondent Ian Verrender says Australia has left itself horribly exposed.
Domestic oil production has fallen about 90% since 2000 to just 69 million barrels per year.
During that time, we’ve seen the closure of six major refineries across the country, with just two remaining.
Ian writes that we find ourselves woefully exposed to an oil crisis like the one we’re facing now.
We could have only 25 days of petrol in reserve, less than a third of a directive by the International Energy Agency (IEA).
1h agoThu 12 Mar 2026 at 11:12pm
ASX trading down as war ‘supply shocks’ continue
The Australian sharemarket is trading about 0.3% down in very early trade, which isn’t as bad a futures were pointing to. It’s also a lot lower than the losses on Wall Street overnight.
Of course, it’s early. In the meantime, here’s a note that just came through from Capital’s Kyle Rodda on markets right now, as the war in the Middle East shows no sign of stopping:
Almost everything in the markets right now can be boiled down to the energy crisis and it’s very likely that this will continue until the war ends.
Crude prices rose another 10% last night, to take benchmark Brent to around $US100 – a level it hasn’t closed above since the onset of the Russia-Ukraine war. The supply shock is resulting in a market lowering growth expectations and increasing inflation expectations.
That’s manifesting in doubts about future profitability and the path forward for global interest rates.
Heading into a slew of central bank decisions next week, the markets are pricing in a world where rates are higher than they would otherwise have been – and heading in a far more uncertain direction.
1h agoThu 12 Mar 2026 at 11:03pm
Qantas settlement double what company planned
Qantas has settled a class action case where the Australian airline was accused of misleading its own customers by not refunding cancelled flights during the COVID-19 era between 2020 and 2022.
Both Qantas and the law firm chasing it have confirmed a $105 million settlement that still needs to be approved by the courts.
Interestingly, Reuters is reporting that this is far higher than the provision of $55 million that Qantas last mentioned in its half-year results.
Australia’s flag carrier said any additional settlement-related charge would be recognised outside underlying earnings in the second half of fiscal 2026, which would have an impact on net earnings, Reuters is reporting.
Reporting with Reuters.
2h agoThu 12 Mar 2026 at 10:39pm
Qantas settles COVID-19 flight credits class action for $105 million
Australia’s biggest airline Qantas says it has settled a years-long class action against it over flight credits for $105 million.
“The settlement is subject to approval by the Federal Court of Australia,” Qantas said in its statement.
“Under the terms of the settlement agreement, Qantas has agreed to pay $105 million, with no admission of liability.”
The law firm chasing compensation for customers says it’s “pleased” to confirm the settlement.
Echo was accusing Qantas of breaching its contracts with customers “by failing to provide cash refunds for cancelled flights (or failing to provide refunds in a timely manner) and instead providing travel credits” when flights were cancelled during the disruptive COVID-19 era in 2020 to 2022.
It was additionally accusing the airline of “misleading or deceptive conduct in contravention of the Australian Consumer Law”.
2h agoThu 12 Mar 2026 at 10:13pm
‘Immeasurable loss’: Perth businessman and construction CEO Peter Bennett dies
Peter Bennett, a well-known Perth businessman and the “exceptional leader” of local company Clough, has died, the construction company has announced.
“It is with deep sadness that we share the news of the passing of our chief executive officer, Peter Bennett. Our entire organisation is grieving the loss of an exceptional leader, colleague, and friend,” the company said on its website.
The company’s asked for privacy for Mr Bennett’s loved ones at such a difficult time. No cause of death was shared in the statement. Mr Bennett was reportedly in his late 50s.
“Peter was widely respected for his integrity, his unwavering commitment to excellence, and his genuine care for people. His influence on our company, our culture, and our industry will endure for many years to come,” the company said.
“Peter led with humility, strength, and a clear vision for our future. He inspired those around him and created an environment built on trust, collaboration, and respect. His passing is an immeasurable loss for all of us who had the privilege of working with him.”
Clough says it’ll share leadership plans in due course.
3h agoThu 12 Mar 2026 at 9:37pm
Oil jumps as Iran vows to keep Strait of Hormuz shut
Brent oil is trading 10% higher overnight. It’s now passed the crucial mental benchmark of $US100/barrel again, despite a release of emergency supply by the IEA to calm markets.
About 20% of the world’s oil supply is choked off as Iran blocks shipments through the Strait of Hormuz and the war in the Middle East continues.
Overnight, comments attributed to Iran’s new leader said the nation will fight on and keep the Strait of Hormuz shut as leverage against the United States and Israel.
Supreme Leader Mojtaba Khamenei did not appear in person and his remarks were read out by a state television presenter. No images have been released of him since an Israeli strike at the start of the war that killed much of his family, including his father and wife.
Here’s a story from my colleagues yesterday about the resurgence in oil prices. They have massive implications for the world, including here in Australia where people are being urged not to panic buy as servos run out of fuel.
Reporting with Reuters.
3h agoThu 12 Mar 2026 at 9:28pm
Aussie dollar back below 71 US cents
Our currency has taken a sharp drop overnight losing about 1% to fall beneath 71 US cents again. It’s currently trading at 70.76 US cents.
The dollar is still higher than it was just a week or so ago as the market factors in the chance of higher interest rates by the RBA. Here’s the latest currency note from CBA’s analysts:
AUD/USD fell by over 1.0% to around 0.7080 in a risk‑off overnight session.  AUD fell against all major crosses, except for AUD/NZD.
The market is currently pricing about a 70% chance of a 25bp rate hike from the Reserve Bank of Australia (RBA) next week. Our Australian economics team expect the RBA to hike in March and May, taking the cash rate back to 4.35%.
Inflation is too high, the economy is breaching its capacity limit and the labour market is tight. Inflation will only lift further away from target as energy and other linked goods prices rise amid the war in the Middle East.
The longer the war continues, the greater the risk AUD/USD falls sharply as markets downgrade global economic outlook.
3h agoThu 12 Mar 2026 at 9:10pm
The Aussie exports in limbo as ‘war risks’ mount
Shipping routes are being diverted, vessels are stuck or being offloaded at ports, and freight companies are bringing in “war risk” charges.
In short, as well as being a massive crisis for civilians, the war in the Middle East is also causing supply chain havoc, too.
Australia exports about $15 billion in products such as beef and gold to the Gulf region every year. But the region, including a passage through the Red Sea, is important for our European exports, too.
You can see how the supply chain headaches are impacting wool exporters through to Wagyu beef companies in this story from ABC’s The Business.
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3h agoThu 12 Mar 2026 at 9:02pm
Wall Street tumbles as Middle East war continues
Well, investors are worried about how long the Middle East war could go on again, with Wall Street trading sharply lower again overnight with a loss of almost 2% on the Nasdaq.
Meanwhile, the price of brent crude has risen above the crucial mental benchmark of $US100/barrel again as markets dismiss the IEA’s decision to release 400 million emergency barrels into a stressed energy market.
Here in Australia it could be another negative day of trade with futures for the ASX 200 currently down about 1%. Oh, and our dollar has taken a tumble with it now below 71 US cents as the greenback rises on interest rate risks.
Grab a coffee, you might need it …