Australian shares are poised to open lower as Wall Street took fright from an escalation of the Israel-Iran conflict with Donald Trump demanding an “unconditional surrender” from Iran.
The S&P 500 was down nearly 1 per cent and West Texas Intermediate rose above $US74 a barrel.
Weak economic data from the US also weighed on investors. Retail sales fell for a second straight month, suggesting anxiety over tariffs and their finances prompted consumers to pull back after an early year spending rush. Industrial production also dropped as utility output declined and manufacturers struggled for traction against a backdrop of cooler demand. Confidence among US home builders hit the lowest since December 2022.
“Investors should still expect some volatility in economic data due to lingering effects of trade policy,” said Bret Kenwell at eToro. “The economy and the consumer are holding up for now, but there are signs of vulnerability. That could present risks in the second half of the year – particularly if we see a further slowdown in jobs or spending.”
Source: https://www.afr.com/markets/equity-markets/asx-to-open-lower-wall-street-sinks-as-trump-threatens-iran-20250617-p5m88s