Australian energy shares outperform in Iran war

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Good morning. Markets are reacting to what might finally be some progress towards resolution amid the ongoing in Iran. The country said that it's willing to end the war if certain requirements are met. Meanwhile, US President Donald Trump expressed his mounting frustration that the monthlong war is unresolved, calling on other nations to seize the Strait of Hormuz. That dragged oil prices lower and helped send US stocks higher. But it isn't totally blue skies yet — Iran has kept up strikes on Israel and countries around the Persian Gulf. - Keira Wright, Bloomberg's Australian Energy Reporter What's happening now Shares in Australia's energy sector posted a record quarter to emerge as a regional outperformer, as the war in Iran tightens global fuel supplies and boosts liquefied natural gas exporters. Westpac expects the war will generate a multi-billion dollar windfall for the country, as higher coal and gas export prices boost revenues over the five years to 2030. Among the world's top liquefied natural gas exporters, the country will hold an inquiry to examine taxes on oil and gas firms. Panic buying continues to drive fuel shortages, and a recent move to halve tax on retail fuel prices will take time to filter through to consumers, according to Foreign Minister Penny Wong. Meanwhile, the country is seeking to leverage Asian shipments to secure fuel supplies in return. The Reserve Bank of Australia said it's impossible to confidently predict the path for policy after raising interest rates for a second time this year as a surge in oil prices fans inflation risks. The bank also said it won't allow surcharges on debit and credit cards from October, a move that will bring Australia in line with peers in Europe and the UK. Click to watch. Australian Prime Minister Anthony Albanese is calling on President Trump to commit to ending the war in Iran. ANU National Security College's Rory Medcalf says Canberra's stance reflects the growing concern among Australians about the economic consequences of the war. Medcalf spoke to "Bloomberg: The Asia Trade." Home values in Australia's two largest cities, Sydney and Melbourne, declined in March as rising borrowing costs at already-elevated prices hurt affordability while growth momentum eased elsewhere. Australia's pipeline for initial public offerings is showing signs of resilience even as the war in Iran rattles the stock market, according to JPMorgan Chase & Co. Over in New Zealand, however, business sentiment slumped in March to the lowest since mid-2024 when the economy was in recession. What happened overnight Wall Street staged a dramatic comeback on the last day of March, with stocks climbing as oil fell on hopes that the war that has jolted global markets and disrupted energy supplies may be nearing a conclusion. Donald Trump called on other nations to wrest control of the Strait of Hormuz as Iran maintained missile fire across the Persian Gulf, expressing his frustration that the war remains unresolved. Boeing Co. will team up with Rheinmetall AG to offer the Australian-developed drones known as the Ghost Bat to Germany's military, a venture announced days after Canberra agreed to a security partnership with the European Union. Chinese officials are intensifying efforts to tax offshore trusts that hold shares in some Hong Kong-listed companies, clamping down on a structure that the country's mega-rich have used to invest billions of dollars overseas. What to watch • Building approvals data for February at 11:30 a.m. Sydney time One more thing... With the war in Iran now in its second month, India's cooking-gas shortage is turning serious. Policymakers must view this as more than a temporary blip; it is a crisis that may permanently shift how the world's most-populous nation consumes energy, writes Bloomberg Opinion's Andy Mukherjee. NEW: Explore live streaming news and interviews, documentaries, reporter analysis and more, all in one place. Check out Bloomberg.com/videos. Enjoying Australia Briefing? You might also like: Markets Daily for what's moving in stocks, bonds, FX and commodities Next China for dispatches from within the world's second-largest economy on where China stands now — and where it's going next Markets Daily India for key news and movers in this fast-growing market before the trading day starts Get weekly updates on these industries with our new Retail Monitor, Auto Monitor, Defense Monitor, Real Estate Monitor, Banking Monitor newsletters Explore all Bloomberg newsletters at Bloomberg.com. We're improving your newsletter experience and we'd love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow us You received this message because you are subscribed to Bloomberg's Australia Briefing newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |