Australian markets are set to begin the week in negative territory, with ASX 200 futures pointing to a drop of about 10 points or around 0.1 per cent on Monday.Both US indexes fell sharply from record highs in their last trading sessions.The cost of oil is rising in the wake of uncertainty around the Iran war, with Brent Crude trading at above $US109 a barrel after a surge of more than 3 per cent.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.PinnedMon 18 May 2026 at 7:08amMon 18 May 2026 at 7:08amMarket snapshotASX 200 futures: -0.1% to 8,618 points Australian dollar: -0.9% to 71.50 US centsWall Street: S&P500 -1.2%, Dow -1.1%Europe: FTSE -1.71% to 10,195 pointsSpot gold: -2.5% to $US4,538/ounceOil: Brent futures +0.2% to $US109.26/barrelIron ore (Singapore): +0.7% to $US110.77/tonneBitcoin: -0.1% to $US78,219Prices current at around 7:10am AESTCollapse all postsFilter PostsAll7Key Events1Banking1Shares1Mon 18 May 2026 at 8:22amMon 18 May 2026 at 8:22amThe future of media from the ABC's managing directorBy Jason DaseyThe rapid changes in media have been massive over the past decade, accelerating in recent years with the advent of AI.My journalism career began in 1980, and it is a totally different world 46 years later.ABC managing director Hugh Marks joined Alan Kohler to unpack it all, including the direction of the ABC, in That's Business.It's definitely worth a listen.Mon 18 May 2026 at 8:14amMon 18 May 2026 at 8:14amUS begins week with a new Fed chairBy Jason DaseyLast Friday was Jerome Powell's last day as chair of the US Federal Reserve after an eight-year run.He was first appointed in 2018 and reappointed four years later.Mr Powell will stay on as a Federal Reserve governor, with that board term running until January 2028.His successor is the Donald Trump-friendly Kevin Warsh, who has already been confirmed and took over the chair role from May 14, 2026, onwards.On Powell's last day, the US president was in China, having ended his meeting with Chinese President Xi Jinping without major breakthroughs on trade or tangible help from Beijing to end the Iran war.Global equity indexes fell on Friday while bond yields soared, as investor euphoria over technology stocks gave way to inflation fears and traders raised bets that the Fed would hike interest rates this year.The S&P 500 and the Nasdaq sold off after climbing to closing records on strength in artificial intelligence-related technology stocks in the previous two sessions."There's a realization that the market had gotten way ahead of itself. It wasn't paying enough attention to what the bond market and economic data was telling it. It was caught up in this momentum of AI trade," said Kenny Polcari, chief market strategist at Slatestone Wealth."The market is finally paying attention to what the bond market and the economic data is telling it. Inflation remains sticky and is potentially going to move higher in the months ahead."With reporting by ReutersMon 18 May 2026 at 8:00amMon 18 May 2026 at 8:00amDavid Beckham makes UK rich listBy Jason DaseyThey used to say Bend It Like Beckham (the name of a 2002 UK film).Now they could alter it to Earn It Like Beckham.The former England football captain has become the UK's first billionaire sportsman, according to the annual Sunday Times Rich List.It compiles Britain's wealthiest 350 individuals and families.Sir David Beckham and his wife, Lady Beckham, are estimated at £1.2 billion ($2.24 billion).Noel and Liam Gallagher, the brothers from the BritRock band Oasis, are also there, with an estimated net worth of £375 million ($698 million).On the list for the fifth year in a row are oil and gas tycoons Sanjay and Dheeraj Hinduja — the brothers who run the Hinduja Group — with a combined fortune of £38 billion ($71 billion).Mon 18 May 2026 at 7:48amMon 18 May 2026 at 7:48amLabor wants to turn back the clock on tax systemBy Jason DaseyWe'll be talking about how last week's budget will impact Australia's housing market for the foreseeable future.Alan Kohler has written a timely column about the changes in our tax system that he says effectively amount to Labor turning back the clock to 1999.And he says Labor and the Coalition will turn the issue of Australia's housing crisis into a political contest over the next two years.Read more here:Mon 18 May 2026 at 7:29amMon 18 May 2026 at 7:29amAll eyes on Australia's big banks this weekBy Jason DaseyAfter last week's consequential budget, many investors will be tracking the fortunes of Australia's major banks.Last week, we saw a brutal sell-off of CBA shares in the wake of the budget and the quarterly results of Australia's biggest bank.So far in May, CBA shares have fallen more than 8%.May 13 was particularly brutal, with a 10.4% drop that had business journalists rushing to the record books.As for the other big banks in May, they've also suffered losses, but not as stark.Westpac is down more than 3%, NAB about 4% and ANZ over 5%.But even with the May downturn, the banks are still generally above their levels from mid-2025, especially CBA, which had massively outperformed the ASX before this correction.Key EventMon 18 May 2026 at 7:04amMon 18 May 2026 at 7:04amAnother week of the ABC business news blogBy Jason DaseyHappy Monday!I'm Jason Dasey, and I'll be guiding you through the start of a new business week.It's been a rough May so far for Australia's ASX 200.It has dropped more than 3% during the month.And the ASX 200 futures is pointing to more declines today, with a 0.4% fall predicted for the opening.For the year to date, the ASX is virtually flat, down by less than 1 per cent, due to a strong performance in February.