Updated Jul 13, 2026 – 6.24pm, first published at 4.43pmWar is heating up again in the Middle East, sending the price of oil back towards $US80 a barrel, but it’s not the major concern for investors in Australia’s sharemarket as they face the prospect of another year of middling returns for the ASX.The country’s lack of direct exposure to artificial intelligence, combined with fading earnings for the big four banks – which accounts for roughly one quarter of the S&P/ASX 200 Index’s value – remain the biggest headwinds for the local bourse.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
So many headwinds for the ASX, but war is not one of them
Soft bank earnings growth and a lack of exposure to the booming artificial intelligence trade will keep a handbrake on the local sharemarket, fund managers warn.
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