Updated Aug 3, 2026 – 1.32pm, first published at 7.35amKey Posts19 mins ago — 1.32PMKorean stocks drop as chip makers reverse Friday’s record gains59 mins ago — 12.51PMGold gains as Iran talks ease concerns about US rate rise1 hr ago — 12.32PMYen jumps after warnings of more intervention1 hr ago — 12.17PMASX lower as energy and bank shares fall3 hrs ago — 11.16AMInflation to get worse, not better: Canaccord Genuity4 hrs ago — 10.47AMBessent says more steps possible on yenGo to latestPinned post – 12.17PMASX lower as energy and bank shares fallGrace LaganThe Australian sharemarket dipped on Monday after US President Donald Trump halted plans for further strikes against Iran, which prevented a heavier sell-off but sent energy stocks tumbling.The S&P/ASX 200 was down 19 points, or 0.2 per cent, to 8957.8 by midday AEST after opening down 27 points at the open. Four out of 11 sectors were weaker.Australian futures were pointing to a sharp 1 per cent drop before Trump called off planned strikes on Iran, stoking hopes for a peace deal that would lead to the Strait of Hormuz reopening. The news sent Brent crude down to $US79 a barrel.“As things stand, agreeing to Iranian demands might seem like a viable option, but will be a very difficult choice to make, as it would leave [commodity] supplies from the region perpetually subject to political volatility,” Barclays commodities researcher Amarpreet Singh told clients on Sunday.On the ASX, utilities was the best performing sector, up 1.5 per cent, led by a 2.2 per cent surge in Origin Energy as the share price continues to recover from a data breach last month. Meanwhile, energy stocks fell as the price of oil eased, with Woodside and Santos down 1.8 per cent and 2 per cent respectively, leading the sector to a 1.4 per cent drop.Financials were also weaker ahead of earnings season, which will reveal the impact of three Reserve Bank of Australia interest rate rises on loan books. Commonwealth Bank was down 1.2 per cent, while Westpac, ANZ and National Australia Bank fell 0.7 per cent, 0.62 per cent, and 0.4 per cent respectively.Stocks in FocusSteadfast Group shares were up 4.5 per cent after announcing that the KKR-led consortium was proceeding with its takeover offer, after largely completing due diligence.But that surge was well outflanked by a 15.9 per cent jump in shares in FleetPartners, which announced it had fielded a $770 million takeover bid from SG Fleet after market close on Friday.IperionX dropped 2.7 per cent after the critical minerals company announced that its ultimate parent company would be redomiciled to Texas and listed directly on the Nasdaq.And retailers Premier Investments and Temple & Webster fell 2.3 per cent and 2.5 per cent respectively as investors braced for an earnings season expected to show further hits to consumer-facing brands, with warnings of a downturn in the Australian economy mounting.1 / 3Fetching latest articles