Increased hostilities between the US and Iran have led to a 3 per cent surge in the oil price, while the Australian share market is likely to start its day lower.House prices are falling in most capital cities and building approval data is set to show a continued shortfall of homes.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.PinnedTue 1 Sep 2026 at 7:31amTue 1 Sep 2026 at 7:31amMarket snapshotBy Daniel Ziffer ASX 200 futures: -0.2% to 9,002 pointsAustralian dollar: -0.03% to 71.64 US cents Dow Jones: -0.7% to 53,185 pointsS&P 500: -0.3% to 7,686 pointsNasdaq: -0.1% to 26,370 pointsFTSE: +0.2% to 10,824 points EuroStoxx: -0.6% to 651 points Spot gold: -0.1% to $US4,448/ounce Brent crude: +3% to $US90.75/barrel Iron ore: +0.2% to $US95.84/tonne Bitcoin: +1.6% to $US78,941Prices current around 7:30am AESTCollapse all postsFilter PostsAll7Key Events1Market snapshot1Tue 1 Sep 2026 at 8:33amTue 1 Sep 2026 at 8:33amBathla administrators "quietly confident" a rescue plan can be agreed in daysBy Daniel Ziffer"Complex and messy", is how administrators are describing Bathla Group's financial arrangements, as they try to stave off the collapse of the NSW major developer with debts totalling more than $3 billion.While they've warned that the business does not have enough money to survive until the end of this week unless it secures an urgent injection of funding to pay staff, the administrator Teneo is extending a glimmer of hope to home buyers that they will eventually receive their keys.Teneo's senior managing director, Stephen Longley says the strategy involves a two-step funding process. The first round of funding will secure what is needed to complete Bathla's projects. The second round will fund the projects themselves.The administrator says most of the 45 projects, which are currently under construction should be completed by February or March next year, and see around 2,500 new homes added to supply. However, he says the challenge with completing the projects will be paying the tradies, staff, suppliers and subcontractors, which haven't been paid in up to eight weeks."So whilst we might be 90 per cent through a project, it's not going to cost us 10 per cent to complete it, because some of those subcontractors, understandably, won't come back on the site until they're paid on that project. They might not even come back on that site until they've paid all the arrears from all the projects they're working on for Bathla," he said.As for what the collapse and possible rescue deal could mean for Western Sydney's property market, Mr Longley says Teneo is in discussions with lenders about the need for a co-ordinated approach to bring properties to market."If all of the stock came to the market at the one time, I think that would have a pretty significant impact on property values, not just for Bathla's properties, but properties more broadly," he said.Tue 1 Sep 2026 at 8:21amTue 1 Sep 2026 at 8:21amOil settles up by more than 2.5% as US and Iran resume military attacksBy Daniel ZifferWhat's happening with oil prices? Plenty. Here are the top lines from overnight:US forces struck two Iranian launchers on Larak IslandIslamic Revolutionary Guard Corps (IRGC) says it attacked two US air bases in Jordan, media reportsTrump says the US will use Venezuelan oil to replenish its Strategic Petroleum Reserve (SPR)Oil prices settled more than 2.5% higher after a resumption of military action between the US and Iran rekindled market concerns about global supply disruption, as the conflict extended into its sixth month.Brent crude futures settled up $2.39, or 2.71%, to $90.49 a barrel. US West Texas Intermediate crude settled up $2.36, or 2.83%, to $85.76. Brent rose as high as $91.52 during the session, its highest since August 25.US President Donald Trump was quoted as promising to "hit them hard" after Iran launched missiles overnight at two US air bases in Jordan in response to an attack on Iran's Larak Island."We're going to hit them hard," a Fox News reporter quoted Trump as telling the channel."There will be a response."Last week, crude stocks in the US Strategic Petroleum Reserve fell by around 3.1 million barrels to 286.6 million barrels.Will things de-escalate?On Sunday, Trump said in a social media post that Iran's energy hub of Kharg Island was being "blown to smithereens," but there was no evidence the island was under attack. The post, which included an AI-generated video, provided no further details. Iran denied the island was being attacked and said oil operations continued there.On Monday, Vice President JD Vance said Trump was sending a message to Iran with the post.Mediators are seeking a deal to reopen the Strait of Hormuz, through which a fifth of global oil supplies passed before the war began in late February. Progress has stalled.Shipping data showed the number of visible commodity vessels transiting the strait over the weekend fell to five a day.From there? Gelber & Associates analysts wrote in a note:"Some Gulf barrels continue moving through the strait, tempering the rally, but the first direct military exchange in a month has forced traders to rebuild a meaningful near-term supply premium".US Treasury Secretary Scott Bessent told CNBC in an interview on Monday that the goal of U.S. sanctions on Iran is "to create the conditions that they will want to come to the table" for negotiations.Potentially easing supply concerns, Trump said on Sunday that oil secured under a deal with Venezuela would be used to replenish the U.S. Strategic Petroleum Reserve, which has fallen to near its lowest level in 44 years.US companies Chevron and GE Vernova, India's, Italy's Eni and Colombia's GeoPark are on track to sign final agreements in Venezuel aafter months of negotiations to firm up energy projects in the OPEC country, four sources close to the preparations said.- with Reuters Tue 1 Sep 2026 at 8:15amTue 1 Sep 2026 at 8:15amWhere are you? Property markets increasingly divergent across the nationBy Daniel ZifferGreat detail from David Taylor's article about our house prices falls.Independent economist Alan Oster pointed to some large geographical differences across the national housing market."If you go to Perth, they're still going at an annualised rate of 20 per cent."If you're in Sydney and Melbourne, they're sort of going backwards at around 7 to 8 per cent."I suspect those sorts of trends will continue for a while."Tue 1 Sep 2026 at 8:06amTue 1 Sep 2026 at 8:06amAustralia's home prices extend declines in August as downturn deepensBy Daniel ZifferAustralian home prices fell for a fifth month in August as the housing downturn spread to more cities and regional areas, data showed on Tuesday, with the risk of more policy tightening pointing to tougher conditions ahead.Figures from property consultant Cotality showed national home prices fell 0.9% in August from July, when they dropped by a downwardly revised 1.2%. That left values 3.6% below their peak, but still 2.7% higher than a year ago.Sydney and Melbourne again led the monthly decline with falls of 1.4% and 1.1%. Nearly all capital cities recorded a fall, with the heat finally coming out of boom markets Brisbane and Perth, which fell 1.0% and 0.8% respectively after double-digit gains this year.Cotality said the rate of decline in Sydney prices — down 7.1% from their peak in February — was now outpacing the earlier 2022-23 correction, when the central bank raised interest rates by 425 basis points, which sent values down 6.6%."The softer trend in values is underpinned by weaker transaction activity," said Tim Lawless, Cotality's research director, adding that sales for the past three months were down 15.5% from a year earlier."Longer selling times, larger vendor discounting and persistently low auction clearance rates all point to a buyer's market, yet buyers are lacking the confidence to transact at the moment."A sustained slump in housing turnover would have wide implications for the economy given the housing sector's extensive links to industries ranging from real estate services to tradespeople and construction.Housing credit growth has already started to slow.However, there is little relief in sight for the sector after the government's tax changes that have cooled investor demand. The Reserve Bank of Australia has raised the cash rate three times this year to 4.35%, and markets are fully pricing in another hike this year after a hot inflation print for July.- Reuters Tue 1 Sep 2026 at 7:57amTue 1 Sep 2026 at 7:57amKPMG Australia to face more fire on FridayBy Daniel ZifferHonestly, you could go on and on about the self-inflicted problems at KPMG Australia.So I did.There will be more on Friday, when the Parliamentary Joint Committee on Corporations and Financial Services holds its next public hearing in Sydney, as it continues to chisel away at the wrongdoing inside some of Australia's most powerful firms.As ever, if you know more, contact me on ziffer.daniel@abc.net.au. No system is perfect, but for confidential information, use the options detailed on this ABC page. Key EventTue 1 Sep 2026 at 7:28amTue 1 Sep 2026 at 7:28amLet's get goingBy Daniel ZifferHello, I'm Daniel Ziffer from the ABC business team, and I'll be taking you through the morning on our business, finance and economics blog.Overnight, Wall Street indices were down.The blue-chip Dow Jones of 30 mega-companies, including Boeing and Visa, was -0.7% to 53,185 points.The broader S&P 500, which covers 500 of the largest listed companies in the US, -0.3% to 7,686 points.The tech-heavy Nasdaq was -0.1% to 26,370 points.These numbers are live, and trading is continuing. We'll update you when there's a firm closing price.Our market is set to fall marginally, with the ASX 200 futures index tipping a loss of -0.2% or 22 points to 9,002 points.There's lots to get to, all of it news, analysis and information, and none of it financial advice.Let's get started!