Oil prices have sunk to a three-month low on reports the US will allow Iran to start selling oil again in a major roll-back of economic sanctions.
The Australian share market has started its day lower. It comes after significant losses across Wall Street’s tech and artificial intelligence (AI) stocks which knocked the S&P 500 and Nasdaq lower.
See how the trading day unfolds on our blog.
Disclaimer: this blog is not intended as investment advice.
Wed 17 Jun 2026 at 12:58pm
Market snapshot
- ASX 200: +0.6% to 8,973 points
- Australian dollar: flat at 70.63 US cents
- Wall Street: Dow Jones (+0.6%), S&P 500 (-0.6%), Nasdaq (-1.9%)
- Europe: Stoxx 600 (+0.3%), FTSE (+0.6%)
- Asia: Nikkei (+0.8%), KOSPI (+0.1%), Hang Seng (-0.4%)
- Spot gold: -0.1% to $US4,335/ounce
- Oil: flat to $US78.96/barrel
- Iron ore: -0.3% to $US101.15/tonne
- Bitcoin: +0.1% to $US65,841
Prices current at around 12:57pm AEST
Live updates on the major ASX indices:
Wed 17 Jun 2026 at 2:12pm
Copper edges higher on US-Iran peace deal
Copper edged higher, supported by the US-Iran peace deal, while expectations of a hawkish shift from the US Federal Reserve capped gains.
The benchmark three-month copper on the London Metal Exchange nudged 0.1% higher to $US13,791.50 a tonne by 12:54pm AEST.
The most-traded copper contract on the Shanghai Futures Exchange gained 0.3% to 105,250 yuan ($US15,578.74) a tonne.
Copper’s gains were, however, capped by expectations that the Federal Reserve will keep borrowing costs higher for longer.
The Fed’s new chair, Kevin Warsh, faces a difficult first policy meeting, with updated projections due on Wednesday that are expected to show most policymakers see no rate cuts this year, while a small group supports a rate hike to counter inflation.
Higher interest rates typically weigh on metals by strengthening the dollar and reducing demand for growth-sensitive commodities.
Elsewhere on the LME, aluminium rose 0.3%, zinc dipped 0.3%, nickel dropped 0.5%, and tin was little changed, down just 0.04%.
Reporting with Reuters
Wed 17 Jun 2026 at 1:48pm
Travel and events lift May spending but mortgage holders hit the brakes: CBA
Household spending edged higher in May, returning to modest growth after a dip in April, as Australians lifted spending on discretionary items despite ongoing cost-of-living pressures, according to Commonwealth Bank.
The latest CommBank Household Spending Insights (HSI) Index showed gains across seven of the 12 categories, led by recreation and hospitality, with travel demand seeing some recovery and major events like the State of Origin football games series supporting activity.
“Household spending is continuing to grow, despite a more uneven pattern in recent months,” said Belinda Allen, CommBank’s head of Australian economics.
“While higher interest rates and inflation are weighing on households, consumers were willing to spend on experiences like travel, dining and events during the month of May.”
However, not all categories strengthened in the month.
Utilities recorded the largest decline, falling 3.9 per cent due to seasonal volatility, while Education and Transport spending also eased, partly reflecting the timing of the bill payment cycle and lower petrol prices, the bank added.
Wed 17 Jun 2026 at 1:29pm
US holds off blacklisting China’s DeepSeek
The US has held off adding China’s AI startup DeepSeek, memory chipmaker CXMT and more than 100 other companies flagged as national security risks to a trade blacklist, according to two people familiar with the matter, as the Trump administration tries to avoid escalating tensions with Beijing.
DeepSeek, CXMT and other companies were approved by an interagency committee last year for addition to the Commerce Department’s Entity List, which is being reported for the first time.
DeepSeek, its low-cost AI model having sent shockwaves through the technology world in January 2025, has supported China’s military and intelligence operations, a senior US State Department official said last year, adding that the startup tried to use South-east Asian shell companies to illegally access advanced US chips.
This year, Anthropic said it identified a campaign by DeepSeek and two other Chinese AI labs to illicitly extract capabilities from its Claude AI platform to improve their own models, and OpenAI warned lawmakers that DeepSeek was targeting its models.
Reporting with Reuters
Wed 17 Jun 2026 at 1:13pm
Character references didn’t help former Star Entertainment CEO
There’s more.
Here Justice Lee goes to the character evidence of boardroom high-flyer Diane Smith-Gander.
“Ms Smith-Gander is the present chair of two publicly listed companies and described herself as the ‘first female Chancellor of the University of Western Australia’. She gave evidence of her extensive directorial and governance experience and explained she ‘was made an Officer of the Order of Australia for services to business, women’s engagement in executive roles, gender equality and the community’,” the judgement reads.
“She gave evidence that she worked with Mr Bekier while she was employed at Westpac Banking Corporation and he was working at McKinsey. She also said that she ‘grew to regard him as a personal friend’, and was ‘struck by the honest and direct way he interacted’ with a group of young men on a ski vacation. Her evidence speaks well of Mr Bekier’s general character, intelligence, work ethic and professional accomplishments.”
And how none of it mattered in the end.
“I accept Mr Bekier is a person who has enjoyed the respect and confidence of others,” it said.
“But, in the end, evidence of this kind has limited utility in assessing the seriousness of the contraventions established in the [judgement].
“Indeed, the findings made in the [judgement] assume greater significance because they concern conduct by a person of such experience, capability and seniority.
“Although the affidavits are helpful and relevant (and I have taken them into account), they do not materially affect my assessment of either deterrence or the appropriate relief.”
Wed 17 Jun 2026 at 1:10pm
OAMs ‘can be obtained almost out of a cereal box’
The judgements of Justice Michael Lee are delicious reading.
Here’s another taste:
“Mr (Michael) Reid is an art dealer who has known (former Start Entertainment CEO Martin) Bekier for nearly 26 years,” it reads.
“He described Mr Bekier as both a good friend and a person whose counsel he had frequently sought and accepted. He went so far as to say he considered Mr Bekier to be ‘one of the finest humans’ he knew.
“Mr Reid’s affidavit adopted an unusual tone, but it was none the worse for that.
“He gave a detailed account of his own background in the arts and referred to his Medal of the Order of Australia [OAM]. He then added, disarmingly, that ‘I think we can all agree that this level of award can be obtained almost out of a cereal box’,before recounting that a border official at Helsinki airport had apparently thought the award appearing in his passport was a knighthood, a misapprehension Mr Reid said he did not correct.”
Wed 17 Jun 2026 at 12:58pm
Star Entertainment fines would have been bigger, but … Part II
I mentioned earlier that Justice Michael Lee said the penalties would have been higher but for a sweetheart deal the regulator did with two former Star executives.
Two other former directors, Gregory Hawkins and Harry Theodore, were originally prosecuted through ASIC’s case, but were penalised $180,000 and $60,000 after admitting to breaches before trial.
In his summary the judge said, essentially, you can’t treat some lightly and then throw the book at others.
Not that the pinged bosses, former CEO Martin Bekier and former chief legal officer Paula Martin, avoided criticism.
Here’s paragraph 288, which lawyers will be chewing over for some time:
“Save for ASIC’s leniency in reaching an objectively generous deal with Mr Hawkins and Mr Theodore (who engaged in comparable misconduct), the penalties I would have imposed on Mr Bekier and Ms Martin would have been different,” Justice Lee said.
“ASIC cannot treat some contraveners with a light touch and then illogically seek disproportionate penalties on those who put ASIC to proof.
“There are important differences in fixing upon an adequate remedial response in the settled cases and those that went to trial (which I have discussed above), but it is still necessary to give proper, rational effect to parity principles.
“Accordingly, the penal orders made in relation to Mr Bekier and Ms Martin are materially less severe than would otherwise have been the case.
“That said, I have not reduced the penal orders below a level which is insufficient to ensure they serve the end of providing an adequate general deterrent effect, which, after all, is the overriding point of the exercise.”
Wed 17 Jun 2026 at 12:46pm
Glue Store closes after posting $8.4m loss
Earlier we reported on Glue Store’s permanent closure.
Our business correspondent David Taylor is gathering and checking more details on this unfolding story as we speak.
Check it out.
Wed 17 Jun 2026 at 12:35pm
ASIC launches criminal investigation into Zone RV as new allegations emerge
The corporate regulator has launched a criminal investigation into a failed Queensland luxury caravan company amid fresh allegations the former director illegally paid dividends to shareholders.
Zone RV collapsed in December owing $42 million to creditors before the Sunshine Coast business was wound up in January.
More than 100 customers, many of them retirees, collectively paid millions of dollars in progress payments for caravans that were never built.
These customers will not receive a cent from the liquidation process, the liquidator Cor Cordis confirmed.
Read more on this exclusive reporting by my colleague Josh Dye.
Wed 17 Jun 2026 at 12:17pm
Fashion retailer Glue Store permanently closes
Fashion retailer Glue Store, acquired by Accent Group in 2021, has announced that it has permanently closed in-store and online.
“We are so grateful for your loyalty and support over the years,” the retailer said on its website today.
Accent also owns brands including Platypus and Hype in Australia.
We will bring you more as we gather further information.
Wed 17 Jun 2026 at 11:58am
ASX proposes 25pc cap on share issuance in public M&A without shareholder vote
ASX has proposed to put a 25% cap on the amount of new shares large listed companies can issue in public merger deals before they must seek a shareholder vote.
“Crucially, this focused on large, share-funded public takeovers, much like the James Hardie-Azek deal, that generated public attention in early 2025,” the bourse operator said in a social media post.
“Over the past eight months, ASX has consulted widely, with roundtables, formal meetings and 45 written submissions.”
ASX said further market feedback on its consultation paper and exposure draft was being sought by July 29, 2026.
Wed 17 Jun 2026 at 11:40am
ARN Media surges on settling legal proceedings with Kyle Sandilands
ARN Media‘s shares soared as much as 26.2% to $0.26, their highest level since May 21.
The stock is set for its best session since mid-April if current gains hold, after the company resolved all outstanding legal proceedings with former radio host Kyle Sandilands and agreed to pay a cash settlement of $12.09 million.
As part of the settlement, ARN will also provide Mr Sandilands with advertising services on its partner platforms of $1.5 million over the next three years as Sandilands pursues independent media opportunities.
ARN and Mr Sandilands also agreed to a net revenue share arrangement, providing ARN with a 19.9% contribution from Sandilands’ new venture for up to three years from commencement, subject to agreed revenue thresholds and caps.
Reporting with Reuters
Wed 17 Jun 2026 at 11:22am
Most sectors on red
Further to my colleague David Chau’s individual stock updates, nine of 11 sectors in the ASX 200 index were trading lower.
Energy lost 3.2%, being the worst-performing sector, followed by Utilities, which slid 2.1%.
Materials and Financial were the only two sectors gaining, up 0.7% and 0.2%, respectively.
Wed 17 Jun 2026 at 11:06am
APRA chairman says the geopolitical environment is ‘deteriorating’ and Australian banks face increased risks
The chairman of Australia’s financial regulator John Lonsdale has delivered an interesting speech with the title: “A call to arms amid rising geopolitical risk”.
The head of the Australian Prudential Regulation Authority (APRA) was speaking at a banking conference in Melbourne this morning.
One of the key lines from Mr Lonsdale’s speech is: “Our intelligence agencies assess that the geopolitical environment is deteriorating rather than stabilising.”
He’s essentially telling Australia’s banks and financial institutions to up their game when it comes to safeguarding against external risks. Here are some of the highlights:
“Multiple, concurrent threats are now manifesting at scale driven by intensifying strategic competition, more frequent grey-zone activity and mounting strain on the rules-based international order. These challenges can amplify traditional financial and operational risks to financial stability. They also increase the potential for non-traditional risks such as disinformation and foreign interference,” he said.
“The big challenges we see are coming in the form of non-financial and emerging risks such as geopolitical volatility, rapid technological innovation and operational risk management which can all amplify traditional financial risks. It is in these areas that risk management across APRA-regulated industries is generally less mature.
“As scenarios that might once have been farfetched become plausible or even realised, entities must enhance their understanding of what’s happening in the world and where they might be vulnerable. They also need to take action to address those vulnerabilities, shore up their defences and strengthen their preparedness for future geopolitical shocks.”
Wed 17 Jun 2026 at 10:50am
Woodside and Santos shares fall sharply as oil and gas stocks weigh on ASX
The ASX 200 is now practically flat, with a roughly 50/50 split between rising and falling stocks.
Today’s worst performing stocks are mainly oil and gas companies like Karoon Energy, Beach Energy, Woodside Energy and Santos.
That’s after a 4.5% drop in the oil price overnight to its lowest level in three months on reports the US will roll back its sanctions on Iranian oil.
Coal miners are faring poorly as well, including New Hope, Whitehaven Coal and Yancoal.
The price of Newcastle Thermal Coal futures are down 0.9% to $US145 per metric tonne, so that might have something to do with it.
Wed 17 Jun 2026 at 10:35am
Star Entertainment fines would have been bigger, but …
At the end, Justice Michael Lee said the penalties would have been higher but for a sweetheart deal the regulator did with two former Star executives.
Two other former directors, Gregory Hawkins and Harry Theodore, were originally prosecuted through ASIC’s case, but were penalised $180,000 and $60,000 after admitting to breaches before trial.
In his summary the judge said, essentially, you can’t treat some lightly and then ask to throw the book at some others.
Not that the pinged bosses, former CEO Martin Bekier and former chief legal officer Paula Martin, avoided criticism.
A substantial section was devoted to their self-serving statements which talked about the distress of the case but not the failings that brought it about.
Both made statements of contrition that appear to fail to understand “why the conduct mattered and why it was wrong”.
Justice Lee called Bekier’s frequent use of the phrase “I accept responsibility” a conclusion rather than insight.
Wed 17 Jun 2026 at 10:33am
Gold miners surge in early trading on the ASX
Many of today’s best performers on the ASX are gold stocks like Pantoro Gold, Regis Resources, Resolute Mining and Vault Minerals.
That’s after gold prices rose to $US4,337 an ounce, partly due to investors’ relief the US and Iran will sign an interim peace deal later this week.
Also, expectations about a potential rate hike from the US Federal Reserve this year have fallen slightly. So that has also boosted the precious metal’s spot price.
Wed 17 Jun 2026 at 10:29am
Star bosses disqualified, fined
Former Star Entertainment CEO Martin Bekier disqualified from running companies for six years, fined $700,000.
Former chief legal officer Paula Martin disqualified for seven years, fined $400,000.
They will each pay ASIC’s legal costs.
Wed 17 Jun 2026 at 10:21am
Market snapshot
- ASX 200: +0.1% to 8,923 points
- Australian dollar: flat at 70.7 US cents
- Wall Street: Dow Jones (+0.6%), S&P 500 (-0.6%), Nasdaq (-1.2%)
- Europe: Stoxx 600 (+0.3%), DAX (+0.1%), FTSE (+0.6%)
- Asia: Nikkei (-0.4%), KOSPI (-0.7%)
- Spot gold: +0.2% to $US4,340/ounce
- Oil futures: Brent (+0.6% to $US79.43/barrel), WTI (+0.7% to $US76.56/barrel)
- Iron ore: +0.2% to $US101.65/tonne
- Bitcoin: -0.1% to $US65,698
Prices current at around 10:20am AEST
Live updates on the major ASX indices:
Wed 17 Jun 2026 at 10:21am
Star Entertainment judgement underway
It’s happening, with Justice Michael Lee providing a “brief oral summary” of his conclusions.
No headline yet, but he’s noted the “failure of all directors” to deal with a business “pregnant” with risks.
The directors were not pinged but that is not an exoneration of their behavior and actions, he says.
