Australian Markets Open Lower After U.S. Stock Declines

Australian markets are set to begin the week in negative territory, with ASX 200 futures pointing to a drop of 0.4 per cent on Monday after both U.S. indexes dropped sharply from record highs. 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.

200 futures are down 0.4 per cent to 8,618 points.

cents. Wall Street closed with the S&P 500 up 1.2 per cent and the Dow down 1.1 per cent. Europe’s FTSE fell 1.71 per cent to 10,195 points. Spot gold is down 2.5 per cent to $US4,538 an ounce. Brent futures rose 0.2 per cent to $US109.26 a barrel. Iron ore in Singapore gained 0.7 per cent to $US110.77 a tonne. Bitcoin fell 0.1 per cent to $US78,219.

Investors are tracking the fortunes of Australia’s major banks after last week’s budget. CBA shares have fallen more than 8 per cent so far in May, including a 10.4 per cent drop on May 13. Westpac is down more than 3 per cent, NAB around 4 per cent and ANZ over 5 per cent in May.

The banks remain above their mid-2025 levels despite the recent declines. The ASX 200 has dropped more than 3 per cent during May and is virtually flat for the year to date.