Australian shares closed the week flat with a slight negative tilt, as President Trump provided a deadline to decide US involvement in the Israel-Iran conflict.
The S&P/ASX 200 Index was little changed to close at 8,505.5.
The President said he will decide within two weeks whether to back Israel's strikes against Iran, Bloomberg reported.
Some extreme scenarios resulting from increased US involvement in the Israel-Iran war could push oil prices as high as $130 to $150 a barrel, particularly if Iran retaliates in a major way, said Jennifer McKeown, Chief Global Economist at Capital Economics.
The US markets were closed for the Juneteenth holiday.
On the domestic front, Westpac Banking's card data showed consumer spending is stabilizing following recent volatility, with quarterly growth at its fastest since late 2022.
National Australia Bank said that recent economic data show slower private sector growth and softer spending, but a tighter labor market than expected, with unemployment gradually rising and inflation stabilizing within the Reserve Bank of Australia's target range.
In company news, Commonwealth Bank of Australia's market capitalization hit a record AU$306 billion, driven by a sustained rally that has lifted its shares to AU$182.85 on Friday's close from AU$158.40 in March.
betr Entertainment said it intends to make an off-market, conditional takeover offer for PointsBet Holdings at an equivalent of AU$1.22 per share. Shares of the company rose 5% at market close.
Bowen Coking Coal said its earnings were under pressure and it was facing liquidity challenges due to the depressed metallurgical and thermal coal markets, combined with the "unsustainable" Queensland state progressive coal royalty regime. Shares of the company fell 49% at market close.
Sumber : MT Newswires
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