Australian shares were flat with a negative bias on Thursday after the US military launched fresh strikes on Iran for the second straight day.
The S&P/ASX 200 Index was little changed to close at 8,633.20.
On Wall Street, the Nasdaq Composite fell 1.98%, the Dow Jones declined 1.87%, and the S&P 500 was down 1.62%.
The US military launched strikes on Iran after President Donald Trump promised new attacks if no peace deal is secured. Iran declared the closure of the Strait of Hormuz in response, and Brent crude oil futures rose over 1% to around $94 per barrel.
On the domestic front, Australia's consumer inflation expectations fell by 0.1 percentage points in June to 5.5%, according to the Melbourne Institute Survey of Consumer Inflationary Expectations. Trimmed mean inflation expectations, after spiking in April, have moderated for two consecutive months, while wage expectations have remained unchanged for the past seven months, the survey added.
In company news, Southern Cross Media (ASX:SXL) said it will cut between 250 and 300 full-time roles before June 30 as part of a cost reduction program, resulting in fiscal year 2026 restructuring charges of around AU$20 million. It now expects fiscal 2026 revenue of AU$1.86 billion to AU$1.87 billion, down from a previous guidance range of AU$1.91 billion to AU$1.92 billion.
Alcoa (ASX:AAI) CFO Molly Beerman warned that its alumina unit will be "underwater" due to losses caused by energy disruptions and the blockage of the Strait of Hormuz, speaking during a presentation at the Wells Fargo Industrials & Materials Conference.
Lastly, Megaport (ASX:MP1) said the retail component of its fully underwritten one-for-3.08 pro rata accelerated non-renounceable entitlement offer has opened, expected to raise about AU$309 million at AU$14.30 per share, the same price and ratio applied to the institutional component, which raised about AU$518 million.