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ASX Midday Sector Update: Consumer Staples Stocks Advance, Materials Struggle
Consumer staples stocks advanced more than 3% at midday Tuesday.Woolworths Group (ASX:WOW) gained over 4% in recent trade after the Australian Financial Review reported Tuesday that JPMorgan upgraded the supermarket giant to overweight.On the flip side, the materials sector struggled, shedding 1%.BHP Group (ASX:BHP) shares were down past 1% in recent trade.
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Japan
US Equity Indexes Mixed, Crude Oil Rises as Trump Gives Chance to Middle East Diplomacy to Secure Iran Deal
US equity indexes were mixed as crude oil futures rose ahead of Monday's close amid reports that Middle East leaders called on President Donald Trump to hold off a "large-scale" attack on Iran on Tuesday.The Nasdaq Composite fell 0.7% to 26,047.9, with the S&P 500 down 0.2% to 7,394.8. The Dow Jones Industrial Average rose 0.2% to 49,633.8.Trump said Monday that he will "hold off" on a Tuesday plan to attack Iran, citing a request from the leaders of Qatar, Saudi Arabia, and the United Arab Emirates as he said negotiations to end the war grow more "serious," CNN reported Monday.Trump instructed his leadership "to be prepared to go forward with a full, large-scale assault of Iran, on a moment's notice" if a deal isn't reached, the US president added in his Truth Social post.This comes amid reports that Iran offered an updated proposal, which the White House adjudged lacking meaningful improvement over the previous offer, rendering the latest version insufficient to reach a deal to end the war, a senior US official and a source briefed on the issue told Axios.However, a senior Iranian source told Reuters that the US had agreed to release a quarter of Iran's frozen funds - totaling tens of billions of dollars - held in foreign banks. The Iranian source also told the news agency that Washington has shown more flexibility in allowing Iran to continue some peaceful nuclear activity under the supervision of the International Atomic Energy Agency.West Texas Intermediate crude oil futures climbed 1.2% to $106.64, and Brent crude futures advanced 0.7% to $109.99.
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Japan
US Equity Indexes Trade Mixed as Iran Reportedly Sends Revised Peace Proposal
US equity indexes were mixed in midday trading on Monday as crude oil futures rose amid reports of an updated peace proposal from Iran to end the war.The Nasdaq Composite fell 0.8% to 26,018.3, with the S&P 500 down 0.4% to 7,380.6. The Dow Jones Industrial Average rose 0.1% to 49,559.1.Iran has offered an updated proposal, which the White House sees as lacking meaningful improvement over the previous offer, rendering the latest version insufficient to reach a deal to end the war, a senior US official and a source briefed on the issue told Axios.However, a senior Iranian source told Reuters that the US had agreed to release a quarter of Iran's frozen funds - totaling tens of billions of dollars - held in foreign banks. The Iranian source also told the news agency that Washington has shown more flexibility in allowing Iran to continue some peaceful nuclear activity under the supervision of the International Atomic Energy Agency.President Donald Trump is expected to meet top national security advisers on Tuesday to discuss options for resuming military action, Axios reported. He said in a post on Truth Social at the weekend that "the Clock is Ticking" for Iran, adding that "they better get moving, FAST, or there won't be anything left of them. TIME IS OF THE ESSENCE!"West Texas Intermediate crude oil futures climbed 2.1% to $107.64, and Brent crude futures advanced 2.1% to $111.55.
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