Australian shares flat as U.S.-Iran ceasefire ends

In Short:
– Australian shares were flat on Tuesday as U.S.-Iran ceasefire expired; S&P/ASX 200 Index closed at 9,070.
– Consumer confidence in Australia rose; Westpac-Melbourne Institute Index increased by 6% to 88.9 in August.

Australian shares remained flat on Tuesday as the ceasefire between the U.S. and Iran expired.The S&P/ASX 200 Index ended the day at 9,070.

Brent crude futures increased for the third consecutive day, reaching around $91 per barrel as a quick resolution seemed unlikely.

Overnight, the S&P 500 and Dow Jones both fell by 0.5%, while the Nasdaq Composite decreased by 0.3% due to soft U.S. economic data.

Consumer confidence in Australia saw a rise, with the ANZ-Roy Morgan Consumer Confidence increasing 1.5 points to 76.5 during the week of August 17 to 23, marking its highest level in 24 weeks.

Consumer confidence rises

The Westpac-Melbourne Institute Consumer Sentiment Index saw a 6% increase to 88.9 in August, up from 83.9 in July.

CSL (CSL) reported underlying NPATA earnings per share of $6.43 for fiscal 2026, down from $6.65 the previous year, with revenue increasing to $15.8 billion.

BHP Group (BHP) reported underlying basic earnings per share of $2.60 for fiscal 2026, up from $2.00, with a revenue increase to $58.76 billion.

EQT Holdings (EQT) received an unsolicited proposal from TPG Global to buy all shares for AU$24.55 each, leading to a 22% rise in share value.

Investor sentiment continues to be influenced by geopolitical uncertainties and domestic economic indicators.

Analysts suggest that these developments could shape market trends in the upcoming weeks.

Monitoring consumer confidence will be essential for understanding broader economic conditions.