Israel-Iran war live: Trump floats regime change to ‘make Iran great again’ as region braces for Iranian response to US strikes | Israel


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ASX plummets more than $10bn after US Iran strikes

Luca Ittimani
Luca Ittimani

More than $10bn has been wiped from the Australian share market on opening after the US bombing of Iranian nuclear facilities, as traders react to worsening economic growth prospects.

The benchmark S&P/ASX200 fell below 8,460 points, back to near where it was at the start of June after holding above 8,500 points on Friday. It had closed at an all-time high of 8,592 on 11 June, days before Israel began its military strikes on Iran, but has fallen in six of the subsequent seven trading days.

Energy companies including Woodside, Origin and Santos rose in value after predictions the widening conflict in the Middle East would drive up global oil and gas prices.

But those higher prices would restrict economic activity in Australia, which saw traders sell down the big banks as well as consumer-facing companies from Flight Centre and Qantas to Breville and gambling company Tabcorp. Furniture retailer Temple and Webster shed more than $100m in value.

Worsening prospects for global economic growth mean a poorer outlook for Australian commodity prices, pushing down share prices for Mineral Resources, Pilbara Minerals and Champion Iron.

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Posted: 2025-06-23 02:21:19

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