Australia shares fall to a 1-1/2-month low due to commodities and Mideast tensions

On Monday, the Australian share index fell to its lowest level since more than a month, weighed down by heavyweight stocks linked to commodities, and a rise in crude oil prices, which stoked inflationary fears. The market was uncertain after the U.S. and Israel war against Iran seemed to be stalling. Meanwhile, U.S. president Donald Trump warned the Iranian leaders that "the clock is ticking" if they do not take action quickly. On the day after a nuclear plant in the United Arab Emirates was attacked, oil prices reached a two week high, bringing back 'inflation concerns' for Australia. The country is already dealing with a rise in consumer prices.

S&P/ASX 200 index fell 0.9% at 0026 GMT to 8,553.20, its lowest level since early April. The benchmark index fell marginally 0.1% on Friday and lost?1.2% in the past week.

BHP, Rio Tinto, and Fortescue all saw their mining stocks fall between 2.2% to 2.8%.

The gold miners fell 3.7%, in line with the weakening of bullion. This is their biggest single-day drop since April. Index leaders Evolution Mining and Northern Star Resources both fell 3.2%. The industrials index fell by 3.2%. Brambles, a supply-chain logistics company, saw its stock fall as much as 16.8% on a downgrade of annual earnings. This was the biggest drop in one day in more than nine years.

Energy stocks, which have benefited from the surge in oil prices, are bucking the trend. Sector giants Woodside Energy and Santos both gained 1.9% and 1,7% respectively. Santos announced that the first oil was produced at its Pikka Project in the United States. Alaska.

The benchmark S&P/NZX50 index in New Zealand fell 0.5%, to 12,904.54, the lowest level since May. (Reporting and editing by Harikrishnan Nair in Bengaluru, Nikita Maria Jio from Bengaluru)

(source: Reuters)