ASX Tipped to Open Lower After Wall Street's Record Session

The ASX is tipped to open lower today after the S&P/ASX 200 dropped 20.90 points, or 0.23%, to 9,188.50 in the previous session.

Wall Street, by contrast, closed at another record. The S&P 500 rose roughly 0.6%, supported by further positive inflation news and strong profit reports. Nasdaq Composite (IXIC) added 0.8%. The Dow Jones Industrial Average (DJI) gained 0.1%.

Prime Minister Anthony Albanese confirmed he spoke with US President Donald Trump overnight about the possible removal of the recently imposed 12.5% tariff on Australian exports to the United States. No outcome of the call was released.

Elsewhere, S&P Global reported that Russia could seize EU-linked ships in retaliation for the bloc's sanctions enforcement against Russian oil trades. President Vladimir Putin, responding to a sanctions package that grants each EU member state the right to confiscate Russian oil on sanctioned vessels and sell the cargo, called the arrangement "nothing less than piracy and banditry," S&P Global said.

Crude prices fell after talks on reopening the Strait of Hormuz, a key oil chokepoint, made limited progress and oil flows showed signs of rising. Brent crude dropped 2.47% to US$81.21 a barrel. US natural gas futures slipped 2.52% to US$2.7332 per MMBtu, while iron ore was down 0.04% to US$95.05 a tonne.

In currencies, the Australian dollar was buying US$0.705.

QBE Insurance Group (QBE) reported a stronger-than-expected first-half result, with return on equity of 17.7% against a medium-term outlook of 15% or more. Adjusted net profit after tax rose to $1,033 million from $997 million in the prior period. Premium growth helped the insurance operating result climb 8% to $691 million, and the combined operating ratio held at 92.8%, unchanged from the prior period.

Among the day's other ASX announcements, Antares Metals (AM5) said maiden drilling confirmed copper mineralisation at depth at Conglomerate Creek in Queensland, while Cosmo Metals (CMO) identified a further broad mineralised zone at the Kanowna Gold Project in Western Australia. Capricorn Metals (CMM) made the strategic acquisition of the Piastri project in Western Australia. Osmond Resources (OSM) said it is on target to complete a maiden mineral resource estimate for the Orion project in Spain.