BHP workers at Port Hedland plan a 24-hour ship loading ban and work stoppage next week, threatening iron ore exports. ASX futures rise 1.2% on Microsoft's record rally.
BHP faces a major disruption at its Pilbara iron ore operations. Workers at the Port Hedland facility plan protected industrial action next week, including a 24-hour ban on loading ships and a work stoppage, the company said. The move threatens to slow iron ore exports from the world's largest export port.
The strike coincides with a 1.2% rally in ASX futures on Friday, after a historic surge in Wall Street stocks. Microsoft added about US$450 billion to its market cap after reporting quarterly revenue of US$90 billion and a profit beat. The 15% jump was the biggest intraday gain ever for a Wall Street stock, Bloomberg reported. The Nasdaq composite rose 2.78%. The S&P 500 and Dow Jones each gained more than 1%.
The ASX 200 would push past 9,050 if the futures hold at the 10 a.m. open.
In other corporate news, Slater & Gordon filed a class action lawsuit against Web Travel Group, alleging misleading earnings margin guidance and failure to comply with continuous disclosure obligations, the law firm said. Web Travel Group said it would defend the claim.
HSBC Australia sold its home and personal loan portfolio to Blackstone for $36 billion, HSBC said. The deal shifts a large block of Australian mortgage debt to the New York-based alternative asset manager.
Monadelphous won a $165 million contract with Rio Tinto for infrastructure works at Brockman Syncline in the Pilbara, the company said. The contract covers design of a heavy equipment workshop, washdown facilities, tyre changes, and fuel storage.
Fortescue is due to release its June production report on Friday, with its FY26 update scheduled for August 24, the miner said. Alurion Resources began trading at $1.05 under the ticker ALU.
In commodities, Brent crude fell 1.5% to $89.34 a barrel. Iron ore dropped 2.4% to $95.70 a tonne in Singapore. U.S. natural gas futures, by contrast, rose to $2.74 per gigajoule.
The Australian dollar bought 70.2 U.S. cents.
Microsoft, with an Alpha Score of 60, trades at $451.10, up 15.51% on the day.
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