Morning Report 02 Oct 24: Wall Street drops to start October as Middle East tensions intensify

Global equity markets have retreated amid escalating Middle Eastern tensions, with oil prices surging 5% after Iran's missile attack on Israel. The tensions have also driven bond yields lower, boosted gold, and strengthened the US dollar. Meanwhile, a major US port strike could cause inflation. Technology stocks saw a sharp decline, with Apple shares falling as analysts and investors debate demand for the latest iPhone. Closer to home, Australian shares are set to edge modestly higher as the new quarter begins. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.