Steve Daghlian

We'll get you up to speed with everything happening overnight and what to look out for in the day ahead.

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Tempers flare in the Middle East.

The US-Iran escalation wipes out Thursday's gains.

Good afternoon.

I'm Steve Daglian.

I'm Laura Bessarachi.

It's Friday the 8th of May.

Welcome to the ComSec Market Update.

Ouch, not good at all.

In fact, it essentially wipes out almost...

All of this week's gains were holding on to the smallest of improvements after three straight weeks of declines as well.

And this entire week has basically been driven, at least for us, by developments over in the Middle East.

So we're down heavily today because of renewed hostilities with both the US and Iran exchanging fire overnight.

The prior two days, we had gains of almost 2.3%, and that was because of signs that the ceasefire was holding and tempers seemed to cool as well.

Yeah.

And we've had, look, overall a pretty rough run for the past few weeks, you know, not including a day here and there with strong gains.

So we've actually had 11 declines in 14 trading days now.