Steve Daghlian

Welcome to the CommSec Market Update.

Crazy to think we were above 9,000 points not too long ago, and now we're sitting at about 8,675.

But overnight, we had US President Donald Trump calling Iran's counter-proposal for a peace deal garbage, and also saying that the ceasefire with Iran was on life support.

So that type of

Commentary not doing much for encouraging markets that a deal is getting any closer.

And as usual, of course, our market also pretty quiet ahead of tonight's federal budget.

Over the past decade, the median percentage move on budget day is actually just a tenth of 1%, so barely any movement at all.

might be a little more at stake in tonight's budget or at least more focused perhaps on potential tax changes around capital gains tax, negative gearing.

So it's going to be a big one.

And tomorrow morning, our colleague James Gruber will cover off some of the outcomes in the morning edition of the podcast.

And then the CBA economics team will probably go into a bit more, a bit of greater detail on that too.

Yeah, and across the market today, there are just three sectors that are improving.

The utilities, which is one of our smallest, it's up around 2.1%.

Energy stocks, they're up a tenth of 1% today.

And then the materials, the big winners, up by more than 2.5% today.

We've also had a couple of updates on consumer and business confidence today, basically showing us how we're all feeling about our finances.

The weekly one that was released basically highlighted that consumer sentiment is a bit on the weak side.

In fact, the fourth lowest reading on record.

The three rate hikes we've had so far this year, obviously not helpful, but tonight's federal budget may be just getting a bit more attention than your typical budget, just keeping investors and markets guessing a little bit.

And also we had an update on business conditions, basically showing that, and confidence, showing that business conditions have fallen now for a fourth consecutive month.