US-Iran attacks scare investors; Aust to sell uranium to India; Telstra fallout widens
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What is the main topic discussed in this episode?
Welcome to Fear and Greed, business news you can use. Today, financial markets fear another bout of inflation after the escalation of attacks in the Middle East. Australia set to sell uranium to India and Telstra scrambles to contain the fallout from Wednesday's outage. Plus, NVIDIA agrees to invest nearly $3 billion into a local data centre operator so it can buy NVIDIA chips. And UK politics gets wilder and wackier. It is Friday, the 10th of July, 2026. I'm Michael Thompson, and good morning, Sean Aylmer. Good morning, Michael. Sean, the main story this morning, financial market investors are on tenterhooks, worried that the escalation in attacks in the Middle East could once again push oil prices really sharply higher, triggering inflationary fears.
How are US-Iran escalations affecting global inflation and oil prices?
That comes after the US president, within a 24-hour period, declared that the ceasefire was over and talks were a waste of time, and then said that Iran had called him and wanted to make a deal. Yesterday, the U.S. said that it had hit 90 targets in a second day of strikes on Iran, and several Gulf countries, including Bahrain, Kuwait, and Qatar, have reported apparent Iranian attacks.
Iran's chief negotiator said that the U.S. still hadn't learned that bullying and breaking promises are no longer cost-free. News of the outbreak of hostilities pushed Brent crude prices higher yesterday, It's trading close to 80 US dollars a barrel. That means we're going to get higher petrol prices. Down the line, traffic through the Strait of Hormuz is at a standstill again, while the US has revoked Iran's license to ship oil.
The big question here, Sean, is how serious the latest incursions actually are. Because this seems like the most resilient ceasefire in history. It seems like both sides genuinely want a ceasefire, but they also, without being flippant about it, they also want to be able to attack each other.
Yes. So, I mean, markets are under pressure. ASX yesterday was down 0.6% to 8,737 points. Gold was lower. The Aussie dollars back down to 69 US cents. They're watching it carefully, but they're not tumbling. So I think the taco trade, the trouble always chickens out trade, is real at the moment. Investors clearly think there will be some resolution, though right now with the Strait of Hormuz closed, it isn't really clear what that will be. However, and this is really important, the International Monetary Fund has come out and warned that renewed conflict in the Middle East would drive up global inflation, damage supply chains and weigh on financial markets. It was talking about this even before the latest escalation.
It had already lifted its forecast on inflation and dropped its forecast on growth. Now we've had this outbreak. No wonder investors are nervous.
Yeah. And the thing is that things are changing so quickly that no one has any idea where we'll be next week. Next month. This afternoon. Exactly. Exactly. Now, while the attacks were taking place, Australian Prime Minister Anthony Albanese and Indian Prime Minister Narendra Modi signed an agreement allowing the exporting of uranium to India. Modi declared that Australia's uranium reserves are critical to helping the country meet its ambition to build more nuclear energy facilities after signing a deal that would allow his country to buy billions of dollars worth of yellow cake.
Yellow cake? Oh, I like it. It's nice, isn't it? Yeah. The administrative agreements enable uranium exports to India for peaceful purposes only. Modi said India wants to have 100 gigawatts of nuclear capacity by 2047. Albanese and Modi also signed a joint declaration strengthening bilateral defence cooperation, including a maritime security collaboration roadmap and a strengthened partnership in cyber and critical technologies agreement. The two countries, according to Albanese, need to deepen their relationship. He also said that the Business Council of Australia will lead a senior business delegation to India in December. And he welcomed an announcement by Australian Super, the superannuation fund, that it would invest half a billion dollars into India's National Investment and Infrastructure Fund.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:06–0:55
2
How are US-Iran escalations affecting global inflation and oil prices?
0:55–4:42
3
What recent military actions and statements are driving market anxiety?
4:42–11:10
4
How are markets reacting today to Middle East hostilities (stocks, gold, AUD)?
11:10–13:00
5
What did the IMF warn about renewed conflict in the Middle East?
13:00–15:09
6
What does Australia’s uranium deal with India include and why does it matter?
15:09–15:37
Speakers
2 identifiedMore from FEAR & GREED | Business News
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