US-Iran ceasefire collapses; housing market bounces; Nvidia struggles to keep up
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What is the main topic discussed in this episode?
Welcome to Fear and Greed, business news you can use today. The ceasefire between the US and Iran appears to be over after a new wave of fighting in the Middle East. The national housing market bounces, slightly, and the world's boom stock, Nvidia, struggles to keep up with its competitors. Plus, Qantas is the most on-time airline in the world. And food and delivery drivers' wages are set to jump by 25%. It is Monday, the 13th of July, 2026. I'm Michael Thompson, and good morning, Sean Aylmer. Good morning, Michael. Sean, the main story this morning, the ceasefire between the US and Iran appears to have collapsed after the closure of the Strait of Hormuz by Iran and a fresh wave of strikes by the United States.
Has the US-Iran ceasefire collapsed after recent strikes and Strait of Hormuz incidents?
Iran's Islamic Revolutionary Guard Corps blamed US aggression And then within hours of the US strikes, Iran said it had hit a US base in Jordan, while the United Arab Emirates, Qatar, Kuwait and Bahrain were all responding to missiles and drones from Iran. This feels like it is just descending back into full-on conflict.
Unfortunately, that's exactly right. U.S. Central Command said it has launched a third round of strikes after Iran blatantly attacked a Cyprus-flagged vessel, blatantly attacked being the U.S. 's words. That vessel was in the Strait of Hormuz. The vessel was unable to continue. Its crew ended up in a lifeboat. In fact, it comes after incidents last week in which three commercial tankers were attacked, prompting an exchange of strikes with the U.S., Last night or yesterday, it was US Secretary of Defense Pete Hexeth in a statement said, and I quote him, Iran made a poor choice. Now they pay.
It really means, Sean, that financial markets are in for a pretty rocky week, right? Oil prices are likely to come under upward pressure. Futures trading suggests the local market will open higher, but that was before the latest outbreak in the Middle East. So arguably it could be much worse.
Yeah. Yes, so futures trading finishes in terms of the Aussie market, sort of Saturday morning Australian time. This all happened subsequent to that. Wall Street did pretty well over the weekend. And again, that was Friday night Australian time. Investors piled into South Korean chipmaker SK Hynix. It debuted on Wall Street. It finished up 13%, I would say, one of the most anticipated debuts for quite some time. You would think the fact that the Aussie market ended up better on Friday, you had Wall Street higher, that our market would rise today. But the conflict will override everything.
Yeah. Now, as the war in the Middle East reignites, back home, the Albanese government will continue to prioritise diplomacy in the Indo-Pacific, notwithstanding the largest military build-up in the region since World War II.
Right. I must say, I didn't realize that. And yesterday, Defense Industry Minister Pat Conroy was on ABC Insider's program. And he actually, the quote was, the biggest arms race, the biggest buildup of military since 1945. And concerningly, that is occurring without any transparency or strategic reassurance. That is worrying. His point being, though, Australia will always follow diplomacy where possible. Now, of course, China last week conducted a ballistic missile test in the Pacific just hours after Australia and Fiji had signed a new defence agreement. New Zealand subsequently said they'd be interested in joining Australia and Fiji in that new defence agreement. Conroy saying we need diplomacy, but on the other side, we are just seeing such a race to build weapons at the moment.
All right. Now, the national auction market, Sean, has bounced slightly, right? But I mean, we'll take whatever good news we can get right now. The combined capital's preliminary auction clearance rate pushing back to 55%. That is the highest early clearance rate in seven weeks. The housing market really isn't anything to get too excited about, given it has now been under 50% for the past three weeks. This is not a great time.
And to be honest, the lift in early clearance rates came amid a drop in volume.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:06–0:51
2
Has the US-Iran ceasefire collapsed after recent strikes and Strait of Hormuz incidents?
0:51–7:15
3
How will renewed US-Iran fighting affect oil prices and financial markets this week?
7:15–12:04
4
What is Australia’s diplomatic response amid the biggest regional military build-up since WWII?
12:04–16:24
Speakers
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