Global stocks rise after Trump's about-face on Iran strikes, ASX leads

Global Stocks Rise After Trump's Iran Strike Reversal

Australian shares surged today, with the ASX 200 climbing +0.9% to 8,441 points, mirroring gains in global markets that increased after US President Donald Trump reversed his decision on strikes against Iranian infrastructure.

The Australian dollar fell below 70 cents per US dollar, dropping by about 0.3% amid rising fuel prices and global instability linked to the Middle East conflict.

Key developments include:

• Global markets: Dow Jones (+1.40%), S & P 500 (+1.2%), Nasdaq (+1.4%)
• Brent crude (-10.8%) and iron ore (+0.1%)
• New Zealand government announces financial support for low-income families affected by petrol price hikes.
• ACCC monitoring Australia's airline industry amid Middle East conflict.

The Finance Sector Union has called for work-from-home policies to reduce fuel demand, while a survey shows consumer confidence dropping to its lowest in over half a century due to high petrol prices and interest rate hikes.