FX.co ★ Australian Shares Open the Week Lower

The S&P/ASX 200 index fell by 0.6% to 8,450 on Monday, continuing its decline from the previous week and touching a near three-week low. This downturn is attributed to lingering geopolitical tensions in the Middle East, which have dampened market sentiment. Over the weekend, President Donald Trump announced that the United States conducted a "successful" airstrike on three nuclear facilities in Iran, asserting they had been "obliterated." This development signifies a significant escalation in the ongoing hostilities between Iran and Israel, leading to a renewed surge in oil prices and increasing concerns over a potential broader regional conflict. In terms of individual equities, banking sector stocks were among the most adversely affected. ANZ Group Holdings Ltd experienced a decline of 1.6%, Westpac Banking Corp fell by 1.1%, National Australia Bank Ltd decreased by 1%, and Commonwealth Bank of Australia dropped by 0.7%. Regarding economic data, the preliminary Purchasing Managers' Indexes (PMIs) for June revealed that the Manufacturing PMI remained stable at 51, while the Services PMI advanced to a three-month high of 51.3, up from 50.6 in the prior month.