Live: ASX to follow Wall Street higher as US reimposes naval blockade on Iran

live Markets live: ASX to follow Wall Street higher as US reimposes naval blockade on Iran The Australian share market is likely to rise in morning trade after some weaker-than-expected US inflation figures boosted Wall Street, and reduced the likelihood of the Federal Reserve lifting interest rates. Oil prices jumped again after the US reimposed its naval blockade on Iranian ports and Donald Trump abandoned his plans to charge ships a 20 per cent protection fee for crossing the Strait of Hormuz. See how the trading day unfolds on our blog. Disclaimer: this blog is not intended as investment advice. Submit a comment or question Live updates Wed 15 Jul 2026 at 7:34am Market snapshot - ASX futures: +0.5% to 8,814 points - ASX 200 (Tuesday close): flat to 8,809 points - Australian dollar: +0.8% to 69.7 US cents - Wall Street: Dow Jones (flat), S&P 500 (+0.4%), Nasdaq Composite (+0.9%) - Europe: Stoxx 600 (+0.2%), FTSE (+0.3%) - Spot gold: +1.3% to $US4,050/ounce - Brent crude futures: +2.8% to $US85.62/barrel - WTI futures: +2.4% to $US80.02/barrel - Iron ore: -0.1% to $US99.30/tonne - Bitcoin: +3.7% to $US64,449 Prices current at around 7:25am AEST New: Filters Choose what information you see below by using filters Key Event Wed 15 Jul 2026 at 7:47am Australia's highest-paid executive lives in the US and earns 500 times more than the average full-time worker Australia's highest-paid executive in the last financial year was Life360 co-founder Chris Hulls, who took home almost $48 million last year. That works out to be almost 500 times the full-time average wage. Mr Hulls, who lives in the United States, is now Life360's executive chairman, having led the company for almost two decades and helping it achieve record results in 2025. Aside from Mr Hulls, other US-based chief executives that topped the list included ResMed CEO Mick Farrell and News Corporation CEO Robert Thomson. On average, CEOs of Australia's 100 largest publicly-listed companies earned about $6 million, which is 55 times more than the average wage earner in FY2025. For more, here's the story by Nassim Khadem: Key Event Wed 15 Jul 2026 at 7:34am ASX to follow Wall Street higher despite rising Middle East hostilities Good morning, and welcome to the ABC's finance blog. I'll be guiding you through the latest market action for the next few hours. The Australian share market is on track to start its day around 0.5% higher, according to ASX futures. It will probably follow a positive lead from Wall Street, which received a boost from softer-than-expected US inflation data overnight — despite rising hostilities in the Middle East. The Dow Jones Industrial Average was flat at 52,509 points, while the S&P 500 rose 0.4%, to 7,544 points and the Nasdaq Composite gained 0.9%, to 26,107 points. Middle East escalation US forces carried out attacks for a fourth night in a row after Tehran said it had closed the Strait of Hormuz, The US airstrikes occurred shortly before it reimposed a naval blockade on Iran's ports and coastal areas. US President Donald Trump, meanwhile, has abandoned his demand that ships pay a 20% protection fee on their cargo to cross the Strait of Hormuz under US military protection. Mr Trump said the Gulf states would invest in the US as repayment instead. This led to a sharp rise in oil prices, with Brent crude futures up by another 2.9% to $US85.72 per barrel. Renewed attacks since last week have increased doubts that a memorandum of understanding signed last month would lead to a permanent halt in the war, which has disrupted global energy supplies and stoked inflation fears globally. Inflation surprise In the United States, the Consumer Price Index rose 3.5% in the year to June, which was much lower than the market's expectations for a 3.8% rise. These new figures from the US Labor Department showed inflation cooled more than analysts expected. It was largely due to lower petrol prices amid last month's signs of progress in US-Iran peace negotiations — which have since fallen apart. As a result, financial markets were pricing in an 83% likelihood that the US Federal Reserve will keep interest rates on hold at the conclusion of its July policy meeting, up from 58.3% on Monday. Though markets expect at least one 25-basis-point rate hike before the end of the year, according to CME's FedWatch tool. Anyway, please grab a coffee, tea or whatever you normally have in the morning, and I'll have more updates for you shortly! - with reporting by Reuters [Image text:] ASX STOCKE BID OFFE SAUNDERSINTER 0.840 0.8 SELECT HARVEST3.700 3.7 SENSENNETWOF0.028 0.C SHAPE AUSTRALI 3.830 3.8 SHINE JUSTICE 0.6450.E SHRIROHOLDINGE0.670 0.E SIERRA NEVAD CD 0.019 0.C GMA HEALTHCA 2.870