Australian stocks plunged 96 points, or 1.1%, to 8,815 by midday Friday, extending the prior session’s slide and moving further away from a two-month high, as softer commodity prices weighed heavily on miners. A potentially severe El Niño later in 2026 also pressured sentiment, as it could exacerbate domestic price pressures. Meanwhile, U.S. equity futures were mixed after the S&P 500 and Nasdaq rallied overnight, amid optimism over a potential U.S.-Iran deal that helped temper hawkish Fed concerns. BHP Group tumbled 3.7%, and Rio Tinto lost 3% as iron ore prices weakened, with lower energy and freight costs eroding margins amid sluggish Chinese demand. PLS Group sank 5.3%, followed by Mineral Resources (-4.3%), and Xero Ltd. (-2.5%. Three of the four big banks eased between 0.6% and 0.8%. Still, the local market is tracking a second consecutive weekly gain, up about 0.2% so far, supported by the Reserve Bank’s pause on rate hikes and easing geopolitical headwinds.

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