The S&P/ASX 200 index is expected to open flat or slightly lower today, tracking a subdued overnight session on Wall Street where the Dow Jones fell 0.9%, the S&P 500 slipped 0.2%, and the Nasdaq eased 0.1%.

US markets closed lower overnight as oil prices rose amid reports that Iran is seeking to take further control of the Strait of Hormuz. According to Reuters, a potential deal between Iran and Oman has been proposed that would give Tehran control over ships entering the Gulf through the Strait of Hormuz, as part of an effort to end the war with the United States. The Strait of Hormuz is one of the world's most critical energy chokepoints, with roughly one-fifth of global daily oil consumption transiting the narrow waterway, which is why any shift in its governance can move crude prices quickly across global markets.

Shares in data storage companies Western Digital and SanDisk also declined. SanDisk was pressured after its forward guidance came in slightly below prior analyst estimates.

RBA Rate Decision in Focus

On a positive domestic note, the ABC has reported that leading economists are forecasting the Reserve Bank of Australia (RBA) will leave its key cash rate unchanged following its meeting next Tuesday. A hold would extend the RBA's recent period of rate stability, keeping borrowing costs for mortgage holders and businesses at current levels as the central bank continues to weigh inflation against signs of cooling in the broader economy.

Minerals Council Warns on Migration Policy Shift

The Minerals Council of Australia (MCA) has warned that a federal government move to deprioritise offshore skilled migration visa applicants will make it harder for mining and other sectors to drive innovation, lift productivity, and reinforce the minerals industry's position as a key contributor to national economic resilience.

MCA CEO Tania Constable noted that Australian mining was built on migration during the Western Australian and Victorian gold rushes, and that skilled migrants continue to play crucial roles by filling urgent workforce gaps and supporting long-term growth.

"Although skilled migrants comprise just 1.24% of the Australian minerals workforce, their contribution is critical," Constable said.

"Employing Australians will always be the first priority of the minerals industry: the industry provides more than 290,000 direct jobs and also creates jobs through supply chains and related industries – totalling around 1.25 million jobs in direct and indirect jobs across the country – with projections indicating up to 35,400 jobs are to be added by 2028."

"Yet without faster access to skilled migrants, labour shortages especially in critical and hard to fill specialised roles would put project timelines, export earnings, and the broader national economy at risk – not just for mining, but in construction, clean energy, defence, advanced manufacturing, AI and cybersecurity."

Currency and Commodities

In forex, the Australian dollar is trading at US$0.7033.

Key commodity movements, denominated in US dollars:

• Iron Ore: up 1.89% to $96.20
• Brent Crude: up 5.16% to $83.55 per barrel
• Gold: $4,239.85 per ounce
• US Natural Gas Futures: down 2.05% to $2.6330 per MMBtu

Iron ore remains Australia's largest goods export by value, meaning its price movements carry significant weight for federal revenue and for major ASX-listed producers. Brent crude's more than 5% jump reflects the direct sensitivity of energy markets to the Iran-Hormuz developments.

Company Updates

• Maritana Minerals (ASX:MRT) has commenced drilling at the Wilsons gold prospect in Western Australia.
• Elevra Lithium (ASX:ELV) has completed the sale of certain pegmatite rights in Western Australia.
• ResMed Inc (ASX:RMD) reported a record fourth quarter.
• Aurum Resources (ASX:AUE) has intersected a bonanza gold section at its Boundiali project.
• Tivan (ASX:TVM) has agreed to a project finance mandate for its Speewah project.

Source: The Market Online Australia