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Summary:
- Oil prices fell as the United States and Iran held talks through a Qatari mediator on the sidelines of the UN General Assembly
- Iranian Foreign Minister Abbas Araghchi met US envoys Steve Witkoff and Jared Kushner for three hours; Trump called it a very good meeting, after the administration had earlier said none was planned
- Iran’s conditions include an end to the war on all fronts, an end to the US naval blockade and economic measures against it, and the release of frozen assets
- Witkoff said a round of talks had been completed that Washington hopes will prove constructive, with mediation to continue
- The US dollar firmed and gold fell
- Australia’s flash composite PMI slowed to 50.8 in September, and the ADB held its China growth forecasts while cutting its China inflation outlook
- Australian August jobs data are due at 0130 GMT Thursday, with forecasts clustered around a 15,000 to 30,000 gain; Japanese markets reopen Thursday after a three-day closure
Oil prices fell during the session as the United States and Iran held their most substantive talks in months on the sidelines of the UN General Assembly in New York, with Qatar acting as mediator.
Iranian Foreign Minister Abbas Araghchi met for three hours with US envoys Steve Witkoff and Jared Kushner in a Qatar-mediated session. US President Donald Trump confirmed the meeting to reporters hours after addressing the General Assembly, describing it as a very good meeting, even though the administration had said earlier in the day that no meeting was planned. In a post on X, Witkoff described the talks as lengthy and indirect, with mediators moving between the two delegations throughout the day, and said the sides had completed a round of discussions that Washington hopes will prove constructive and promising. He said the mediators would continue their work.
Iran used the session to set out its terms. Araghchi conveyed conditions for reopening the Strait of Hormuz, including an immediate end to the US naval blockade of Iranian ports, the release of frozen Iranian assets and an end to the war on all fronts, including those involving groups Tehran describes as the resistance. Foreign Ministry spokesperson Esmail Baghaei told state news agency IRNA that Iran’s conditions also include a halt to what Tehran calls US acts of aggression and an end to economic warfare against the country.
Crude’s decline extended recent losses driven by improving supply, as Saudi Arabia restarts its East-West pipeline and flows through the Strait of Hormuz recover. Despite the drop in oil, the US dollar firmed, while gold fell, with the metal caught between easing energy-driven inflation concerns and expectations that major central banks will keep interest rates higher for longer.
In regional data, Australia’s S&P Global flash composite PMI slowed to 50.8 in September from 52.7, the weakest growth of the third quarter. Manufacturing slipped into contraction for the first time since March, businesses cut jobs for the first time since May, and output prices rose at a faster pace.
The Asian Development Bank kept its China growth forecasts unchanged at 4.6% for 2026 and 4.5% for 2027, but cut its 2026 China inflation forecast to 0.9% from 1.2%, citing softer demand. It raised its 2026 growth outlook for developing Asia to 5.0% from 4.9%.
Attention now turns to Australia’s August labour force data, due at 11.30am Sydney time on Thursday (0130 GMT, 2130 US Eastern time on Wednesday). The market expects employment to rise by about 20,000 after July’s fall, with CBA forecasting 15,000 and Westpac 30,000, and unemployment seen steady at 4.5%. The figures arrive days before the Reserve Bank of Australia’s 29 September decision, where a rate increase is widely expected.
News flow was otherwise light. Japanese markets remained closed for a third straight day and reopen on Thursday.
This article was written by Eamonn Sheridan at investinglive.com.