Markets nervous as oil surges; Aussies shift to the regions; foldable iPhone arrives

Markets nervous as oil surges; Aussies shift to the regions; foldable iPhone arrives

News in brief

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Washington Post on melanoma vaccine breakthrough overseen by Australian scientist Georgina Long:

 

A groundbreaking vaccine reduced the risk of death or recurrence of melanoma by almost half, an encouraging signal for a treatment seeking federal approval that has boosted the fortunes of drugmakers Moderna and Merck and could usher in a new wave of cancer treatments.

 

The drug, intismeran autogene, which uses messenger RNA (mRNA) to deliver a vaccine tailored to the genetic profile of a patient’s cancer tumor, reduced the risk of recurrence or death from melanoma by 42 percent compared to a standard treatment in a Phase 3 clinical trial, Moderna and Merck announced Thursday.

 

“It sounds incredibly positive,” Karen Knudsen, CEO of the Parker Institute, a nonprofit for cancer therapeutic research and development, said of the results. “This looks like yet more evidence of a well-conducted, meaningful study.”

 

Intismeran also reduced the risk of melanoma spreading to other parts of the body or death from melanoma by 38 percent, according to the drugmakers. Data on overall survival — how long patients live after receiving a treatment, which is usually assessed over a longer time frame — was not yet available, but investigators observed a “favorable trend,” according to Moderna and Merck.

 

Side effects of the treatment were consistent with those observed in previous studies, which included fatigue, chills, and pain at the injection site.

Fear & Greed Q+A today

The Week Ahead with NAB: Gareth Spence, Head of Australian Economics at NAB, on the September CPI figures, why inflation expectations matter, and whether the RBA will raise rates on Melbourne Cup Day:

 

"We think they're on hold. Certainly the inflation number will take prominence this week, but effectively some of those softer activity data that have come out in terms of the business survey, the labour market, even some of the consumer spending measures softened a little bit. We think that'll be enough to keep them on hold.

 

But the risk is there, right? I think the communications from the RBA [last] week were quite hawkish. That trade-off has worsened. For us, it's a matter of the RBA watching the impact of what happened in September and how that flows through the economy, and also those three prior rate rises this year, before they get a little bit more data, maybe through December, in terms of growth, unit labour costs and all those broader supply-side measures.

 

They have been quite cautious. We expect they will continue to be. But at the same time, inflation is quite high. The RBA is very focused on those inflation expectations."

Oil surge puts markets on edge ahead of crucial inflation figures

 

Australian financial markets are bracing for another difficult week, with surging oil prices and Wednesday's inflation figures raising the prospect of a fifth interest rate increase this year.

 

Brent crude has climbed above $US116 a barrel, its highest level in four years, amid fears the United States could resume military strikes against Iran.

 

The increase is flowing through to Australian petrol prices, now around $2.40 a litre. Filling a 60-litre tank costs roughly $140, adding pressure to household budgets and potentially keeping inflation elevated.

 

Financial markets are pricing in around a 70 per cent chance the Reserve Bank will lift interest rates on Melbourne Cup Day.

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It's been a disappointing year for Australian investors, with local shares up just 1 per cent in 2026, compared with nearly 12 per cent in the US and 24 per cent in Japan, as this chart from AMP shows. And with just over two months left in the year, investors still face an uncertain outlook.

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Housing market weakens: Fewer than half of homes taken to auction across Australia's capital cities found buyers over the weekend. The preliminary clearance rate fell to 48.4 per cent, its third reading below 50 per cent in four weeks. Sydney slipped below 50 per cent for the first time in 12 weeks, while Brisbane recorded just 25 per cent.

 

Australians head to the regions: Migration from capital cities to regional Australia has reached its equal-highest June quarter on record, matching pandemic-era levels. The latest Regional Movers Index shows growing interest in northern Queensland and regional Victoria, but the population shift is adding pressure on housing, infrastructure and essential services.

 

Blockbuster films help EVT overcome poor snow season: The owner of Thredbo, Event Cinemas and QT Hotels has reported stronger quarterly earnings despite Thredbo suffering its worst snow conditions in more than four decades. Blockbuster films helped offset weaker ski resort earnings, while EVT is banking on major Christmas releases to sustain cinema growth.

 

Obama attacks Trump: Former US president Barack Obama has criticised Donald Trump's handling of the Iran war and rising living costs while campaigning for Democrats. Trump has defended his economic and immigration policies. The November 3 elections will determine control of Congress and the president's ability to advance his agenda.

 

Apple's foldable iPhone reviews: Apple's first foldable iPhone has arrived, with the $US1,999 iPhone Duo winning praise for its screen, battery life and multitasking features. But reviewers have criticised its weight, overheating and lack of Face ID, while many apps are yet to be properly adapted for the foldable display.