Reporting season: All the latest news from companies releasing financial results to the ASX today

Australian business confidence has snapped three months of gains as uncertainty over the Middle East conflict and oil prices weighed on the outlook.

Business confidence slid further into negative territory in July, according to a new National Australia Bank survey on Tuesday. Conditions — a measure of profitability, sales and employment — recorded a small uplift.

The survey came just hours before the Reserve Bank is widely expected to stand pat after three consecutive interest rate rises so far this year.

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Australia’s share market is inching higher on expectations the Reserve Bank will hold the cash rate steady, while US-Iran woes have prompted an oil price bounce.

The S&P/ASX200 rose 23.4points by 11am, up 0.25 per cent, to 9256.

The move followed a weak session on Wall Street overnight, after crude prices jumped to their highest price since July as US-Iran relations further deteriorated.

“(US President Donald) Trump lashed out at Iran’s demand for compensation, saying he would seek payment from Iran for all the people it has killed and wounded - a demand Iran almost certainly will never accept,” Westpac economist Mantas Vanagas said.

“Trump’s comments sent oil prices higher again, making investors more nervous about inflationary pressures ahead of Wednesday’s key US CPI report.”

Only four sectors were in the green, led by a 3.3 per cent push in energy stocks as Woodside, Santos, coal producers and refinery operators rallied and Brent crude surged to nearly $US88 a barrel.

Miners and continued their recent rally, as gold hit two-month highs of $US4430 an ounce, lifting the metal’s local sub-index 2.3 per cent.

Mega miners BHP and Rio Tinto continued their steady climb as copper and iron ore futures rebounded, bringing BHP to $64.29, less than $2 short of its record high.

Financials stocks fell 0.4 per cent, tracking with weakness in the big four banks and major insurers.

The health care sector is trading at its highest value since March, as investors leaned into big names like CSL, Pro Medicus and ResMed after a tough 10 months for the segment.

Life360 shares have been smashed almost 14 per cent despite the family-tracking app cracking 100 million users and lifting quarterly revenue 38 per cent, as investors baulked at weaker profit and an outlook that failed to clear a lofty bar.

The stock was trading around $25.58 this morning, down about a third over the past year and more than 50 per cent below last year’s $55.87 peak.

The Australian-founded tech group booked June-quarter revenue of $US159 million ($225m), ahead of forecasts.

Chief executive Lauren Antonoff said passing 100 million monthly users was “proof of the trust millions of families place in us to stay connected, co-ordinated, and safe”, with paying-user growth remaining strong.

But investors zeroed in instead on Life360’s unchanged full-year revenue forecast of $US650m to $US685m.

Today’s rout extends a brutal run for a stock once priced to keep beating expectations. Life360 has repeatedly been belted after results when user growth, margins or guidance failed to impress, even as revenue kept climbing.

Shares in Austal are the biggest winner on the ASX so far, gaining almost 14 per cent after suitor Hanwha lobbed a bid for the WA-based shipbuilder’s US assets.

The Andrew and Nicola Forrest-backed group said the indicative and conditional proposal from the major South Korean shareholder Hanwha valued Austal USA, essentially the shipyard at Mobile, Alabama, at between $US1.05b and $US1.2b ($1.7b).

Helia Group, Karoon Energy, Beach Energy and Newmont were also amongthe top-five best performing stocks, adding between 5 and 8 per cent.

But Life360 nosedived 13.6 per cent after reporting record revenue but higher costs.

Nvidia and major Wall Street firms plan to mobilise at least $US500 billion to invest in artificial intelligence infrastructure, seeking to attract large amounts of investor capital for funds financing data centres equipped with Nvidia chips.

The partnership includes Goldman Sachs and investment firms Apollo, BlackRock and KKR, Nvidia said, without providing details on a time frame for the initiative.

Nvidia is by far the leading provider of chip systems used to train and run AI models. Cloud giants including Amazon, Google, Microsoft and Meta are investing hundreds of billions of dollars in expanding AI data centres.

The new funds could benefit AI research labs and start-ups, Nvidia chief executive Jensen Huang told US broadcaster CNBC.

Nvidia itself has invested in AI companies in recent months, with some of those firms subsequently using the proceeds to buy the chipmaker’s technology. Such circular deals have raised concerns among some investors.

Huang said building data centres requires an investment of about $US50 billion to $US60 billion for each gigawatt of power consumption.

BlackRock boss Larry Fink said current estimates suggest the United States alone will need more than 70 gigawatts of AI data centre capacity.

Goldman Sachs chief executive David Solomon acknowledged there would be winners and losers in the race to develop AI. The partners nevertheless expect computing capacity to become an established investment category.

The S&P/ASX200 has opened slightly higher after dipping into the red yesterday.

The index was up just 0.05 per cent, or 4.2 points, to 9236.8 after the first 15 minutes of trade as investors tread water ahead of the Reserve Bank’s decision on interest rates later today.

Austal is considering a $1.7 billion offer from South Korean conglomerate Hanwha for its mainstay US shipyard after flagging an annual loss off the back of another financial hit from the operations.

The WA-based group said the indicative and conditional proposal from major shareholder Hanwha valued Austal USA, essentially the shipyard at Mobile, Alabama, at between $US1.05b and $US1.2b ($1.7b).

If the offer is successful, Austal would retain its Australian shipbuilding operations based at Henderson and continue to trade on the ASX.

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KPMG’s chairman-to-be has apologised to a Federal senator for discrediting her account of whistleblower allegations against the consulting giant.

Michael Ebeid, who was appointed subject to partner approval in July, issued the mea culpa in an email to Labor senator Deborah O’Neill on Saturday.

The missive was published on Monday by a parliamentary committee, chaired by Senator O’Neill, probing alleged audit misconduct at the firm.

In it, Mr Ebeid apologises for an internal email he sent in March, in which he described whistleblower allegations against the firm, raised by Senator O’Neill, as false.

“What I wrote was wrong,” he said in the email, under the subject line “Apology”.

“I described statements about the whistleblower’s allegations made by you to the Senate as false. I described the firm’s process as thorough.

“Events since have shown that neither was true, and that the concerns you raised on the whistleblower’s behalf have helped uncover serious wrongdoing and I can only thank you for that.”

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A consortium including Amazon founder Jeff Bezos is close to agreeing a deal to acquire a stake of about one-third in Premier League club Liverpool, according to multiple media outlets.

The investor group reportedly also includes Facebook co-founder Eduardo Saverin.

Sky News on Monday reported the consortium was led by Amit Bhatia, the son-in-law of steel magnate Lakshmi Mittal and a former shareholder in English second-tier club Queens Park Rangers, and that Liverpool owner Fenway Sports Group could announce a deal as early as this week.

The investment would reportedly value the club at about £4.4 billion ($8.3b), making it one of the largest valuations ever achieved in a football club deal.

FSG, which acquired Liverpool in 2010, has explored outside investment in recent years while retaining control of the club.

Neither Liverpool nor FSG immediately commented on the reports.

Liverpool, who won the Premier League title in 2025, are entering a period of transition after the departure of manager Arne Slot and prolific forward Mohamed Salah.

Michael Edwards, who was widely credited with helping build the squad that won Liverpool’s first English league title in 30 years in 2020, left his role as chief executive officer of football at Fenway Sports Group in July.

National Australia Bank has announced Pete Steel will become group executive for technology and artificial intelligence as chief executive Andrew Irvine reshuffles his senior leadership team.

Steel joined the bank last year and replaces Patrick Wright, who is retiring along with chief operating officer Les Matheson.

NAB will now have one fewer group executives.

As part of the changes, Shane Conway will become group executive for transformation and operations.

“This transition demonstrates deliberate succession as Pete and Shane were strategic additions to our executive team in anticipation of continued evolution,” Irvine said.

“This minimises disruption and allows us to maintain crucial momentum for the business.”