# ASX Rises as Oil Slump Offsets Geopolitical Uncertainty Australian markets gain momentum as falling oil prices boost airlines ahead of RBA decision. - **Source:** [Sydney Morning Herald - Business](https://www.smh.com.au/rss/business.xml) - **Published:** 2026-11-03 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/bdd89dfc-7adf-4448-b0d4-2b9082e2fc15 ## Market Opening Dynamics The Australian sharemarket opened higher, with the S&P/ASX 200 rising 29.2 points to 8885.70. Eight of the 11 industry sectors recorded gains, reflecting positive sentiment ahead of the Reserve Bank of Australia's interest rate decision. The Australian dollar traded at US69.96¢, while the broader market recovered from Monday's 0.6 per cent decline. ## Energy Sector Volatility Brent crude prices plummeted 7.6 per cent to below $US105 per barrel, marking the largest three-month drop. This decline triggered significant losses for energy stocks, with Woodside and Santos shares falling 3.8 per cent each. Refiner Ampol dropped 3.5 per cent, while coal producers Yancoal and Whitehaven declined by 4.9 and 4.2 per cent. ## Airline Sector Gains Airlines experienced a sharp rally as investors anticipated lower jet fuel expenses following the oil price slump. Qantas Airways shares surged 6.5 per cent, while Virgin Australia recorded an 8.7 per cent jump. This sector performance highlights the direct correlation between energy commodity costs and the operational profitability of major Australian aviation firms. ## Mining and Banking Performance Mining and banking giants, which constitute over half of the ASX, paced the market's upward movement. BHP shares gained 0.4 per cent, while gold miners like Northern Star and Evolution Mining rose over 2.6 per cent. Among the Big Four banks, CBA climbed 1.3 per cent, though ANZ Bank slipped by 0.3 per cent. ## Tech Sector Resilience The local tech sector defied negative trends seen on Wall Street, with WiseTech Global rising 1.2 per cent and AI data centre operator NextDC gaining 2.3 per cent. This performance occurred despite global concerns regarding the profitability of massive capital expenditures in AI infrastructure and recent sell-offs impacting major international technology stocks. ## Geopolitical and Political Context Market sentiment remains tied to the Iran conflict, as both the US and Iran signal potential peace talks. President Trump noted progress in negotiations, influencing global oil prices. Investors are now balancing these geopolitical developments with the upcoming US midterm elections, which analysts expect will create an extremely interesting week for global markets. ## US Market Performance Wall Street showed mixed results as tech stocks remained volatile. The S&P 500 fell 0.5 per cent, while the Dow Jones rose 0.4 per cent. Marvell Technology shares dropped 12.7 per cent following a merger announcement with Lumentum. Apple shares also declined by 2.8 per cent after reporting narrower profit margins in its latest quarterly outlook. ## Global Economic Outlook International markets showed varied responses, with European indexes rising and South Korea’s Kospi jumping 2.2 per cent. China’s markets recovered slightly as the People’s Bank of China announced a 100 billion yuan support program. These movements reflect a global environment where inflation concerns and central bank interest rate policies continue to dictate investor behavior. ## Sources covering this story - https://www.smh.com.au/business/markets/asx-set-to-jump-on-rba-day-wall-street-rises-as-oil-prices-tumble-20261103-p61ar8.html?ref=rss&utm_medium=rss&utm_source=rss_business — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._