PM 12 May 26: Markets brace for budget

The local market fell for a third straight day, sliding 0.3% to reach a one-month low. Sentiment soured after President Trump dismissed Iran’s latest peace proposal as "garbage," warning that the ceasefire is on "life support". While the ASX remained cautious ahead of tonight’s Federal Budget, the index has shed 2.5% over the past three sessions. BHP hit a record high of $60 per share, overtaking CBA as Australia's largest company. Conversely, DroneShield cratered 10% following an ASIC investigation into executive share sales, and Life360 tumbled 11% after user growth failed to meet expectations. Steve Daghlian and Laura Besarati are Market Analysts at CommSec. Each episode, they break down the day's market movements and explain what the numbers really mean. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.