Goodbye for today

And that's where we might end our business blog for another day.

The ASX 200 made modest gains to continue its upward trend from Friday.

But the big news was the decline in the price of oil, which dropped by around 5% to below $US100 a barrel.

We'll catch you bright and early tomorrow!

US markets will be closed tonight

The United States celebrates Memorial Day on Monday, so American markets will be closed tonight (Australia-time).

Memorial Day is considered the unofficial start of the warm weather season (although summer begins on June 20th).

So our Tuesday trading on the ASX 200 won't be impacted by what happens on Wall Street, as New Yorkers will be heading into parks (and possibly to east coast beaches).

Mining and commodities are Monday's high achievers

It was a clear-cut picture on the ASX 200 on Monday, with resources shares leading the way.

Resolute Mining stocks rose by almost 10%, while Genesis Minerals wasn't far behind, up more than 9%.

At the other end of the scale, there were plenty of sore and sorry energy companies.

Monday's tale of the ASX 200

Even with the Dow Jones setting new records to close out last week, ASX 200 futures pointed to a negative start to the day.

And that's what we got.

But within minutes, driven by commodities stocks, the ASX 200 surged.

Those gains were pegged back in the afternoon, dragged down by the Energy sector.

But a 0.4 per cent rise in value was better than a poke in the eye for investors, making it two straight days of gains.

Market Snapshot
  • ASX 200: +0.4% to 8,692 points (live numbers below)
  • Australian dollar: +0.6% at 71.66 US cents
  • Wall Street: Dow Jones (+0.6%), S&P 500 (+0.4%), Nasdaq (0.2%)
  • Europe: FTSE (+0.2%)
  • Asia: Nikkei (+2.8%), KOSPI (+0.4%), Hang Seng (+0.8%)
  • Spot gold: +1% to $US4,553/ounce 
  • Brent crude: -5.3% to $US97.96/barrel 
  • Iron ore: -0.1% $US109.67/tonne
  • Bitcoin: +1% to $US77,327

Prices current around 4:15pm AEST

Live updates on the major ASX indices:

ASX finishes the day up 0.4 per cent

That wasn't a bad way at all to start the new trading week.

The ASX 200 has closed out Monday with a rise of 35 points, or 0.4%.

It's sitting at 8,692.

The All Ordinaries is up by 38 points, or 0.43%, to 8,915.4.

This came after the futures predicted a negative session, so that's a pretty good outcome.

Guzman y Gomez facing legal action in the US

A class action lawsuit has been filed against Sydney-listed Guzman y Gomez in the US by a group of employees alleging failure to provide a 60-day notice on the closure of American operations, a court document has shown.

The Mexican-themed restaurant chain whose global growth plans powered a blockbuster sharemarket listing in 2024, last week said it was quitting the US due to poor sales.

"GYG is aware of legal action filed in the United States, and we are confident we have met all of our legal obligations to our U.S. employees," a spokesperson said.

"We are not in a position to provide further comment on this matter."

After jumping more than 7% to start the day, Guzman y Gomez shares are flat as we approach the end of trading on the ASX 200 for Monday.

Feeling 'stuck' in Australia on ABC Business Daily

Earlier, we shared Daniel Ziffer's excellent article about how the latest data shows that many Australians feel "stuck" in their lives -- in their jobs, in their cities and with their ambitions.

Now Dan takes it a step further, as he fills in for regular host Carrington Clarke on ABC Business Daily.

He's joined by ABC News Business Editor Michael Janda to explore the subject further, while touching on global steel output and its impact on Australian exports of iron ore.

Listen here:

Market Snapshot
  • ASX 200: +0.4% to 8,692 points (live numbers below)
  • Australian dollar: +0.6% at 71.69 US cents
  • Wall Street: Dow Jones (+0.6%), S&P 500 (+0.4%), Nasdaq (0.2%)
  • Europe: FTSE (+0.2%)
  • Asia: Nikkei (+3.2%), KOSPI (+0.4%), Hang Seng (+0.9%)
  • Spot gold: +1.2% to $US4,564/ounce 
  • Brent crude: -5.5% to $US97.83/barrel 
  • Iron ore: -0.1% $US109.67/tonne
  • Bitcoin: +1% to $US77,334

Prices current around 3:11pm AEST

Live updates on the major ASX indices:

Regional towns benefit as federal government settles Rex's debts

The Australian government has taken care of Rex Airlines' debts to regional councils across the country to the tune of $4.8 million.

NSW received almost $2 million, with the biggest debt owed to Dubbo Regional Council in Central West NSW, which was owed nearly $600,000

Rex Airlines went into voluntary administration on 30 July 2024 after suspending its city jet operations.

Read more here: