That's it for another day on the blog, thanks for your company.

The equities global rally looks like continuing tonight with US and European futures trading pointing to gains of about 1-to-2%.

We'll be back bright and early tomorrow with all the news from overnight, right through the day and the RBA rates decision at 2:30pm AEST.

If you need a finance fix in the meantime, check out our Business Daily and FuelWatch podcacsts, and there's The Business with Kirsten Murray on ABC News at 8:44pm AEST and after the Late News on ABC TV.

Until next time, missing you already ...

Relief for the global economy is in sight, with the re-opening of the Strait of Hormuz part of the terms of the US-Iran ceasefire deal. 

The price of Brent crude dropped sharply on the news but it is still a way off its pre-war low of $US70 a barrel.

On truth social, US President Donald Trump wrote "let the oil flow". 

Kevin Morrison from the Institute for Energy Economics and Financial Analysis joins Kirsten Aiken on The Business to discuss how quickly that could happen. 

Mr Morrison says the most recent fuel figures from the federal government show motorists used slightly less fuel during April.

Diesel figures experienced a spike in March most likely on the back of stockpiling and there were pronounced moves in aviation fuel usage as planes avoided the conflict zone.

As for ongoing fuel supplies, he says in the short term, it's going to be weeks before first flows of oil or gas are seen. 

But it's probably going to be well into next year before supplies are back to pre-war levels.

That's The Business, 8:44pm (AEST) on ABC News and after the Late News on ABC TV.

Billionaire mining magnate Gina Rinehart's Hancock Prospecting has bought into Elon Musk's SpaceX, describing last week's stock market float as a "world leading IPO".

The Wall Street Journal reported the investment topped $US1 billion ($1.4b).

Rinehart, the executive chairman of Hancock, was effusive of Musk in announcing the stake, including lauding his role in DOGE.

"This is a significant investment for Hancock, and we are pleased to have received an allocation in what has been an extremely popular and oversubscribed IPO," she said.

"SpaceX is yet another clear example of why the world needs more enterprise, more builders and much less bureaucracy.

"It has delivered lower costs and greater capability by moving with the urgency and discipline that bureaucracy too often delays or prevents."

The move sees Hancock Prospecting move outside its typical industries of mining, particularly iron ore, and agriculture.

Hancock CEO Garry Korte said "the generous allocation of SpaceX shares was a strong endorsement" of Rinehart, who has had several meetings with Musk.

"In a heavily oversubscribed IPO, Hancock's allocation of SpaceX shares is a very pleasing result. It reflects the international regard for our chairman and company."

He said the company saw "the possibility of mutually beneficial arrangements between SpaceX and Hancock Prospecting's significant critical minerals investments, as demand grows for the materials and infrastructure needed to support advanced technology".

In-the-gun consulting firm KPMG will not bid for more government work for the next three months, according to a Department of Finance note.

Important, but also redundant. The stink around its misuse of confidential client data means that for the next little while, it is going to be treated like PwC was in the wake of its "stuffing around with confidential data" scandal.

Attributable to a  spokesperson:

"KPMG Australia (KPMG) has agreed to the Department of Finance’s (Finance) request that KPMG will not bid for any new Commonwealth work until 30 September 2026.

"Between 16 June and 30 September 2026 KPMG will temporarily cease new contract engagements with Australian Government entities subject to the Commonwealth Procurement Rules (CPR), with non-CPR covered entities recommended to adopt a consistent approach.

"During this timeframe, Finance will commission an independent review of KPMG’s governance, culture, ethics and integrity frameworks. Further details regarding the review will be made available in due course."

This is big. 

Inevitable, but big.

What a debacle for the firm, which has thousands of smart-as staff (and contracts) that have nothing to do with the problems in the audit division.

Those hearings on Friday are going to be blockbuster.

The ASX started the week strongly, supported by news of a ceasefire deal between the US and Iran and a corresponding fall in global oil prices.

At the close, the benchmark ASX 200 was up 1.3% to 8,914 points, while the broader All Ordinaries gained 1.4% to 9,128 points.

The miners in the materials sector led the way in a broad rally, while the oil and gas producers, energy-focused utilities (AGL -0.1% and Origin -3.3%) and supermarkets were out of favour.

The single stock education sector jump reflects IDP's 11.3% gain today.

Most of the big miners gained; BHP and Rio Tinto were up 3.6% and 2.7% respectively.

The copper-focused Capstone was in demand (+10.5%) supported by higher metal prices in this risk-on climate.

Only South 32 (-1.1%) went backwards.

Gold miners were the stellar performers. Vault Minerals was up about 15% and Newmont 7%.

Oil and gas producers were hammered. Karoon and Santos both fell 8.4% while Woodside shed 5.7% after dismissing media reports it was a takeover target.

However, at the other end of the oil pipeline, travel stocks relished the prospect of lower fuel prices and a Middle East ceasefire.

Virgin jumped almost 13%. Qantas and Flight Centre picked up 6.3% and 7.3% respectively

The banks were in demand; NAB up 2.6% and Judo Capital +3.8%.

However, insurers struggled. QBE fell 2.5%

Supermarkets were also out of favour. Coles shed 2.6%

The top movers list on the ASX 200 was dominated by gold miners.

Ora Banda led the way after signing a new production contract for its Davyhurst mine, north of Kalgoorlie.

The bottom movers list was populated by the fossil fuel brigade — oil and gas producers, fuel refiners (Viva -5.8% and Ampol -7.3%) and coal miners (New Hope -8.0%).

• ASX 200: +1.3% to 8,914 points (live values below)
• ASX 200 (Friday): +2.0% to 8,804 points
• Australian dollar: +0.5% to 70.81 US cents
• Asia: Nikkei +4.8%, Hang Seng +0.6%, Shanghai +1.9%
• Wall Street (Friday): S&P500 +0.5%, Dow +0.7%, Nasdaq +0.3%
• Europe (Friday): Dax +1.8%, FTSE +1.6%, Eurostoxx +2.1%
• Spot gold: +2.2% to $US4,310/ounce
• Oil: Brent futures -4.3% to $US83.54/barrel, WTI futures -4.9% to $U80.71/barrel
• Iron ore (Singapore): +0.5% to $US102.05/tonne
• Copper (LME): +1.7% to $US13,714/tonne
• Bitcoin: +2.9% at $US65,829

Prices current at around 4:15pm AEST

Live updates on the major ASX indices:

As Swissquote's Ipek Ozkardeskaya pondered in her morning European note, is it the 40th time lucky for some sort of concrete peace deal?

"This time it could be real, as the Pakistani PM announced this weekend that the US and Iran had reached an agreement to end the conflict and reopen the Strait of Hormuz by Friday. 

"It was his first announcement [versus 39 announcements of a peace deal by US President Trump since the conflict began three months ago, according to Bloomberg]."

"As such, markets are taking the news seriously. 

"US crude fell 4.5% in Asia to $80pb — by far the lowest level since the first days of the war — and global equities rallied with joy. 

"The Nikkei rose nearly 3% to a fresh record high, while the Korean Kospi index rallied more than 5%, close to a record high.

"European and US futures are firmly in the green into the European open, as the decline in oil prices could prove sustainable and lead to easing inflation expectations globally, and a softer monetary policy stance across central banks. 

"The US 2-year yield is down to 4% this morning, reflecting that thinking."

At 4pm AEST:

• S&P 500 futures: +1.3%
• Dow futures: +1%
• Nasdaq futures: +1.9%
• Eurostoxx 50 futures: +1.8%

Hi Brad, you're on the right track, just a few days ahead of yourself.

A joint parliamentary committee will hold hearings into KPMG in Canberra, from 8:15am AEST this Friday.

And it could be a long day — it's slated for a 6:30pm finish, but with more than 30 witnesses to appear, including senior leadership from the accounting firm, it could run over.

KPMG is engulfed in a scandal that has resulted in several senior leaders quitting their roles and the corporate watchdog launching a formal investigation into the firm's business dealings.

It all centres on an internal whistleblower's allegations that some of the firm's senior partners misused confidential client documents.

We'll of course have full coverage and analysis here on the blog, so stay tuned.

My colleagues Emily Stewart and Daniel Ziffer have this explainer to catch you up in the meantime:

We'll no doubt be hearing a lot more about the US government's order to Anthropic to disable access by foreign nationals to its top tier AI models.

The intervention comes at a delicate time for Anthropic as it positions itself for public float, expected to be one of the biggest in history similar to the rarified air occupied by SpaceX's $US2.1 trillion IPO on Friday.

The order suspends access to the company's Fable 5 and Mythos 5 models by any foreign national—whether inside or outside the US, including Anthropic's own foreign employees. 

IG Market's Tony Sycamore says the move will slash the amount of money Anthropic is likely to make when listed.

"This drastic step reportedly comes after researchers at Amazon used a series of prompts to bypass guardrails, forcing the Fable 5 model to provide restricted information that could be used to aid cyberattacks," Mr Sycamore said. 

"In response — IG's Anthropic Pre-Market IPO valuation has dropped from about $US1.85 trillion down to $US1.72 trillion—a loss of $130 billion, or 7%."

But wait — here's another ABC business unit podcast for you to give your weary eyes a break from staring at that the screen, or to join you on the commute home.

In today's episode, Carrington Clarke and Steph Chalmers look at today's market rally and what the US-Iran ceasefire deal may mean for the RBA's deliberations tomorrow.