BUSINESS

The Dow Jones Industrial Average tumbled more than 290 points in early trading Tuesday as investors grew anxious ahead of President Donald Trump's self-imposed 8 p.m. ET deadline for Iran to agree to reopen the Strait of Hormuz or face intensified U.S. military strikes.

SYDNEY — Australian fuel prices have begun to moderate in early April 2026 after the federal government's temporary halving of the fuel excise and an additional cut funded by GST revenue, yet they remain significantly higher than pre-conflict levels due to ongoing disruptions from the war in the Middle East and Iran's restrictions on the Strait of Hormuz.

U.S. mortgage rates remained largely stable Tuesday amid ongoing uncertainty from Middle East tensions, with the average 30-year fixed rate hovering around 6.38% to 6.50% depending on the lender survey, offering little relief for homebuyers entering the peak spring season.

LONDON — The FTSE 100 index edged higher Tuesday, reaching 10,461.88 points by mid-morning trading on April 7, 2026, as gains in energy and defensive stocks offset broader caution stemming from escalating geopolitical risks in the Middle East.

SYDNEY — Sales and registrations of electric vehicles in Australia jumped sharply in March 2026, with some states recording increases of nearly 50 per cent month-on-month as record-high petrol and diesel prices, triggered by global oil market turmoil linked to the U.S.-Iran conflict, pushed more motorists toward battery-electric options.

OAK BROOK, Ill. — McDonald's Corp. CEO Chris Kempczinski has responded directly to widespread online mockery over a promotional video in which he took a notably small bite of the chain's new Big Arch burger, insisting he regularly enjoys the company's food and remains committed to menu innovation despite the social media firestorm.

TOKYO — Japan's artificial intelligence sector is gaining momentum in 2026, fueled by government initiatives, corporate partnerships and a new generation of startups blending deep technical expertise with practical applications in manufacturing, healthcare, robotics and generative models.

MELBOURNE, Australia — Melbourne has solidified its position as Australia's leading hub for artificial intelligence innovation in 2026, home to about 188 AI companies and roughly 22% of the nation's clustered AI firms — the largest concentration nationwide. With Victoria's government-backed AI Mission Statement targeting up to $30 billion in gross state product contributions over the next decade, a new wave of emerging startups is driving breakthroughs in healthcare, legal tech, clinical documentation and beyond.

SYDNEY — The S&P/ASX 200 index climbed sharply Tuesday, rising 129.3 points or 1.51% to close at 8,708.8 as bargain hunters piled into beaten-down miners and technology stocks, providing relief after a volatile period marked by Middle East tensions and an approaching U.S. deadline on Iran.

MINNEAPOLIS — Gina Maria's Pizza, a beloved Twin Cities institution that served generations of Minnesotans for more than 50 years, has permanently closed all four of its locations and seen its parent company file for Chapter 7 bankruptcy, court records and local reports confirmed this week.

Carta's latest research on Australian startup sentiment reveals IPO ambition hasn't disappeared, but exit timelines are stretching

CANBERRA, Australia — The Australian Taxation Office is ramping up compliance efforts in 2026, warning individual taxpayers and small businesses about work-related deduction claims and other red flags that could trigger audits as the agency boosts personal income tax scrutiny amid ongoing cost-of-living pressures.

Shares of Xiao-I Corp (NASDAQ: AIXI) skyrocketed more than 156% Monday, surging to around $0.34 in afternoon trading as retail investors piled into the micro-cap artificial intelligence company following a major legal victory in its long-running patent dispute with Apple in China.

SYDNEY — Sydney's housing market has hit a speed bump in the first quarter of 2026, with home values falling modestly as buyers grapple with higher borrowing costs, cost-of-living pressures and uncertainty from the Middle East conflict, according to the latest data from major property analysts.

NEW YORK — GameStop Corp. shares traded near $23.12 in afternoon action Monday, down $0.24 or 1.01%, as the video game retailer continued to draw intense investor attention amid speculation over CEO Ryan Cohen's plans for a major acquisition and the company's massive cash reserves.

NEW YORK — Alphabet Inc. shares edged higher Monday, with Class C stock (GOOG) trading near $296.60 after gaining $2.14 or 0.73% in afternoon trading, as Wall Street largely reinforced its bullish long-term outlook despite heavy 2026 capital spending plans for artificial intelligence infrastructure.

NEW YORK — The S&P 500 pushed above the 6,600 level in early trading Monday as investors welcomed tentative signs of potential de-escalation in the U.S.-Iran conflict, easing pressure from elevated oil prices that have weighed on the benchmark throughout a challenging start to 2026.