The Australian share market is likely to rise on opening this morning with ASX 200 futures up 15 points overnight. Follow live.

Worries over artificial intelligence spending triggered a selloff. The Nasdaq fell 2.88%. The semiconductor index dropped more than 6%. The ASX is expected to open lower.

NextDC has notified the stock exchange that its net revenue for the current financial year will be cut by a third, to $475 million to $500 million. Shares in the company then fell 40 per cent.

SpaceX shares surge in after-hours trade as AI revenue rise more than ninefold. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

Major supermarket coffee brands have quietly adjusted their marketing as arabica bean prices climbed to almost 50-year highs. Some labels have shifted from “100% arabica” to “coffee” or to blends that include robusta. Retail prices have also risen sharply, with one organic freeze-dried coffee increasing from $4 per 100 grams to $8.

The Bank of England kept its benchmark rate unchanged at 3.75%, but a 6-3 vote signalled a more hawkish tilt, with chief economist Huw Pill among three backing a hike. The BOE sharply lifted its inflation outlook, forecasting inflation will rise above 4% in early 2027, well above its 2% target. As global bond yields retreated and oil prices fell, US tech shares rebounded and Australia’s ASX was expected to open 0.6% higher. The Australian dollar rose 0.3% to 71.1 US cents.

Brent crude surged 7.5% and WTI moved above US$100, after a sharp rise in attacks on Red Sea shipping intensified fears of supply disruptions. The moves, alongside the US 10year yield rising to 4.96%, revived investor concerns about inflation and pushed major Wall Street indexes lower. Australian shares are expected to open 0.9% lower, while the Australian dollar slipped to 71.5 US cents.

Federal Reserve Chair Kevin Warsh warned at the Jackson Hole symposium that inflation remains entrenched, signalling the US central bank may still need to raise interest rates. US stocks fell, with the S&P 500 down 0.25% and the Nasdaq down 0.5%. Tech shares were mixed as Nvidia dropped 4.3% and Marvel Technology fell more than 10% while Alphabet and Apple rose. ASX 200 futures indicate a 0.4% decline at the open.

Ravenswood Gold has completed a $1.4 billion refinancing for Queensland’s largest gold mine, lifting hedge obligations that had locked in sales well below the current spot price of $4,100 an ounce. The new structure is designed to improve the company’s exposure to higher gold prices and support a production ramp-up from 134,000 ounces a year to 200,000 ounces by 2027. The refinancing does not change gold’s spot supply-demand fundamentals, but it strengthens miners’ ability to translate elevated prices into earnings and capital spending confidence.