Global Markets on Edge as Tensions Escalate, Australian Employment Surges

Global markets are on edge as tensions between the US and Iran escalate into their second week. The Strait of Hormuz is increasingly caught in the crossfire, with oil traders taking note. Brent crude surged a staggering 15% to punch above the unease mark of $100 per barrel.

The inflationary nightmare central banks could have done without has returned, threatening to flow through into transport, power, food, and ultimately interest rates. The trillion-dollar market darlings are also feeling the heat, with SpaceX slipping below its IPO price after a disappointing debut in the new financial year.

Back home, Australian employment surged by 76,300 in June, far exceeding economists' expectations of 15,000. This has given the Reserve Bank another reason to keep interest rates stable, despite the strong labour market and oil prices threatening to reignite inflation.

However, not all is doom and gloom. The copper price is emerging as a safe-haven amidst the turmoil, and two ASX stocks are making waves in their respective sectors. Ceretas Ltd has debuted on the ASX with its revolutionary Alzheimer's and dementia ultrasound therapy technology, more than doubling from its listing price.

Pacgold, a junior gold producer turned self-funded copper-gold explorer, is also gaining attention after uncovering a potentially major copper-gold system in South Australia. The company's shares surged 80% higher across the closing two days after revealing high-grade copper-gold at its White Dam gold project.