Global Markets on Edge as Iran Says Ceasefire Violated

Good morning. US equity futures are wavering in early Asian trading as Tehran said a number of clauses of its ceasefire deal with the US have been violated, after Israel launched its largest assault on Lebanon since the start of its invasion. US Vice President JD Vance will lead a delegation to Islamabad for direct talks with Iran.

Locally, DroneShield shares slumped after CEO Oleg Vornik and the company chairman resigned, while Santos said its massive Barossa LNG project will restart shipments in less than a fortnight. — Paul-Alain Hunt, Metals and Mining Reporter.

US President Donald Trump’s announcement that he was accepting a proposal for a two-week ceasefire in Iran was met by relief in global capitals and jubilation in financial markets. But optimism was short lived as Tehran claimed the ceasefire’s terms had already been breached. The White House announced the US would hold direct talks with Iran even as fighting continued in the Middle East. Trump has two weeks to figure out whether he’s untangled the knot he created in Iran, or just pulled it tighter. Read more in our Big Take here.

DroneShield’s Vornik stepped down as CEO after more than 10 years in the role. Peter James has also decided to retire as chairman, and will be succeeded next month by Hamish McLennan. Shares fell 14% on Wednesday.