Australian shares dip as risk sentiment sours again

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The ASX is on track for a positive week, despite a downswing in global risk sentiment weighing on local equities heading into the weekend.

Australian shares are set to end the week on the back foot, as Nvidia's tumble, higher global bond yields and a potential stalemate in the US-Iran conflict weigh on confidence.

The main S&P/ASX 200 index fell 83.4 points by midday, down 0.91 per cent, to 9063.4, as the broader All Ordinaries lost 86.3 points, or 0.93 per cent, to 9187.9 on Friday.

The dip followed a weak Wall Street session after Nvidia chief executive Jensen Huang stepped down as boss, dampening recent dip-buying in artificial intelligence stocks.

"The Jensen Huang affair continues to shake global markets and take the steam out of a nascent tech recovery that had driven Wall Street off its recent lows," Capital.com senior market analyst Kyle Rodda said.

Market participants have also had to contend with fresh interest rate uncertainty and geopolitical risk.

"Crude prices bounced back after US President Donald Trump pulled JD Vance from negotiations with Iran and suggested he's in no rush to make a deal with the Iranians," Mr Rodda said.

Brent crude rebounded to around $US96 a barrel, boosting local fossil fuel producers and refineries, as investors mulled a further extension to Middle East crude supply disruptions.

The upswing combined with a rebound in long-ended bond yields to hammer gold stocks, which weighed heavily on the raw materials sector as the precious metal dipped to 13-month lows near $US3883 ($5706) an ounce.

BHP and Rio Tinto also traded lower as copper prices dipped to their lowest value since July.

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