Live: ASX to fall as bond market turmoil deepens, oil jumps

The Australian Securities Exchange (ASX) is expected to decline as bond market turbulence intensifies. The US 30-year bond yield reached its highest since 2004, while the 10-year yield rose to levels not observed since 2007. On Wall Street, the S&P 500 closed slightly lower, the Dow Jones Industrial Average fell 0.3%, and the Nasdaq remained relatively unchanged. The broadcaster has compiled financial insights from business reporters for a live blog covering the day's financial news.

The company has been in voluntary administration for roughly a month, owing at least $3.4 billion. Initially, administrators Teneo secured emergency funding from a group of lenders, allowing them to continue construction on a select number of projects. However, this financial support has since expired, and after weeks of further negotiations, all but one lender have declined to provide additional funding.

Consequently, Bathla is effectively ceasing its construction operations, with 125 additional employees laid off and only 67 remaining as a minimal team to manage the administration. The administration is ongoing, but the emphasis is now on securing sites, selling land and assets, and determining the fate of individual projects as lenders assume control or pursue their own strategies.