Live: US markets down amid plan to 'collapse' Iran's economy, ASX to follow

The United States is urging allies to join it in a bid to "collapse" Iran's economy to end the Middle East conflict. Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.Fri 21 Aug 2026 at 7:26amFri 21 Aug 2026 at 7:26amUS urges allies to 'collapse Iran' with economic warfareThe United States is warning both its allies and China to get on board with a new economic campaign to "collapse" the Iranian government, saying that they would otherwise face tough consequences.Under pressure at home over the impact of the war and with crucial midterm elections looming, US President Donald Trump on Wednesday, local time, promised the "most crushing" economic operation ever against Iran.Mr Trump's latest threat has already been dismissed by Tehran, which has labelled it "economic terrorism".Speaking Thursday morning, local time, US Treasury Secretary Scott Bessent also sought to put America's allies and China on notice, urging them to join the economic campaign."It is going to work in Iran and we are going to collapse this regime," Mr Bessent told US broadcaster CNBC."This is going to be the greatest coordinated economic isolation in the history of the world. And we are going to tell them, 'You are either with us or against us,''' he added in a message to allies.Fri 21 Aug 2026 at 7:24amFri 21 Aug 2026 at 7:24amMarket snapshotASX 200 futures: -0.2% to 9,001 pointsAustralian dollar: -0.2% to 71.07 US centsDow Jones: -1.3% to 52,759 pointsS&P 500: -0.8% to 7,641 pointsNasdaq: -1% to 26,067 pointsFTSE: flat at 10,748 pointsEuroStoxx: -0.1% to 650 pointsSpot gold: -0.2% to $US4,509/ounceBrent crude: +2% to $US93.47/barrelIron ore: flat at $US95.17/tonneBitcoin: +5% to $US72,738Prices current around 7:30am AEDT.Live updates on the major ASX indices:Fri 21 Aug 2026 at 7:21amFri 21 Aug 2026 at 7:21amLet's get to itHello, I'm Daniel Ziffer from the ABC business team and I'll be taking you through the morning on our business, finance and economics blog.Overnight, Wall Street indices were down.The blue-chip Dow Jones of 30 mega-companies like Boeing and Visa was -1.3% to 52,759 points.The broader S&P 500 that covers 500 of the largest listed companies in the US -0.8% to 7,641 points.The tech-heavy Nasdaq was -1% to 26,067 points.These numbers are live, and trading is continuing, we’ll update you when there’s a firm closing price.Our market is set to follow them lower, with the ASX 200 futures index tipping a fall of -0.2% or 18 points to 9,001 points.There’s lots to get to, all of it news, analysis and information and none of it financial advice.Let’s get started!