HomeReportsThe Match Out: ASX slides as sellers ‘target’ the…
After looking good yesterday the ASX has flipped on a dime and sold off hard today following a poor night overseas thanks largely to weakness amongst the retail stocks. That theme washed through the ASX today with a 1-2 of rising costs and weakening demand from US-listed Target enough to see local investors indiscriminately dump the sector.
The ASX200 ended a tough week down -2.2%, extending March’s retreat to -8.4% with more losses likely on Monday. Materials (-7.1%) and Tech stocks (-4.2%) continued to lead the decline, as fears around global growth and inflation escalated as the war dragged on with no end in sight, and oil prices looked increasingly comfortable above $US110. On Friday night, selling intensified into the U.S. afternoon session after Reuters reported Iraq had declared force majeure on oilfields operated by foreign companies, while President Trump said he was not seeking a ceasefire with Iran. Now entering its fourth week, roughly in line with Trump’s initial timeframe, the conflict is nonetheless unsettling Washington, as Iran’s ability to disrupt oil markets with relative ease continues to drive global angst.
The ASX 200 closed down in a session defined by continued selling across gold and materials, with the broader index unable to find meaningful support despite pockets of strength in healthcare, utilities and energy in particular.
The ASX 200 fell by more than 140 points on Thursday, with escalating concerns about the Middle East conflict weighing heavily on the market. The miners (-4.8%) were front and centre of the selling, while energy (+5.1%) was unsurprisingly best on the ground. As the oil price surged above $US110, inflation fears soared, weighing on rate-sensitive stocks, with the crowded gold sector enduring some aggressive liquidation while tech and real estate names were also heavy as futures markets priced in at least two more rate hikes before Christmas.
The ASX 200 fell sharply today, the damage felt heavily in the resources with gold miners hit hardest as bullion dropped overnight on stronger USD following the Fed’s interest rate hold, while rate-sensitive growth and property stocks continued to struggle in the higher-for-longer rate environment.
The ASX 200 rose another 0.3% on Wednesday, with around 70% of the index finishing higher as oil prices eased slightly and buying interest returned to the miners - RIO (+1.2%) and BHP Group (+0.7%). However, it was a relatively quiet session as investors digested this week's RBA’s split rate decision ahead of this morning’s Fed meeting, where no change was expected for a second consecutive meeting, and since the attacks on Iran, rate cuts are now not anticipated until late 2026.
The ASX 200 closed up in a decent session, shrugging off the RBA’s move and the immediate Iran-related volatility and instead refocusing on underlying fundamentals. With the RBA firmly in the rear-view mirror following Tuesday's hike, attention has shifted squarely to tonight's US Federal Reserve decision. Tech and real estate led the charge, with growth stocks clawing back recent losses as bond yields settled and seven of eleven sectors finished higher — the kind of broad participation that hints at improving conviction in a wobbled market.
The ASX200 rebounded +0.4% on Tuesday, with most of the gains enjoyed after the RBA lifted interest rates from 3.85% to 4.1% at 2.30 pm. The materials sector was back on top of the leaders board, advancing +1% as gold stocks led the bounce, while tech was back in the naughty corner, retreating another 1.25%, taking it within 4% of making fresh 2026 lows.
The ASX closed modestly higher on Tuesday in a session that was entirely about one thing: the RBA. A split 5-4 decision to raise the cash rate by 25 basis points to 4.1% initially sent the dollar and bond yields lower as the narrow margin cast doubt over the path ahead, but banks and materials held the index in positive territory, though it wasn't a convincing rally.
The ASX200 ended a choppy session on Monday down 0.4%, with miners and tech stocks leading the declines. While fewer than 40% of the main board finished higher, it was the heavyweight miners that drove most of the decline, with BHP, Northern Star and Fortescue accounting for around 60% of the day’s net fall.
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