The ASX 200 fell 115 points to 8629 (1.3%) as oil prices spiked higher on tankers hit in the Gulf. Another $50bn in value knocked off the ASX 200. Broad based losses with the banks falling, ANZ leading the big four down off 2.5% with the Big Bank Basket down to $295.56 (-1.2%). MQG dipped 2.7% as financials falling across the sector. SOL down 1.1% with NWL off 5.5% and CGF down 2.8%. Industrials sagged, WES off another 0.7%, retail falling on potential rate rises next week. JBH down 0.5% and LOV crashing 7.0%. MYR also under pressure, down 10.6% and NCK down 4.6%. Travel stocks fell again, FLT down 2.8%. Tech resumed the position of weakness, WTC down 2.6% and XRO off 4.2%. NXT fell 2.3% and 360 dropped 4.8%. REITs eased back, GMG down 3.3% and healthcare under pressure, RMD down again, off 3.1%. CSL falling 1.1%.

In resources, BHP fell 1.9% and RIO off 1.4%. Gold miners eased back, EVN down 1.3% and GMD falling 2.1%. Lithium eased, PLS off 2.5% and profit taking in rare earths after a strong run yesterday.  AAI was a winner on higher aluminium prices, up 4.4%. Oil and gas stocks better, STO up 1.5% and WDS gaining 2.1% with uranium stocks slipping and coal stocks firming, YAL up 10.5% and WHC rallying 6.7%.

In corporate news, ALX fell after toll news in the US. LTR fell 0.6% after reporting a loss of $184m. CKF delivered with a 5.2% rise on German store openings.

On the economic front, everyone seems to be in lockstep now on a rate rise next week. Household spending has fallen for the first time since September 2024

10-year yields push to 4.95%.

Asian market weaker on oil prices, Japan down 1.5%, HK down 1.4% and China down 1.1%. Korea KOSPI down 1.3%

US Futures: DJ down 502, Nasdaq off 210.

HIGHLIGHTS

  • Winners: YAL, WHC, CKF, KAR, AAI, TLX, NHC, BPT
  • Losers: IPX, MYR, FRS, WA1, AIS, BRE, WBT, WC8
  • Positive Sectors: Oil and gas. Coal.
  • Negative Sectors: Everything else.
  • ASX 200 Hi 8661 Lo 8596
  • Big Bank Basket: Falls to $295.56 (-1.2%)
  • All-Tech Index: Down 2.7%
  • Gold: Falls to $7221 on stronger AUD.
  • Bitcoin: Steady at US$69,333
  • 10-year yields: Jumps to 4.95%
  • AUD: Falls to 71.25c as USD picks up on haven buying.
  • Dow down 552 Nasdaq down 270

MARKET MOVERS

  • YAL +10.5% coal stocks doing well.
  • CKF +5.2% trading update and German moves.
  • KAR +4.8% oil price rise.
  • TLX +4.4% no new news.
  • TER +8.0% kicking again.
  • IPX -14.3% half year accounts.
  • FRS -9.5% half yearly accounts.
  • MMS -7.8% ex dividend and some.
  • CAT -7.8% loses another life.
  • SDR -8.1% LW article.
  • MYX -9.4% good day yesterday bad day today.
  • Speculative Stock of the Day: LSR +33% – visible copper sulphides in Maiden drill holes at Three Saints in Chile.

ECONOMIC AND OTHER NEWS

  • Australian household spending has fallen for the first time since September 2024, marking a significant shift after more than a year of steady growth, according to the Household Spending Insights Index by the Commonwealth Bank.
  • The Index declined 0.5% in February, with spending falling across half of the 12 categories measured. Annual growth also slowed to 4.9%, the weakest pace since August 2025.
  • Oil surges above $100. Oman key export terminal evacuated. ANZ senior commodity strategist said markets were underestimating the risk that early logistical disruptions would evolve into sustained production losses.
  • A 10% increase in energy prices that persists for a year would push global inflation up by 40 basis points and slow economic growth by 0.1-0.2%, according to the International Monetary Fund.
  • UBS has raised its near-term price forecasts for aluminium and thermal coal, citing supply disruptions from the Middle East conflict.
  • The Trump administration has also started investigating trade practices of 16 trading partners under Section 301.
  • Cliffwater caps payouts at credit fund as redemption requests surge.
  • Goldman executive says private markets clients ‘glad’ about Iran war ‘distraction’ Yes he said that with his outside voice!
  • Oracle prepares for lay-offs as it hails efficiencies from AI coding tools.
  • Google said its fibre internet unit called GFiber is combining with Astound Broadband and forming an independent provider, with Google remaining as a minority shareholder.
  • Atlassian lays off 1600 people as AI gobbles jobs.
  • Iran to pull out of Men’s football World Cup.

And finally…..

I just read that alligators can grow up to 15 feet. But I haven’t seen any with more than 4.

Clarence

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