The ASX 200 fell 92 points, or 1.1%, to close at 8,579 on Thursday, erasing early gains and snapping a two-session gain. Sentiment soured after U.S. futures slumped as President Trump, in remarks to the nation, signaled further military strikes against Iran, despite suggesting the conflict could end within weeks. Locally, Westpac Strategy noted that escalation risks in the Middle East remain explicit. On the trade front, Australia’s imports fell 3.2% mom to a seven-month low in February, reflecting weaker demand and trade uncertainty.
Losses were broad, led by commercial services, consumer durables, and non-energy minerals. Major decliners included HUB24 (-7.6%), Mineral Resources (-6.0%), Ramelius Resources (-4.5%), and Evolution Mining (-4.1%). Still, markets rose 0.7% for the week, lifted by the strongest commodity price rise since 2023. Meantime, PM Albanese announced up to AUD 693 million in cheap loans to ease fuel costs. Markets will close for Good Friday and reopen Tuesday.
