Daily Market Update: 23 April 2026

ASX (ASX:XJO) tumbles 1.2% as Cochlear crashes 41% in worst day since March; banks extend losses

The Australian sharemarket fell sharply on Wednesday as a steep earnings downgrade from Cochlear (ASX:COH)rattled the healthcare sector, overshadowing any relief from Trump’s extension of the Iran ceasefire. The S&P/ASX 200dropped 105.8 points, or 1.2 per cent, to 8,843.6 – the biggest one-day fall since March 19 – with six of the 11 sectors weaker. Cochlear plunged 40.7 per cent to a 10-year low of $99.58, wiping about $4.5 billion from its market capitalisation, after slashing full-year underlying net profit guidance to $290–330 million from $435–460 million, citing weaker developed market demand, Middle East tensions and softer US conditions. CSL (ASX:CSL) fell 5.7 per cent to a nine-year low after the US military scrapped its annual flu shot requirement, while ResMed (ASX:RMD) lost 2.5 per cent. Financials extended recent weakness – the sector is now down 4 per cent over five sessions – with Macquarie Group (ASX:MQG) falling 3.8 per cent after Goldman Sachs downgraded it to neutral, and all four major banks dropping: CBA (ASX:CBA) 2.5 per cent, NAB (ASX:NAB) 2.4 per cent, ANZ (ASX:ANZ) 2.3 per cent and Westpac (ASX:WBC) 2.1 per cent. Bank of Queensland (ASX:BOQ) tumbled 8.9 per cent after first-half cash profit fell 4 per cent to $176 million, missing expectations. Brent slipped 0.7 per cent to US$97.81 despite Trump extending the ceasefire indefinitely – the US will maintain its Hormuz blockade, where shipping remains heavily disrupted. Energy was mixed, with Ampol (ASX:ALD) rising 3.8 per cent on a strong quarterly update showing higher refining margins and secured fuel supplies through June, while Woodside (ASX:WDS) fell 1.4 per cent.

Treasury Wine Estates (ASX:TWE) surges 17% on Penfolds restructure; BHP (ASX:BHP) settles China iron ore dispute

Treasury Wine Estates (ASX:TWE) was the standout, jumping 16.5 per cent to $4.72 after flagging a major restructure that will see Penfolds no longer operate as a standalone division. BHP (ASX:BHP) firmed 1.2 per cent after reaching a supply agreement with China’s state-backed iron ore buyer, China Mineral Resources Group, ending a long-running dispute – the miner also lifted copper guidance to the upper end of its range after a strong March quarter. Scentre Group (ASX:SCG) gained 1.7 per cent after reporting 3.1 per cent growth in customer visitation and 99.8 per cent occupancy, with Citi saying the Westfield operator was well placed to manage macro volatility. South32 (ASX:S32) added 2 per cent on stronger-than-expected cash performance. On the downside, Generation Development Group (ASX:GDG) – the investment firm led by Olympian Grant Hackett – plunged 22.7 per cent after a mixed March quarter with weaker net flows in managed accounts.

Identified task to integrate market indices into financial summary

Wall Street hits fresh record as ceasefire extension and earnings season fuel rally; chipmakers post longest-ever winning streak

Wall Street surged to all-time highs on Wednesday as Trump’s extension of the Iran ceasefire and a strong earnings season revived risk appetites, with the S&P 500 up 1 per cent, the Nasdaq gaining 1.6 per cent and the Dow adding 0.7 per cent in what is shaping up as the market’s best month since 2020. A gauge of chipmakers rose for a 16th consecutive session – the longest winning streak on record – riding renewed AI optimism, while nearly 80 per cent of S&P 500 companies have beaten earnings estimates so far this quarter. Brent crude settled near US$102 as tensions remained high, with Iran maintaining its grip on the Strait of Hormuz and the US refusing to lift its blockade on Iranian-linked vessels. Boeing (NYSE:BA) jumped on solid first-quarter deliveries, while GE Vernova (NYSE:GEV) surged after its electrification unit sold more grid equipment to data centre customers in the first quarter than in all of last year. In late trading, Tesla (NYSE:TSLA) gained after earnings beat estimates and Texas Instruments (NYSE:TXN) gave a strong forward outlook. On the softer side, IBM (NYSE:IBM) failed to shake investor concerns about AI disruption after software sales came in merely in line, and ServiceNow (NYSE:NOW) reported lackluster results, saying some deals had been delayed by the Iran war. Alphabet (NYSE:GOOGL) unveiled its latest tensor processing unit for faster, more efficient AI computing.