Thursday 26th March 2026
Daily Market Update: 23 March 2026
Australian market sell-off deepens
Australian equities ended the week sharply lower, with the S&P/ASX 200 Index (ASX: XJO) dropping 69.40 points, or 0.8 per cent, on Friday to 8428.4 and leaving the benchmark down 2.2 per cent for the week. Since the conflict began on February 28, the market has shed 8.4 per cent, wiping almost $280 billion from valuations. The sell-off reflected higher energy costs and a hawkish shift from major central banks, with investors now factoring in further Reserve Bank of Australia tightening and a cash rate of 4.85 per cent.
Energy resilience offsets broader weakness
Among local movers, gold producers retreated as bullion recorded its biggest weekly fall since March 2020, dragging down Greatland Resources Limited (ASX: GGP), Ora Banda Mining Limited (ASX: OBM) and Newmont Corporation (ASX: NEM). In energy, Woodside Energy Group Ltd (ASX: WDS) edged higher, while Santos Limited (ASX: STO), Ampol Limited (ASX: ALD) and Viva Energy Group Limited (ASX: VEA) were mixed despite heightened concern over global liquefied natural gas supply disruptions. Coal names outperformed, with Yancoal Australia Ltd (ASX: YAL) and Whitehaven Coal Limited (ASX: WHC) rising on expectations of prolonged supply tightness. Elsewhere, Premier Investments Limited (ASX: PMV) fell after a mixed half-year result, Virgin Australia Holdings Ltd (ASX: VGN) dropped as it flagged airfare increases, Electro Optic Systems Holdings Limited (ASX: EOS) recovered late after confirming executive share sales, and Coles Group Limited (ASX: COL) firmed after updating its fuel levy review process.
Global markets slide on conflict and rates
Global equities also came under pressure, with the S&P 500 Index (INDEXSP: .INX) falling 1.5 per cent, the NASDAQ-100 Index (NASDAQ: NDX) losing 1.8 per cent and the Dow Jones Industrial Average (INDEXDJX: .DJI) down 0.8 per cent as escalating Middle East tensions and surging oil prices pushed investors further into correction territory. The move lower was compounded by firm Federal Reserve policy settings and concern over energy supply after Iraq declared force majeure on oilfields. In individual names, Micron Technology, Inc. (NASDAQ: MU) fell 4.8 per cent, Super Micro Computer, Inc. (NASDAQ: SMCI) tumbled 33.3 per cent, while FedEx Corporation (NYSE: FDX) rose 1 per cent on strong guidance and Exxon Mobil Corporation (NYSE: XOM) gained 1 per cent as crude prices climbed.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | -0.8 | -2.2 | -5.6 | -0.3 | 10.6 |
| Financials | -0.6 | 0.6 | -4.0 | 5.8 | 21.8 |
| Resources | -0.8 | -3.9 | -5.5 | 8.0 | 37.1 |
| Information Technology | -0.4 | -5.0 | -6.3 | -22.7 | -25.2 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | -1.5 | -0.9 | -3.7 | -9.0 | 4.9 |
| Europe | -0.8 | -1.9 | -8.8 | -8.0 | 2.1 |
| Japan | -0.4 | -0.2 | -6.5 | -0.4 | 9.9 |
| China top 50 | -2.1 | -0.1 | -3.4 | -10.9 | -9.2 |
| India top 50 | -1.3 | -1.3 | -9.8 | -18.2 | -18.5 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | -0.4 | -0.1 | -1.0 | -0.4 | 0.9 |
| Australian Corporate Bond | -0.4 | -0.1 | -1.1 | -0.4 | 1.5 |
| US Treasury | 0.2 | 0.1 | -0.9 | 0.1 | 3.0 |
| Cash | 0.1 | 0.1 | 0.3 | 0.9 | 3.9 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | -3.2 | -9.2 | -8.4 | -0.5 | 35.4 |
| Silver | -3.4 | -17.1 | -12.9 | -0.6 | 86.1 |
| Crude Oil | -2.7 | -1.3 | 48.0 | 75.6 | 60.6 |
| Bitcoin | -0.7 | -3.9 | 3.4 | -25.9 | -26.3 |
