The ASX 200 dropped 92 points, or 1.1%, to finish at 8,579 on Thursday, reversing early gains and ending a two-session winning streak. Risk sentiment deteriorated after U.S. equity futures fell, following President Trump’s national address in which he signaled the likelihood of further military strikes against Iran, even as he suggested the conflict could be resolved within weeks. Domestically, Westpac Strategy highlighted that the risk of escalation in the Middle East remains explicit and ongoing.
On the trade front, Australia’s imports declined 3.2% month-on-month in February to a seven-month low, pointing to softer domestic demand and persistent trade uncertainty. Losses on the local market were broad-based, led by commercial services, consumer durables, and non-energy minerals. Among the sharpest decliners were HUB24 (-7.6%), Mineral Resources (-6.0%), Ramelius Resources (-4.5%), and Evolution Mining (-4.1%).
Despite Thursday’s pullback, the benchmark index advanced 0.7% over the week, supported by the strongest weekly rise in commodity prices since 2023. In policy news, Prime Minister Albanese announced up to AUD 693 million in low-cost loans aimed at relieving fuel cost pressures. The market will be closed for Good Friday and will resume trading on Tuesday.
