Monday 9th March 2026
Daily Market Update: 10 March 2026
Australian market sell-off
The S&P/ASX 200 Index (ASX: XJO) plunged 252 points, to 8599 after falling as much as 4.3 per cent intraday, wiping roughly $90 billion from the Australian sharemarket as escalating conflict involving Iran sent oil prices surging. Crude spiked about 27 per cent to around $US117.70 a barrel after disruptions in the Strait of Hormuz threatened a key shipping route responsible for roughly a fifth of global crude supply. The sharp jump in energy costs triggered fears of renewed inflation and slower global growth, prompting a swift repricing in bond markets that pushed Australia’s three-year government bond yield to its highest level in a decade while the 10-year yield climbed above 5 per cent.
Energy stocks rally while broader ASX falls
Energy and coal producers were among the few bright spots as investors sought exposure to higher commodity prices. Woodside Energy Group Limited (ASX: WDS) rose 2 per cent to $31.36, Karoon Energy Limited (ASX: KAR) surged 10.2 per cent to $2, and Santos Limited (ASX: STO) gained 2.4 per cent to $7.64 after confirming with Beach Energy Limited (ASX: BPT) the Moomba Central Optimisation project in South Australia’s Cooper Basin would proceed. Coal miners also rallied, with Yancoal Australia Limited (ASX: YAL) jumping 13.3 per cent and Whitehaven Coal Limited (ASX: WHC) adding 4.4 per cent. Elsewhere the market was broadly weaker, with miners dragged lower as BHP Group Limited (ASX: BHP) fell 5.1 per cent, Rio Tinto Limited (ASX: RIO) dropped 3.8 per cent and Fortescue Limited (ASX: FMG) slipped 1 per cent. Gold stocks such as Northern Star Resources Limited (ASX: NST) and Newmont Corporation (ASX: NEM) also declined as interest-rate expectations climbed. Banks all fell, while rate-sensitive property and growth stocks also retreated.
Global markets rebound
In the United States, equities staged a late recovery as easing geopolitical concerns reversed earlier losses. The S&P 500 Index (INDEXSP: .INX) rose 0.9 per cent, the Dow Jones Industrial Average (INDEXDJX: .DJI) gained 0.5 per cent and the Nasdaq Composite Index (INDEXNASDAQ: .IXIC) climbed 1.3 per cent after comments from President Donald Trump suggested the military campaign involving Iran was nearing completion and that the Strait of Hormuz could soon reopen to shipping. Oil prices subsequently retreated sharply to about $US86 a barrel from earlier highs near $US119. Semiconductor stocks led the rebound, with Broadcom Inc. (NASDAQ: AVGO) and Advanced Micro Devices, Inc. (NASDAQ: AMD) both jumping more than 4.6 per cent, while Wells Fargo & Company (NYSE: WFC) remained weaker.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | -2.7 | -6.1 | -2.2 | 1.3 | 11.5 |
| Financials | -2.6 | -1.4 | 2.8 | 7.3 | 20.3 |
| Resources | -3.8 | -7.5 | 4.9 | 17.3 | 50.0 |
| Information Technology | -4.1 | 4.5 | 0.2 | -17.3 | -19.7 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | 0.8 | -1.3 | -1.9 | -6.4 | 9.1 |
| Europe | -4.1 | -4.2 | -5.1 | -2.2 | 7.3 |
| Japan | -5.1 | -3.8 | -2.2 | 3.2 | 19.2 |
| China top 50 | -1.1 | 0.0 | -5.7 | -10.0 | -7.8 |
| India top 50 | -2.9 | -0.9 | -4.7 | -11.1 | -7.9 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | -0.6 | -1.5 | -0.2 | 0.0 | 1.4 |
| Australian Corporate Bond | -0.6 | -1.5 | -0.4 | 0.0 | 2.0 |
| US Treasury | -0.3 | -0.9 | 0.5 | 1.0 | 4.0 |
| Cash | 0.0 | 0.1 | 0.3 | 0.9 | 3.9 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | -0.2 | -2.8 | 2.9 | 15.7 | 58.0 |
| Silver | -1.0 | -12.3 | 3.7 | 33.0 | 126.9 |
| Crude Oil | 42.6 | 27.8 | 42.1 | 58.4 | 54.6 |
| Bitcoin | -4.0 | -0.2 | -0.3 | -30.0 | -23.3 |
