Australian Shares Extend Decline Amid Crude Price Surge and Rising Cost of Living Concerns

Global Market Update: March 9

Australian shares dropped 3% on Monday, as concerns over the Middle East conflict and its impact on the cost-of-living crisis dampened appetite for riskier assets. The S&P/ASX 200 index declined by 3.2% to 8,571.1 by 2327 GMT.

Market Performance

• Miners fell by up to 3.2% in early trade, with BHP dropping 4.4% on Monday and 9.6% last week, its worst week since late-August 2022.
• Heavyweight financials fell by 3.3%, with the 'Big Four' lenders dropping between 2.4% and 3%.
• Airline stocks were trading in the red, with Virgin Australia hitting an all-time low and Qantas Airways falling by as much as 9.1% to its lowest level in nearly a year.
• Discretionary stocks fell by 3.3%, while real estate stocks slumped by 3.2%.

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Energy Sector

• Energy stocks climbed by 2.3%, fueled by fears of tighter supply and prolonged disruptions to shipments.
• Australian oil and gas producers Woodside Energy and Santos jumped by 3% and 4.2%, respectively.

New Zealand Market

• New Zealand's benchmark S&P/NZX 50 index fell by 2% to 13,255.05.

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