2 December 2025

The Australia 200 trades 17 points (0.20%) higher at 8582 as of 3.30pm AEDT.

ASX 200 stabilises after sharp sell-off as global volatility eases

After a turbulent start to the month, the Australia 200 (ASX 200) has stabilised today, holding above yesterday’s 8563 low and beneath the 8600 resistance zone. Today’s calmer tone follows yesterday’s sharp sell-off, triggered by a perfect storm of unexpected headwinds.

A three-hour Australian Securities Exchange (ASX) technical outage delayed price-sensitive announcements, sowing confusion and frustration. Thin liquidity saw United States (US) equity futures and Bitcoin plunge. Only for sentiment to worsen when Bank of Japan (BoJ) Governor Ueda’s hawkish remarks propelled two-year Japanese government bond (JGB) yields above the psychological 1% barrier for the first time since 2008, sparking Japanese yen strength and risk-aversion flows.

With volatility in Bitcoin, US equity futures and JGB yields easing today, the ASX has found calmer waters, though conviction remains light ahead of tomorrow’s third-quarter (Q3) Australian gross domestic product (GDP) data.

Q3 GDP outlook

In the second quarter (Q2) of 2025, Australian GDP increased by 0.6%, accelerating from 0.3% in the prior quarter, for an annual rate of 1.8%. It was the economy’s 15th consecutive quarter of growth. The result was stronger than expected, driven by a sharp rebound in household consumption supported by Reserve Bank of Australia (RBA) rate cuts, increasing real incomes and lower personal tax rates.

After today’s final partial inputs, market consensus is for a rise of 0.7% quarter-on-quarter (QoQ), lifting the annual growth rate to 2.2%, the fastest pace since the first quarter (Q1) 2023. If accurate, this along with stronger employment data and hotter-than-expected inflation will support the case for the RBA to remain on hold at 3.60% during the first half of 2026.

ASX 200 stocks

Energy sector

The ASX 200 energy sector lifted as crude oil prices remain well supported after the Organization of the Petroleum Exporting Countries plus (OPEC+) confirmed its supply-hike pause and Ukrainian drones hit up to three Russian shadow-fleet tankers. With an estimated 1000 – 1400 vessels in the shadow fleet, three hits won’t sink Russia’s oil exports overnight. However, it represents another blow to Moscow’s oil operations and reinforces the importance of technical support for crude oil in the mid-$50s.

• Ampol gained 2.68% to $31.78
• Viva Energy added 1.65% to $2.15
• Beach Energy climbed 1.5% to $1.19
• Woodside Energy rose 1.1% to $25.44

Materials sector

The ASX 200 materials sector, currently up 24.5% year-to-date (YTD), extended gains:

• Rio Tinto lifted 1.15% to $134.27
• Fortescue Metals Group added 1.11% to $21.79
• BHP Group gained 0.93% to $42.74
• Mineral Resources fell 0.13% to $47.13

Technology sector

The ASX 200 information technology (IT) sector remains under pressure after losing 11.65% in November:

• ZIP fell 10% to $2.97 after Buy Now Pay Later (BNPL) firms received letters from attorneys general in seven US states seeking details on pricing and payment structures
• Block (Afterpay owner) dropped 1.96% to $98.52
• DroneShield slumped 6.36% to $1.84, eyeing last week’s $1.62 low

ASX 200 technical analysis

After reaching an all-time high of 9115 in mid-October, the ASX 200 hit a low of 8383 in late November, marking a 7.7% pullback, its deepest correction since April.

If the 8383 low holds, the index is expected to rebound towards 8850 by year-end 2025. A break below 8383 opens the way for a decline towards 8200.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 2 November 2025. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}