10 March 2026

The Australia 200 trades 86 points (1.01%) higher at 8686 as of 2.40pm AEDT.

Strong start for ASX 200 despite pullback

The Australia 200 (ASX 200) started strong, adding 151 points (+1.7%) in early trading to reach a high of 8750.9. However, a lack of follow-through buying, combined with a 0.40% fall in United States (US) S&P 500 futures, led it to give back 64 points of the early gains.

This strength followed a solid night on Wall Street, where improved risk sentiment was driven by a sharp decline in crude oil prices due to reports that the Group of Seven (G7) might release oil from strategic reserves. Markets were also encouraged by signs that the conflict with Iran might conclude sooner than initially feared.

Operating with a timeline similar to last year's 12-day 'Operation Midnight Hammer,' President Trump noted overnight (on day 10 of the current conflict) in an interview that the US-Israeli campaign against Iran is 'very complete' and 'very far ahead of schedule.'

While Trump's shift from demands for unconditional surrender to a more measured tone provided some relief, the 'very complete' narrative remains difficult for markets to embrace today. The Strait of Hormuz remains largely blocked for commercial traffic, and Iran's appointment of Mojtaba Khamenei – son of the late Ayatollah Ali Khamenei – as the new Supreme Leader signals continuity in the regime's hardline stance.

Economic indicators and rate hike expectations

In economic news today, the Westpac consumer confidence index for March edged 1.2% higher to 91.6 from 90.0. However, there was a notable drop-off towards the end of the survey period due to concerns around the Middle East conflict, consistent with an index reading of 84. Meanwhile, the National Australia Bank (NAB) Business Confidence survey fell sharply to -1 in February from 4 the prior month, marking its first time in negative territory for 11 months, as confidence was impacted by the Reserve Bank of Australia’s (RBA) February rate hike and rising prices.

Ahead of next week's RBA board meeting, the interest rates market is pricing in 9 basis points (bp) (a 38% chance) of a 25 bp RBA rate hike, with a full 25 bp hike fully priced for May.

ASX 200 stocks

Energy sector

The dramatic reversal in the oil price, from a high of $119.48 yesterday to a low of $81.19 early this morning, led to a solid session of profit-taking in energy stocks.

• Beach Energy dropped 5.36% to $1.10
• Woodside fell 4.67% to $29.90
• Santos declined 4.12% to $7.35.

Coal miners also faced losses:

• New Hope losing 3.57% to $5.00
• Yancoal dropping 2.51% to $6.99.

Financial sector

After a 9% fall from last Monday's record high into yesterday's low, the financial sector found strong support from dip buyers in the big banks.

• Commonwealth Bank of Australia added 1.5% to $171.96
• Westpac gained 1.52% to $40.71
• National Australia Bank rose 1.11% to $46.59
• ANZ increased 1.01% to $37.14.

Materials sector

The materials sector is on track to snap a five-day losing streak, partly due to the resilience of the iron ore price, which is currently trading near $103 per tonne, ensuring a good bounce for the big iron ore miners.

• Mineral Resources rose 5.67% to $57.34
• BHP gained 2.5% to $51.36
• Rio Tinto added 0.94% to $154.16.

Gains were also seen in gold, uranium, and copper stocks:

• Resolute Mining climbing 5.62% to $1.41
• Paladin Energy soaring 8.30% to $12.12
• Sandfire Resources increasing 5.50% to $16.55.

Technology sector

The outperformance of tech stocks on Wall Street overnight extended gains to local tech stocks.

• Life360 jumped 11.27% to $22.70, bouncing back from last week's post-earnings decline
• DroneShield improved 6.47% to $3.95
• Appen added 2.75% to $16.68.

ASX 200 technical analysis

From the ASX 200's high of 9202.9 a week ago, the index fell 745 points (-8.1%) to yesterday’s low of 8457.2.

To negate the technical damage from this sell-off, the ASX 200 must regain the 200-day moving average currently at 8771, to have serious ambitions of retesting last week’s record high. Until then, a retest of the 8457 – 8383 support level is possible.

ASX 200 daily candlestick chart

• _{Source: TradingView. The figures stated are as of 10 March 2026. 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.}