18 November 2025

The Australia 200 trades 190 points (-2.20%) lower at 8446.20 as of 3.00pm AEDT.

Investors brace for key global events

A perfect storm has hit the Australia 200 (ASX 200) today, with investors bracing for NVIDIA's make-or-break earnings on Thursday morning AEDT and the all-important United States (US) September jobs report early Friday morning AEDT.

Bond market jitters weigh on sentiment

On top of that, ongoing unease about private credit exposures has intensified the broader mood of risk reduction, as have 20-year Japanese government bond (JGB) yields surging 6 basis points (bp) today to 2.80% ahead of a new stimulus package. The rally in Japanese bond yields has rattled the high-flying Nikkei225, which dropped 2.5% to 49,035 and brought much-needed support to the beleaguered Japanese yen.

ASX 200 hits five-month low

Today’s selling has been broad-based, with all 11 ASX 200 sectors in the red and the index falling to its lowest level in almost five months. From the late October high of 9115.2, the ASX 200 has now fallen by approximately 7.3% over the past four weeks. A move that has wiped a cumulative $220 billion from the market capitalisation of the Australian stock market.

ASX 200 stocks

Financial sector

• Commonwealth Bank, the ASX 200’s largest stock by market capitalisation, fell 2.2% to an intraday low of $152.16 and has now officially entered bear market territory, down more than 20% from its late-June high of $192.
• Westpac dropped 2.84% to $37.92
• National Australia Bank slipped 2% to $40.63
• Australia and New Zealand Banking Group lost 1.1% to $35.79.

Information technology sector

The ASX 200 information technology (IT) sector tumbled 6.13% today and is now down a staggering 17.1% for the month. 

• TechnologyOne, which cratered as much as 17.5% to an intraday low of $29.16. Despite reporting a 19% jump in full-year net profit to $181.5 million, the stock was punished heavily after annual recurring revenue missed estimates and the company declined to provide financial year (FY) 2026 guidance
• DroneShield dropped 7.88% to $2.39
• WiseTech Global fell 5.33% to $62.16, its lowest level in two years and now 56% below its record high of $128.52.

Materials sector

The big iron ore miners fell despite the price of iron ore holding steady near $104 per tonne.

• BHP dropped 3.12% to $41.15
• Rio Tinto lost 2.51% to $129.26
• Fortescue Metals Group shed 1.83% to $20.08
• Mineral Resources dipped 1.46% to $49.17.
• James Hardie surged 5.4% to $27.31 after reporting a 34% year-on-year (YoY) jump in second-quarter (Q2) sales to US$1.29 billion and lifting full-year (FY) guidance to earnings before interest, tax, depreciation and amortisation (EBITDA) of US$1.20 – 1.25 billion (from US$1.05 – 1.15 billion).

Lithium stocks

Lithium stocks gained after lithium prices surged due to increased demand coming from China’s support for the electric vehicle (EV) industry:

• Pilbara Minerals gained 2.4% to $4.05
• Liontown Resources lifted 1.37% to $1.48.

ASX 200 technical analysis

Today’s sharp decline has seen the ASX 200 slice straight through its 200-day moving average (currently sitting at 8508), adding to the significant technical damage that began with the early-November breakdown.

At this stage, there is little on the chart to suggest an immediate rebound, aside from the fact that the index is now at its most oversold level, relative strength index (RSI), since the Liberation Day low in April 2025.

As we all remember, that extreme oversold condition ultimately marked the launchpad for a powerful multi-month rally. History does not always repeat, however it should not be ignored.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 18 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.}