ASX 200 report:
28 April 2026

The Australia 200 trades 55 points (0.63%) lower at 8710 as of 3.15pm AEST.

CPI fears and fuel risks weigh on ASX 200

The ASX 200 is on track for a sixth straight session of declines after falling 73 points, or 0.83%, in early trading to a three‑week low of 8693.4. The softer session follows a relatively quiet night on Wall Street, where investors took a well‑earned breather ahead of a heavy week of central bank meetings and mega‑cap technology earnings.

Domestically, sentiment remains fragile following a string of earnings downgrades in recent weeks, combined with ongoing fuel‑security concerns and heightened anticipation ahead of tomorrow’s key March consumer price index (CPI) report. Crucially, this will be the first inflation print to fully capture the energy shock stemming from the Middle East conflict.

Headline CPI is expected to jump to 4.8% year‑on‑year (YoY), while the trimmed‑mean measure is forecast to hold at 3.3% for the month. That would lift the quarterly trimmed mean to 3.5%, pushing all three key readings further away from the midpoint of the Reserve Bank of Australia’s (RBA) 2% – 3% target band.

This print comes just days before the RBA’s next board meeting on 5 May. If inflation comes in line with, or above, expectations, it would almost certainly lock in a third consecutive 25 basis point (bp) rate hike to 4.35%, fully erasing the 75 bp of cuts delivered in 2025.

That said, if the reading surprises to the downside, and with petrol prices now back near pre‑conflict levels, the RBA could still opt to hold rates steady. This would be more likely if the board believes the acute phase of the inflation scare has peaked and that the trimmed‑mean measure will not exceed its 3.7% forecast by mid‑year.

A more dovish outcome would also hinge heavily on whether there are tangible signs of diplomatic progress to reopen the Strait of Hormuz between now and next Tuesday, allowing vital energy flows to resume. However, with Iran’s recent olive branch failing to include any discussion of its nuclear program, a breakthrough remains elusive.

ASX 200 stocks

Consumer discretionary sector

The consumer discretionary sector has also come under pressure.

• Domino’s Pizza Enterprises slid 11.38% to $15.73. The aggressive local sell‑off follows an 8.8% overnight plunge in its United States (US) parent after missing first‑quarter (Q1) earnings expectations, raising fresh concerns about slowing momentum in the quick‑service pizza segment. Elsewhere,
• Aristocrat Leisure dropped 3.82% to $46.38
• Temple & Webster extended its recent decline, falling 1.77% to $5.83.

Energy sector

Reflecting this backdrop, West Texas Intermediate (WTI) crude oil futures are up 0.78% today at $97.43, edging closer to the technically and psychologically important $100 level. Unsurprisingly, energy is the only sector of the ASX trading in positive territory.

• Amplitude Energy jumped 4% to $1.75
• Viva Energy rose 2.38% to $2.36
• Santos gained 1.24% to $7.75.

Lithium sector

In contrast, ASX 200 lithium stocks have recorded solid gains. The move follows a sharp rebound in spot lithium prices, now up around 50% in 2026, driven by renewed optimism around recovering Chinese demand and a major corporate transaction reinvigorating the sector.

• European Lithium surged as much as 62% to 46.5 cents after agreeing to an all‑scrip takeover by Critical Metals Corp, valuing the company at around $1.2 billion
• Galan Lithium gained 5.77% to $0.55
• Liontown Resources jumped 5.04% to $2.39
• Iluka Resources rose 3.93% to $7.80.

Utilities sector

On the downside, the utilities sector, which typically garners little attention, is the worst‑performing sector for a second straight session.

• Origin Energy extended yesterday’s sharp decline, falling another 4.20% to $11.62 following a profit warning related to its 23% stake in Octopus Energy
• AGL fell 1.86% to $9.23
• Contact Energy edged 0.26% lower to $7.60.

ASX 200 technical analysis

From the 8262 low recorded on 23 March, the ASX 200 rallied 759 points, or 9.20%, to a mid‑April high of 9021.5. That advance then stalled, with the index slipping back below support from the key 200‑day moving average (MA), currently near 8802.

Looking ahead, the ASX 200 needs to reclaim the 200‑day MA on a closing basis to restore a constructive technical outlook and open the door to a retest of the 9200 record high. Failure to do so would raise the risk of a deeper correction, with initial support located around the 8600 – 8580 zone.

ASX 200 daily candlestick chart

• _{Source: TradingView. The figures stated are as of 28 April 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.}