ASX 200 report:
8 September 2026

The Australia 200 trades 72 points (-0.80%) lower at 8938.8 at 2.30pm AEST.

ASX 200 hits six-week low as confidence slumps and oil rises

ASX 200 has fallen to its lowest level in six weeks after losing 75 points (-0.84%) to a low of 8934.2, from where it has shown little interest in bouncing.

The decline was driven by ongoing uncertainty in the Middle East, which saw oil prices surge to a four-month high overnight, and by weak Australian business and consumer confidence data that darkened the mood.

Starting with the data, the Westpac-Melbourne Institute Consumer Sentiment Index for September dropped 5.2% to 84.4 from 88.9 in August, reversing almost all of last month's 6.0% lift and taking the reading back towards the deeply pessimistic levels seen earlier in the year as higher fuel prices and fears of a fourth Reserve Bank of Australia (RBA) rate hike this year weighed on household finances.

Meanwhile, the National Australia Bank (NAB) business survey for August showed confidence falling a further two points to -8, still well below its long-run average, as global uncertainty, oil price volatility and ongoing cost pressures continued to weigh on businesses. Business conditions dropped five points to -1, turning negative for the first time in six years, with the slide led by a 10-point fall in profitability and a five-point decline in trading conditions.

ASX 200 stocks

Consumer discretionary sector

Consumer-facing stocks also felt the chill of falling consumer confidence and expectations of higher interest rates.

• Domino's Pizza Enterprises fell 2.76% to $19.70
• Treasury Wine Estates dropped 2.51% to $5.44
• Woolworths Group lost 1.83% to $39.09.

Financials sector

The financials felt these headwinds most keenly, with:

• ANZ Group Holdings falling 2.85% to $36.85
• Commonwealth Bank of Australia dropping 1.82% to $158.60
• National Australia Bank slipping 1.65% to $38.78
• Westpac Banking Corporation dipping 1.50% to $34.50.

Materials sector

Copper prices hit a new record high on the London Metal Exchange overnight, driven by strong demand from data centres, concerns President Trump will expand tariffs to include copper, and a lack of major new discoveries.

• Capstone Copper gained 2.20% to $15.33
• Sandfire Resources climbed 0.22% to $22.52
• BHP Group edged 0.20% higher to $63.27
• Rio Tinto fell 0.76% to $176.00 after Beijing's state-backed iron ore price negotiator, China Mineral Resources Group, reportedly directed some steel mills to delay purchases of some of the miner's iron ore.

Information technology sector

The information technology sector's sell-off from the mid-August high deepened, with the sector now down more than 12.5% in the past three weeks, weighed down by higher energy prices and rising bond yields.

• WiseTech Global dropped 2.63% to $35.31
• NEXTDC declined 2.35% to $12.45
• Xero lost 2.26% to $74.52.

ASX 200 technical analysis

ASX 200 spent the better part of four months between the start of April and the end of July within an 8500 - 9000 range before releasing that pent-up energy at the start of August to hit a fresh record high of 9296.7. From that high, we were expecting a pullback towards 9000.

Provided the pullback in ASX 200 holds above the 9000 - 8900 support region (former top-of-range resistance, now support) and the 200-day moving average at 8800, we look for the uptrend to resume and for a retest and break of the 9296.7 record high.

Be aware that a sustained break below 8800ish would indicate ASX 200's break higher in August has failed and would likely see a period of further range trading between 8500 and 9000.

ASX 200 daily candlestick chart

• _{Source: TradingView. The figures stated are as of 8 September 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.}