Sydney, April 28, 2026, 18:46 AEST
- The S&P/ASX 200 slipped 0.64% to finish at 8,710.7, marking a sixth consecutive drop and the weakest close since April 2.
- Energy stocks caught a bid with oil on the rise, but it was a tougher session for consumer discretionary, utilities, tech, and real estate, all of which lost ground.
- The Reserve Bank of Australia and equity markets are eyeing Wednesday’s March inflation print—now the main near-term hurdle.
Australian shares ended Tuesday in the red, notching up their longest losing streak in almost four years. Investors ditched rate-sensitive and growth names, spooked by higher oil prices and nerves ahead of inflation data.
The S&P/ASX 200 index pulled back 55.7 points, down 0.64%, ending the day at 8,710.7. The All Ordinaries also slipped, dropping 55.8 points, or 0.62%, to finish at 8,935. According to Reuters, this puts the ASX 200 at its lowest close since April 2, with the index sliding more than 2.5% over the past six sessions.
This shift is in focus ahead of Wednesday’s Consumer Price Index—CPI—numbers, which will reveal March’s household price gains. The Australian Bureau of Statistics plans to put out the report at 11:30 a.m. AEST. The Reserve Bank of Australia’s next policy call lands on May 5.
Inflation had overshot the target even before this week’s figures landed. According to the ABS, CPI for February came in 3.7% higher than a year ago. Trimmed mean inflation, which excludes the most volatile items, registered at 3.3%. The RBA’s cash rate remains fixed at 4.10% as of March 18.
Oil sent the sharpest message to markets. Brent crude hovered near $110 a barrel late in the Australian session. Gold, meanwhile, dropped to a three-week trough, according to Reuters, with rising oil prices fueling lingering inflation worries and investors eyeing upcoming central bank moves.
Energy shares climbed 1.2%, Market Index data showed—the sole sector to post a significant advance. Whitehaven Coal jumped 3.9%, while Santos edged up 1.2%. Viva Energy tacked on 3.5%. Higher oil, gas and coal prices gave the group a lift.
Sellers hit pretty much everything else. Consumer discretionary names dropped 2.31%, utilities shed 2.28%, tech slid 1.61%, and health care eased down 1.24%, Market Index data showed. Domino’s Pizza Enterprises tumbled over 10% after its U.S. peer faltered. Origin Energy slipped further, marking a two-day losing streak after slashing its earnings outlook and getting knocked down by analysts.
Moomoo market strategist Michael McCarthy called it “a pretty ugly day” in comments to AAP, highlighting the gap between weakness in Australia and the backing for U.S. stocks. According to McCarthy, investors outside the U.S. are tacking on risk premiums thanks to Middle East turbulence—factoring in both slower growth and the inflationary push from pricier energy. AAP News
The Aussie dollar hovered at roughly 71.64 U.S. cents, holding steady compared to Monday’s local finish. “Between a rock and a hard place,” McCarthy told AAP, citing a split: U.S. optimism on the global outlook isn’t catching on in other markets. AAP News
Banks helped steady the index. The financials sector inched up 0.06%, thanks in large part to Commonwealth Bank, which advanced 0.9% to A$174.61. That was enough to balance out losses elsewhere in financials. Materials dragged, though—BHP slipped 1.3% to A$55.43, and gold miners slid as bullion prices lost ground.
There’s a real chance Wednesday’s CPI comes in stronger than markets anticipate, which would make it tough for the RBA to sidestep a rate hike in May. Tony Sycamore, market analyst at IG, said if the figure matches or beats forecasts, it would “almost certainly” trigger another 25 basis point hike—a move that adds a quarter point. IG
The downside scenario isn’t set in stone. According to Sycamore, softer inflation, cheaper petrol, or any breakthrough on the Strait of Hormuz would leave the RBA with space to keep rates unchanged. For now, though, the ASX looks less like it’s chasing Wall Street highs and more like it’s bracing for disappointing numbers.
