Australian Stock Market Today: ASX 200 Sinks 1.6% as Miners and Banks Lead $40bn Sell‑Off (21 November 2025)

Australia’s share market closed sharply lower on Friday, 21 November 2025, as a global tech rout, stronger‑than‑expected US jobs data and renewed doubts about further interest rate cuts sparked a broad risk‑off move.

The S&P/ASX 200 fell about 136 points, or 1.6%, to around 8,416–8,419, its lowest level since early June and roughly 7–8% below the record high near 9,115 set in mid‑October. ^[1] The drop wiped out Thursday’s rebound and erased close to $40 billion in market value in a single session. ^[2]

Key points: ASX today (21 November 2025)

ASX 200 down ~1.6% to 8,416.5, All Ordinaries off around 1.7% to 8,686.3 – both at multi‑month lows. ^[3]
Fourth straight weekly loss and November now shaping as the weakest month since 2022, with the index more than 7% below its October peak. ^[4]
Materials and energy led the sell‑off, with sector falls of roughly 4% and 3% respectively as iron ore, copper and oil softened and gold pulled back from recent highs. ^[5]
Miners and banks bled: BHP, Rio Tinto and Fortescue lost around 3–3.5%, while the big four banks shed between about 1.2% and 2.2%. ^[6]
Only consumer staples finished in positive territory, up a fraction, as investors rotated into defensive names. ^[7]
On the stock level, Lovisa plunged nearly 14%, Iluka Resources dropped more than 11% and DroneShield slid close to 12%, while GQG Partners and Catapult Sports gained about 5% and 4% respectively. ^[8]

ASX 200 today: index overview and market stats

By the closing bell in Sydney, the S&P/ASX 200 sat at 8,416.5, down 1.59%, with the broader All Ordinaries at 8,686.3, down 1.67%. ^[9] Market breadth was heavily skewed to the downside: 164 index constituents finished in the red, just 32 managed gains and 4 were unchanged, according to closing data summarised by the ABC and MarketIndex. ^[10]

Intraday, the sell‑off was even more brutal. Futures and early cash trading saw the ASX drop as much as about 2% to near 8,383 points, a six‑month low, as local investors reacted to a sharp reversal on Wall Street. ^[11]

Volatility is clearly back on the radar: the S&P/ASX 200 VIX index jumped over 20% to a six‑month high, signalling a surge in demand for downside protection. ^[12]

From a bigger‑picture perspective:

The benchmark is now on track for its fourth consecutive weekly decline, with the ASX 200 down roughly 2.2–2.6% for the week depending on the benchmark used. ^[13]
Since the record high around 9,115 in October, the index has slipped about 7–8%, putting it firmly into “air pocket” territory rather than a full‑blown bear market. ^[14]
November’s losses, sitting near 5% month‑to‑date, have the market on course for its worst month since September 2022. ^[15]

What triggered today’s ASX sell‑off?

1. Wall Street’s Nvidia whiplash and tech jitters

Overnight, US markets endured one of their wildest sessions since April’s “Liberation Day” tariff shock, as a promising early rally in chip giant Nvidia collapsed into a broad tech rout. ^[16]

Nvidia’s blockbuster earnings initially cheered investors, but that optimism faded as traders refocused on stretched AI valuations and bubble concerns. The VIX “fear index” leapt about 12% to around 26, and more than US$2 trillion in market value was wiped off Wall Street in a matter of hours, according to ABC analysis. ^[17]

Australian equities were always likely to follow that lead. Local traders woke up to:

A sharply lower S&P 500 and Nasdaq, both down more than 1.5%. ^[18]
Asian peers under pressure as investors reassessed their appetite for high‑growth tech.

The ASX’s own tech names and growth proxies took an early hit as risk was de‑rated across the board. ^[19]

2. Strong US jobs data and fading rate‑cut hopes

Compounding the tech shock was a stronger‑than‑expected US non‑farm payrolls report, which showed job gains well above economists’ estimates alongside an uptick in unemployment to about 4.4%. ^[20]

For markets, that mix is tricky:

The data reduces the odds of another near‑term US Federal Reserve rate cut, and futures pricing now sees less than a 40% chance of a third cut this year. ^[21]
Higher‑for‑longer global rates pressure valuations for growth and rate‑sensitive stocks, including tech, small caps and leveraged plays.

News.com.au and other outlets noted that the same theme is playing out locally: expectations for further Reserve Bank of Australia cuts have been dialled back, raising concerns that richly valued parts of the ASX may have run too far. ^[22]

3. Commodity wobble and China demand worries

The selling pressure on materials and energy reflected fresh doubts about commodity demand, particularly from China, alongside softer pricing in key markets:

Gold pulled back to just above US$4,050/oz, having recently tested record levels. ^[23]
Iron ore held around US$104/t but with a cautious tone on Chinese industrial data. ^[24]
Brent crude eased to the low US$60s/barrel on inventory builds and supply concerns. ^[25]

With the ASX heavily skewed towards resources, even modest moves in these markets reverberated sharply through local equities.

Sector performance: miners, energy and real estate bear the brunt

Materials: heavy selling in miners and gold stocks

The materials sector was the epicentre of today’s pain, ending the session down nearly 4%, according to MarketIndex’s sector data. ^[26]

Key themes:

The resources sub‑index fell about 3–4%, in line with weaker iron ore and base metals. ^[27]
BHP, Rio Tinto and Fortescue Metals Group all lost around 3–3.5%, dragging the broader index lower. ^[28]
Gold miners, including Northern Star Resources and Evolution Mining, declined roughly 3.5–4%, tracking the move in bullion prices. ^[29]

For investors, the message was clear: when commodities and global sentiment weaken together, the ASX’s resource exposure becomes a double‑edged sword.

Energy and real estate: rate‑sensitive sectors hit

The energy sector slid just over 3%, with names such as Woodside and Santos under pressure as oil prices retreated and traders reassessed global growth expectations. ^[30]

Property stocks also suffered:

The A‑REIT/real estate index dropped close to 2%, reflecting higher discount rates and lingering concerns about office and retail fundamentals. ^[31]

Higher‑for‑longer rate narratives hit both sectors: energy via demand expectations and real estate via funding costs and asset valuations.

Financials: pressure on “over‑valued” banks

Financials did not escape. The banking and broader financials indices fell around 0.7–1.3%, with the big four banks each down between about 1.2% and 2.2%. ^[32]

Reuters noted that the financials sub‑index is set for a second consecutive weekly decline, with investors rotating away from what many perceive as premium‑priced bank stocks facing margin pressure and modest growth. ^[33]

News.com.au added that by mid‑November, financials were already down nearly 8% for the month, their worst performance stretch since mid‑2022. ^[34]

Technology and growth: caught in the global downdraft

Local information technology stocks mirrored the Nasdaq’s reversal, with the sector closing down just over 1%, having been weaker earlier in the day. ^[35]

Reuters reported intraday declines for WiseTech Global and Xero, while later closing data from MarketIndex and other market commentary suggested select tech names, including WiseTech, managed to claw back losses and even finish higher after reaffirming guidance at its AGM despite a protest vote on executive pay. ^[36]

The overall message: tech remained under pressure, but stock‑specific stories still mattered.

Defensives: only consumer staples hold the line

In stark contrast, consumer staples edged up about 0.04%, the only major sector to finish in positive territory, while healthcare was roughly flat on the day. ^[37]

Gains in defensive names, including select supermarket and healthcare stocks, helped cushion the broader decline, underscoring the rotation into earnings‑stable sectors when volatility spikes.

Biggest individual movers on 21 November 2025

Lovisa, lithium and “risk-on” names tumble

Among individual names, the standout laggard was Lovisa Holdings, which slumped about 13.8%, making it one of the worst performers on the ASX 200. ^[38]

The move capped a dramatic session:

A morning trading update showed early FY26 sales up more than 26% year‑on‑year, with solid like‑for‑like growth and ongoing store expansion. ^[39]
Initial reaction was positive, with some commentary highlighting the resilience of discretionary retail in select niches. ^[40]
However, concerns over valuation and a “first strike” against the remuneration report at the AGM shifted the tone, and by the close Lovisa had been aggressively sold off. ^[41]

Other heavy fallers included:

Iluka Resources, down roughly 11.5%, amid broad selling in resources and ongoing volatility in mineral sands and battery‑materials plays. ^[42]
A cluster of lithium and critical‑minerals stocks — including Core Lithium, Meteoric Resources, Ioneer and Vulcan Energy — each sliding more than 11–13%. ^[43]
DroneShield, which ABC’s live blog highlighted as falling nearly 12% amid profit‑taking after a strong prior run. ^[44]

The pattern was consistent: high‑beta, richly valued and narrative‑driven names bore the brunt of the risk‑off shift.

Winners: GQG, Catapult and a handful of defensives

Despite the sea of red, there were pockets of strength:

GQG Partners climbed around 5%, topping the ASX 200 leaderboard as investors sought fund managers with strong recent inflows and global diversification. ^[45]
Catapult Sports gained roughly 4%, continuing a recent rebound after a period of consolidation. ^[46]
Regis Healthcare added about 2.6%, reflecting the appeal of healthcare and aged‑care revenue streams in a choppy macro environment. ^[47]

In the smaller‑cap space, Sharecafe’s “Hot Stocks” column pointed to Infini Resources, Red Mountain Mining and OMG Group as notable news‑driven movers, even as the broader market remained under pressure. ^[48]

Week in review: ASX volatility returns

Today’s slide capped a whipsaw week for Australian equities:

Tuesday saw a near‑2% plunge, one of the biggest single‑day falls of the year, as more than A$60 billion was wiped from the market amid concerns that US interest rates could stay higher for longer. ^[49]
Thursday delivered a 1.2% rebound, powered by Nvidia‑related optimism and a short‑covering rally in tech and lithium. ^[50]
Friday’s sell‑off essentially erased Thursday’s gains, leaving the ASX 200 down about 2.6% for the week and extending its run of weekly losses to four. ^[51]

Commentary from ABC and MarketIndex emphasised that “buying the dip has become a dangerous sport”, with investors increasingly wary that stretched valuations in tech, miners and parts of the financial sector could unwind quickly when macro data disappoints. ^[52]

Outlook: what investors will be watching next

Heading into the final stretch of November and the start of the holiday season, traders and longer‑term investors alike will be focused on a handful of key catalysts:

Central bank signals
- Updated commentary from the US Federal Reserve and the RBA on the path of rates and inflation.
- The market is increasingly pricing a slower, more cautious cutting cycle, which raises the bar for richly valued equities. ^[53]
Incoming economic data
- Flash PMI readings in Australia and the US, due over the weekend and early next week, will provide a timely read on manufacturing and services momentum. ^[54]
- Any sign of softening growth or sticky inflation could sway expectations on earnings and valuations.
Commodity headlines and China updates
- For the ASX, iron ore, copper, lithium and gold prices remain critical.
- Chinese industrial production, construction data and policy support measures will be closely watched given their outsized impact on Australian miners. ^[55]
Corporate newsflow and AGM season
- Today’s moves in Lovisa, WiseTech, Mayne Pharma and others underline how AGMs, trading updates and governance votes can trigger large swings when markets are already nervous. ^[56]

For now, the Australian stock market today looks firmly in “correction‑risk” territory rather than outright panic: the sell‑off has been sharp but still sits within normal drawdown ranges after a powerful run‑up into October’s highs. However, with global volatility, AI bubble chatter and higher‑for‑longer rates all in play, traders are likely to stay cautious as they weigh the odds of a late‑year “Santa rally” against the risk of further downside. ^[57]

This article is for informational purposes only and does not constitute financial advice. Investors should consider their own objectives and consult a licensed adviser before making investment decisions.

I invested $100,000 in ASX ETFs… and got lucky #asx200 #investing