Australian Securities Exchange Weekly Wrap: ASX 200 Sheds A$130 Billion as Middle East War and Rate Risks Rattle Stocks
Australian stocks took a hard hit last week, with the S&P/ASX 200 tumbling 3.8% amid escalating concerns over the Middle East conflict. Investors saw around A$130 billion in value erased from the market. On Friday, the index sank another 1%, which wiped out close to half the gains made in February. The timing is critical, as the selloff comes up against a more hawkish domestic rates backdrop. Reserve Bank of Australia Governor Michele Bullock called March 17 a “live meeting,” just as new data revealed fourth-quarter GDP up 0.8% and annual growth at 2.6%—both quicker than anticipated.