Australian Market Significantly Lower on Geopolitical Concerns

MacroGeopolitics
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Summary · why it matters

The Australian stock market fell sharply on Friday, with the S&P/ASX 200 losing 71.60 points or 0.98 percent to 7,224.60, giving up gains from the prior two sessions. The decline followed negative cues from Wall Street, where the Dow tumbled 622 points, as traders reacted to geopolitical tensions over Russia and Ukraine and sinking crude oil prices. Among major miners, Rio Tinto lost more than 1 percent and Fortescue Metals declined over 2 percent, while the big four banks all fell, with National Australia Bank and Commonwealth Bank each losing more than 1 percent. Insurer QBE plunged more than 10 percent after its full-year profit and dividend missed estimates, while Megellan Financial soared over 16 percent on a swing to profit and a higher interim dividend. The Australian dollar traded at 0.719 U.S. dollars.

Impact on stocks 1

Critical Materials & Supply Chain▼ · 1 stocks
Rio Tinto PLC
RIO
▼ NegativeGeopoliticsrelevance

Geopolitical tensions over Russia and Ukraine weighed on the market, dragging down miners including Rio Tinto.

Off-coverage companies 4

Magellan Financial GroupPrivate▲ Positive
Capitalrelevance

Magellan Financial swung to profit and announced a higher interim dividend, driving shares up over 16%.

QBE Insurance GroupPrivate▼ Negative
Capitalrelevance

QBE's full-year profit and dividend missed estimates, causing shares to plunge more than 10%.

Commonwealth Bank of AustraliaPrivate▼ Negative
Geopoliticsrelevance

Geopolitical concerns led to broad market decline, with Commonwealth Bank losing more than 1%.

National Australia BankPrivate▼ Negative
Geopoliticsrelevance

Geopolitical concerns led to broad market decline, with National Australia Bank falling over 1%.

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