CommSec

Market Close: ASX sinks for 3rd straight week youtu.be/I6HhcpTJf24

Local shares have now fallen for three consecutive weeks, shedding more than 8% since hitting record highs on 26 February.

Aussie shares declined on Wednesday with the #ASX200 closing with a loss of 69pts or 0.8% to 8,428. Seven of 11 sector flashed red. Materials (-1.6%) was the weakest, followed by financials (-1.1%) while health care (+1.2%) outperformed.

[REPORT] Week Ahead: Investors eye Middle East conflict ahead of Australian inflation figures and dividend payments commsec.com.au/content/dam/EN… #ausecon

The #ASX200 index is edging lower by 6pts to 8,491pts after slumping -1.7% in the prior session and falling to a 4-month low. 9 of 11 sectors are improving, however a -2.5% drop in the materials sector is offsetting gains.

Morning Report: Markets fall after Iran war escalates youtu.be/Wr-69S-euNM

Looking Ahead: In Australia, dividend payments are in full swing, with Argo Investments, Sigma Healthcare, Australian United Investment, Diversified United Investment, Pro Medicus, Smartgroup, PWR, and L1 Group scheduled today. Latitude will also go ex-dividend.

Iron ore futures held up better than most commodities after China relaxed some buying restrictions on BHP's cargoes. Futures settled up 0.1% at US$105.64 a tonne.

The ASX is set to open modestly lower, with index futures -0.1%, after a volatile night in markets. Oil initially spiked to above US$119/bbl on escalating Iranian strikes, before the US said it would consider releasing more oil reserves, which sent oil back towards to US$108/bbl.

Market Close: ASX slumps to 4-month low youtu.be/yuIfdur8LF0

The Bank of England, European Central Bank and the Swiss National Bank all hold monetary policy meetings tonight. Market expectations are for all 3 to keep rates on hold.

Aussie jobs growth was above market expectations on Thursday, with employment lifting by close to 49k in Feb. The unemployment rate rose from 4.1% to 4.3% as the participation rate also rose. Highlights that the labour market remains quite tight.

Aussie shares sank on Thursday amid escalating Middle East tensions and stronger local jobs data, which lifted odds of a May rate hike. The #ASX200 fell 143pts, or 1.7%, to 8,498. Eight of 11 sectors declined, with miners (-4.9%) leading losses while energy (+5.1%) surged.

The Australian share market is slumping by 1.5%, following a similar decline on Wall Street overnight as tensions in the Middle East continue to escalate. Energy is the only sector climbing as oil prices surge towards US$110 per barrel. Miners are plunging most -3.4%.

Morning Report: ASX to tumble as oil surges youtu.be/MAt7gLXICrU

Overseas, and there are key interest rate decisions from the European Central Bank and the Bank of Japan. Both banks are expected to leave rates on hold.

Looking Ahead: In Australia, there are employment figures out today, with a forecast January gain of 17,800 jobs. There are also several ASX companies going ex-dividend today, including Spark New Zealand, a2 Milk, Yancoal, and Cochlear. #ausecon

The ASX is set to tumble at the open, with index futures down 1.8%. It follows a sea of red in sharemarkets overnight on a spike in oil prices and higher than expected producer prices in the US. The S&P500 slumped 1.4% while the Nasdaq fell 1.5% #ausecon