ASX closes 1.8% lower to its largest one-day drop since March the previous year

By Peter Milios | More Articles by Peter Milios

Australian shares experienced significant losses on Tuesday, following a decline on Wall Street fueled by strong US retail sales data, dampening expectations of interest rate cuts by the Federal Reserve and the Reserve Bank. The benchmark S&P/ASX 200 index closed 1.8 percent lower, with notable declines in consumer stocks, utilities, and mining sectors, marking the largest one-day drop since March the previous year. Heightened geopolitical tensions, coupled with concerns over rising US inflation and Middle East conflicts, contributed to investor unease, driving a sell-off in equities despite better-than-expected economic data from China.


The Dow Jones futures are pointing to a fall of 63 points.

The S&P 500 futures are pointing to a fall of 7.75 points.

The Nasdaq futures are pointing to a fall of 19.50 points.

The SPI futures are down 142 points.

Best and worst performers

The best-performing sector was Communication Services, down 1.03 per cent. The worst-performing sector was Consumer Discretionary, down 2.39 per cent.

The best-performing large cap was Mercury NZ (ASX:MCY), closing 5.88 per cent higher at $6.30. It was followed by shares in Meridian Energy (ASX:MEZ) and Yancoal Australia (ASX:YAL).

The worst-performing large cap was IGO (ASX:IGO), closing 5.73 per cent lower at $7.24. It was followed by shares in South32 (ASX:S32) and Pro Medicus (ASX:PME).

Asian markets

Japan's Nikkei has lost 1.94 per cent.

Hong Kong's Hang Seng has lost 1.89 per cent.

China's Shanghai Composite has lost 0.90 per cent.

Commodities and the dollar

Gold is trading at US$2,403.60 an ounce.

Iron ore is 0.9 per cent higher at US$113.05 a tonne.

Light crude is trading $0.50 higher at US$85.91 a barrel.

One Australian dollar is buying 64.15 US cents.

About Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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