FEAR & GREED | Business News Afternoon Report | ASX falls 0.7pc
Mar 23, 2026
Markets slip as ASX drops 0.7% and sector movers shift. Qantas offers reassurance on fuel and fare impacts after supply disruptions. Pressure mounts for KMD to sell Rip Curl amid recapitalisation talks. High-profile legal action rocks the radio industry and drags share prices. ICE agents deployed to US airports to ease security line pressures.
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ASX Enters Deepening Downturn From Middle East Shock
- The ASX 200 slid 0.7% to 8,366 points and is over 9% down from its recent peak amid the Middle East conflict.
- The market briefly hit a >10% fall intraday, wiping about $300 billion in value and showing high intra-day volatility.
Energy Up While Gold Miners Suffer Volatility
- Energy stocks outperformed as Woodside, Santos and Ampol gained amid higher oil and gas prices driven by the Iran conflict.
- Gold miners were sold off after a sharp weekly drop, with Newmont down 7.5% as gold fell to about $4,375/oz.
Airlines Raise Fares Even As Qantas Reassures On Fuel
- Banks dragged the index with major lenders falling about 1–2%, while Qantas shares fell 2.3% despite management saying fuel supplies are secure.
- Airlines are raising fares (Qantas +5% international, Virgin +5% domestic) amid disrupted supply and higher costs.