FEAR & GREED | Business News Afternoon Report | ASX defies Wall St tumble
Mar 27, 2026
Markets news: the ASX holds up even after Wall Street slipped. Political clash as the prime minister rebuts criticism over military support. Severe cyclone forces LNG plant shutdowns and raises global gas concerns. Big bank updates lift inflation forecasts and tweak growth outlooks. Treasury plans to add a former president’s signature to US currency.
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ASX Holds Up As Energy And Mining Offset Tech Slide
- The ASX showed resilience despite a sharp Wall Street selloff led by tech, closing only 0.1% lower and up 1% for the week.
- Energy and mining stocks (Santos, Ampol, BHP, Rio Tinto) and Treasury Wine Estates outperformed while tech names like Next DC plunged nearly 8%.
Wall Street Slide Fueled By Oil Spike And Geopolitical Noise
- US markets plunged with the S&P 500 down 1.7% and Nasdaq off 2.4% after mixed comments from President Trump and a jump in Brent crude to $108 a barrel.
- Trump then extended a 10-day deadline for a deal with Iran, briefly easing immediate market panic.
Albanese Pushes Back On Trump Over Middle East Support
- Prime Minister Anthony Albanese rejected Donald Trump’s criticism that Australia wasn't helping secure the Strait of Hormuz, highlighting surveillance deployments and defensive support to Gulf states.
- Albanese noted Australia wasn't consulted before the US joined Israel's military action in Iran, framing Canberra's response as constructive but limited.