FEAR & GREED | Business News Afternoon Report | Oil jumps, ASX off 0.7pc
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Mar 30, 2026 Markets move as oil spikes above $115 and the ASX 200 slips about 0.7%. Energy and mining stocks rally while banks and tech feel the heat. A long manhunt ends in a fatal shootout. Political support shifts and the government halves the fuel excise for three months. Retail sees an AI boost as Macy’s reports much higher spending from chatbot users.
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Market Slide Tied To Middle East Oil Spike
- The ASX 200 plunged then recovered to close 0.7% lower, tracking an 8% monthly drop driven by Middle East tensions and oil surging above US$115 a barrel.
- Banks and tech led losses (Westpac -4%, CBA -3%, WiseTech down) while energy and miners rallied on higher oil, LNG resumption and aluminium gains.
Accused Cop Killer Found In Makeshift Hideout
- Desi Freeman was found hiding in a makeshift structure near the NSW border and was shot during a police operation that ended a seven-month manhunt.
- Officers said they tried to negotiate a peaceful surrender but Freeman, allegedly armed with a stolen police weapon, did not comply.
Labor Support Slumps As Government Cuts Fuel Excise
- Support for Anthony Albanese's Labor has fallen to a 31% primary vote, its lowest since the election, amid cost of living and rate concerns and Middle East fallout.
- The PM convened national cabinet and cut the fuel excise by 26.3c per litre for three months to address the fuel crisis.