FEAR & GREED | Business News Afternoon Report | ASX bounce fades
5 snips
Mar 24, 2026 Markets saw an early ASX surge that faded by close. A major gas exporter paused Barossa shipments, prompting national fuel response talks. Energy and mining stocks moved with oil swings while defense and banks reacted to easing tensions. Teachers staged strikes demanding big pay rises. A runway collision in New York left multiple people hospitalised.
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Market Bounce Reversed As Peace Hopes Unravelled
- ASX initially jumped on possible Middle East de-escalation then slipped as reports were disputed and regional escalation risk rose.
- Michael Thompson notes a 1.3% morning surge fading to a 0.2% close with oil swings and defense stocks tumbling nearly 7% making the day volatile.
Santos Shutdown Deepens Global Gas Tightness
- Santos' Barossa project shutdown cut Darwin LNG exports amid already tight global gas markets after Qatar's export loss.
- The $6 billion Barossa stoppage was for equipment replacement with no reopening date and Santos shares fell 2.6%.
Push For National Fuel Demand Protocols
- New South Wales urges national COVID-style demand management for fuel, recommending consistent rules like rationing or remote work if crisis worsens.
- Chris Minns told parliament NSW will push the Commonwealth for coordinated measures to avoid a patchwork of state responses.