The ASX 200 fell 115 points to 8629 (1.3%) as oil prices spiked higher on tankers hit in the Gulf. Another $50bn in value knocked off the ASX 200. Broad based losses with the banks falling, ANZ leading the big four down off 2.5% with the Big Bank Basket down to $295.56 (-1.2%). MQG dipped 2.7% as financials falling across the sector. SOL down 1.1% with NWL off 5.5% and CGF down 2.8%. Industrials sagged, WES off another 0.7%, retail falling on potential rate rises next week. JBH down 0.5% and LOV crashing 7.0%. MYR also under pressure, down 10.6% and NCK down 4.6%. Travel stocks fell again, FLT down 2.8%. Tech resumed the position of weakness, WTC down 2.6% and XRO off 4.2%. NXT fell 2.3% and 360 dropped 4.8%. REITs eased back, GMG down 3.3% and healthcare under pressure, RMD down again, off 3.1%. CSL falling 1.1%.

In resources, BHP fell 1.9% and RIO off 1.4%. Gold miners eased back, EVN down 1.3% and GMD falling 2.1%. Lithium eased, PLS off 2.5% and profit taking in rare earths after a strong run yesterday. AAI was a winner on higher aluminium prices, up 4.4%. Oil and gas stocks better, STO up 1.5% and WDS gaining 2.1% with uranium stocks slipping and coal stocks firming, YAL up 10.5% and WHC rallying 6.7%.

In corporate news, ALX fell after toll news in the US. LTR fell 0.6% after reporting a loss of $184m. CKF delivered with a 5.2% rise on German store openings.

On the economic front, everyone seems to be in lockstep now on a rate rise next week. Household spending has fallen for the first time since September 2024

10-year yields push to 4.95%.

Asian market weaker on oil prices, Japan down 1.5%, HK down 1.4% and China down 1.1%. Korea KOSPI down 1.3%

US Futures: DJ down 502, Nasdaq off 210.

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