06.03.202600:17:19UTC+00Aussie Stocks Set for Biggest Weekly Loss in a Year

The S&P/ASX 200 fell 1.2% to below 8,840 in early Friday trade, heading toward a one-month low and a weekly loss of nearly 4%—its steepest decline in a year. The slide reflected a broader global risk-off mood as the Middle East conflict entered its sixth day, stoking supply concerns and driving oil prices higher. Sentiment was further dampened by renewed uncertainty over global trade policy, following fresh legal challenges to the tariff program introduced under President Trump.

Losses were led by heavyweight sectors, notably banking, mining, and gold. The four major lenders all traded lower, with NAB down more than 1%. Mining giants BHP and Rio Tinto each dropped over 4%, pressured by China’s expanded restrictions on BHP’s iron ore purchases amid a protracted contract dispute, which has weighed on sales and contributed to rising port stockpiles. Among gold producers, Northern Star slipped about 5%, while Newmont and Evolution Mining declined 2% and 4%, respectively. In contrast, energy companies and technology stocks outperformed the broader market.