ASX caught in worst weekly sell off since April 2025 on war worries | The Business

On Friday, investor nerves returned after a one-day reprieve and the Australian share market saw heavy selling. For the week, the ASX 200 lost 3.8 per cent. The mining sector was the hardest hit. It was the worst week for the local market since April 2025, when Donald Trump launched his Liberation Day tariffs. In a matter of days, the Middle East conflict has changed the game for investors who now have inflation fears on their minds, with surging oil prices fanning those. Brent Crude has risen 18 per cent since the war began, even amid talk of potential US intervention in futures markets to stem price rises. Investors are concerned about the prospect of a long drawn-out war and what that means for inflation and economic growth. Clive Maguchu, a senior strategist at State Street Investment Management, told Alicia Barry the drawdown on the market has been more shallow than comparable events. “We haven’t seen the levels of panic that you’d associate with a large sell-off yet.” But he says investors are coming to terms with the fact that the conflict won’t be over soon.
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