Sydney, March 4, 2026, 04:45 AEDT — Premarket
- SPI 200 futures were weaker ahead of the Sydney open after Tuesday’s sharp ASX 200 drop.
- Miners led the sell-off as oil-driven inflation fears returned; energy shares held up better.
- Traders are bracing for Australia’s quarterly GDP data later on Wednesday.
Australian shares were set for a softer start on Wednesday, with SPI 200 futures — the main contract used to hedge the benchmark — trading around 8,907 points. 1
The S&P/ASX 200 fell 123 points, or 1.34%, to 9,077.30 in the previous session, dragged down by heavyweight names and a broader risk-off mood. Life360 and Pro Medicus were among the worst performers, down 16.26% and 8.77%, respectively. 2
The slide matters because the market is now dealing with a familiar mix: higher energy costs, tighter-rate anxiety and geopolitics. With local results season fading from view, it does not take much to knock risk appetite around.
Miners took the brunt on Tuesday, with the sector down 3.1% while gold stocks slid 3%, Reuters reported. “With reporting season out the way, the market is focused on Middle East tensions,” said Craig Sidney, a senior investment adviser at Shaw and Partners. 3
Reserve Bank of Australia Governor Michele Bullock, speaking in Sydney, warned that geopolitical shocks could shift the inflation outlook quickly and said the central bank needed to stay flexible. The cash rate sits at 3.85% after a February quarter-point hike, and Bullock said policy was “well positioned” to respond if needed. 4
The global tone was hardly steady. In U.S. trade on Tuesday, the S&P 500 was down about 1.6% by late morning as investors weighed higher oil prices and the risk of more inflation, after Tehran threatened vessels transiting the Strait of Hormuz. “The main concern is (oil prices) goes to over $100 a barrel,” said Robert Pavlik, a senior portfolio manager at Dakota Wealth. 5
Stock-specific moves also cut across the gloom. Magellan Financial Group shares closed 21.9% higher after the fund manager moved to take full control of investment bank Barrenjoey in a deal worth A$1.62 billion, the company’s biggest jump in nearly two decades. “The combined entity has the depth and strength to develop as a genuine investment bank,” said Romano Sala Tenna, a portfolio manager at Katana Asset Management. 6
Still, the day could turn on a few numbers and a few headlines. A weaker-than-expected GDP print would revive talk that growth is bending, while a hot reading would keep rate nerves alive — and either way oil prices remain the wild card.
The next concrete test comes at 11:30 a.m. AEDT, when the Australian Bureau of Statistics releases the national accounts, including December-quarter gross domestic product. 7
