Sydney, March 2, 2026, 16:59 AEDT — Market closed.
- Commonwealth Bank shares finished the day 0.65% lower at A$173.49, having dipped to A$169.24 earlier.
- Oil’s jump on Middle East jitters left banks trailing, while investors picked up shares in energy and gold.
- Australia’s GDP lands March 4. The next RBA decision comes out March 17.
Commonwealth Bank of Australia (ASX:CBA) closed down 0.65% at A$173.49 on Monday after dipping as low as A$169.24 during the session, according to data. The shares managed to recover some ground by the end.
The retreat followed a jolt in oil markets tied to Middle East tensions, which reignited inflation fears and weighed on bank shares sensitive to interest rates. Brent crude gained roughly 6%, hovering near $77 a barrel after briefly topping $82. “Unless de-escalation signals emerge swiftly, we expect a significant upward repricing of oil,” said Jorge Leon, head of geopolitical analysis at Rystad Energy. Reuters
Australian banks and financial stocks took a hit, but energy and gold shares moved higher, helping steady the market. “It remains to be seen how long this conflict will continue,” Betashares chief economist David Bassanese told ABC News. The pressure on financials tracked declines in U.S. bank shares late last week, as concerns about credit quality—borrowers’ ability to repay—rattled investors. ABC News
The S&P/ASX 200 inched up just 0.03% by the close, notching another record high as energy, gold, and resource stocks paced the gains, according to Investing.com.
CBA’s losses were steeper in the morning. By 11:01 a.m., the S&P/ASX 200 financials index had slumped as much as 3.1%. CBA was trading down 2.33% at A$170.55. National Australia Bank had fallen 3.40%, Westpac slipped 2.84%, while ANZ was off 2.58%, according to MarketIndex data.
Oil traders watched shipping traffic through the Strait of Hormuz—a route that handles over a fifth of the world’s oil—with growing concern. “The key factor here is the closing of the Strait of Hormuz,” said Ajay Parmar, director of energy and refining at ICIS. Reuters
If things cool off quickly, oil might lose its support and banks—counting on rates holding steady—could see cash flow back their way. But if the disruption drags out, it’s a different story: pricier fuel and tougher financial conditions could push up bad loans and dampen credit growth.
CBA shareholders are watching for their next payout, with the interim dividend of A$2.35 per share, fully franked, scheduled for March 30. That’s the bank’s flagged amount, complete with full Australian tax credits.
The more immediate focus is economic data: December-quarter national accounts, with GDP figures, hit on Wednesday, March 4, at 11:30 a.m. AEDT. Soft numbers might stoke fresh rate-cut chatter. A stronger read, though, puts borrowers back under the gun.
The Reserve Bank of Australia is set to announce its next policy decision on March 17, following a two-day meeting. Traders will be watching for the decision statement, due at 2:30 p.m. AEDT.
The market’s closed, so attention shifts—crude prices on one screen, GDP prints on the other. For CBA, traders are watching Wednesday’s data first, with the March 17 RBA decision lurking not far behind.
