index Update: The S&P/ASX 200 recorded its sharpest decline in seven weeks on Friday, tumbling 133.70 points or 1.51% to close at 8,744.40, with the benchmark slipping below its 200-day Moving Average amid broad-based market weakness. Ten of the eleven sectors finished lower, reflecting heightened investor caution as renewed tensions between the United States and Iran pushed oil prices higher and weakened expectations for a potential peace agreement. Despite the selloff, the index remains broadly flat over both the past five trading sessions and on a year-to-date basis. Telecommunications services was the only sector to finish higher, edging up 0.23% on the day and 0.08% over the past five sessions.

Macro Update: The latest UN Trade and Development’s Global Trade Update has highlighted how non-Tariff measures (NTMs) have become a larger barrier to global trade than tariffs for most countries. While tariffs rose sharply in 2025 — up 10% for developed economies and 18% for least developed countries — regulatory requirements, product standards, and compliance procedures now account for the majority of export costs. Developing nations continue facing a double burden of rising tariffs and complex market-entry rules, with least developed countries losing nearly 10% of exports to G20 markets due to compliance challenges. The report also noted that improving transparency and regulatory cooperation could significantly reduce trade costs and improve global market access.

Top Market Movers: Light & Wonder Inc. (ASX:LNW) led the gains, rising 11.67% to AUD 114.64, followed by IperionX Limited (ASX:IPX), which advanced 7.21% to AUD 5.65. Block, Inc. (ASX:XYZ) also moved higher, gaining 4.80% to AUD 103.06. On the losing side, Tabcorp Holdings Limited (ASX:TAH) recorded the sharpest decline, falling 14.21% to AUD 0.755. Silex Systems Limited (ASX:SLX) dropped 6.71% to AUD 5.84, while 4DMedical Limited (ASX:4DX) declined 5.59% to AUD 3.21.

Commodity Update: The U.S. dollar index traded higher as hopes around a U.S.-Iran ceasefire remained uncertain, while tensions continued near the Strait of Hormuz. Gold prices rose 0.31% to USD 4,725.40, silver gained 0.12% to USD 80.28, while copper slipped 0.403% to USD 13,343.20. Brent Crude oil surged 2.10% to USD 103.37 per barrel after reports of fresh exchanges of fire between U.S. and Iranian forces. The renewed conflict raised concerns over Supply disruptions through the Strait of Hormuz, a critical global oil and gas shipping route.

Our Stance: The Australian market closed sharply lower, with the S&P/ASX 200 posting its steepest weekly decline in seven weeks as escalating geopolitical tensions between the United States and Iran weakened investor sentiment and pushed oil prices higher. Broad-based sectoral weakness reflected rising concerns over global economic stability, while uncertainty surrounding the Strait of Hormuz added pressure to commodity and energy markets. Although gold prices advanced on safe-haven Demand, copper prices edged lower amid cautious trade sentiment. Additionally, growing non-tariff trade barriers continue to challenge global trade flows, particularly for developing economies, increasing concerns around supply chains, regulatory costs, and broader market accessibility. Markets may now remain increasingly sensitive to geopolitical headlines and energy market Volatility in the near term.

The S&P/ASX 200 declined by 133.77 points in the latest session, forming a bearish candlestick pattern that reflects renewed selling pressure and cautious market sentiment. From a technical perspective, the index continues to trade below its 50-period Simple Moving Average (SMA), which is acting as an important dynamic resistance level and limiting near-term upside momentum. Despite the recent weakness, the index is showing early signs of stabilisation around current levels, suggesting that buyers are attempting to defend key support zones. Immediate support is now positioned near 8,680.50, and maintaining levels above this area could help contain further downside pressure while preserving the broader short-term upward trend. However, a decisive breakdown below this support level may weaken the prevailing technical structure and increase the risk of a deeper corrective phase accompanied by heightened near-term volatility.