ASX 200 Faces Eight-Day Falling Stream, Wiping $106B From Portfolios
Synopsis
Australian shares have recorded their longest losing streak since 2018, with the ASX 200 falling for eight consecutive days as of April 30, 2026. The slump has erased $106 billion in value, driven by surging oil prices and fears of an imminent interest rate hike. Major banks and retailers have seen significant losses, while tech stocks provided a rare bright spot following strong U.S. earnings. With oil at US126 per barrel and a 77% chance of an RBA hike next week, analysts warn that the Australian market faces a prolonged period of instability amid the ongoing Middle East conflict.
Australian shares fell for an eighth consecutive day, hitting their longest losing streak in eight years. The slump has wiped $106 billion in value off companies hit by record oil prices and a probable interest rate rise.
Key Highlights
- ASX 200 closed lower for the eighth day in a row, the longest slump since 2018.
- In total, $106 billion has been erased from local investment portfolios.
- The big banks suffered severe losses with Westpac shedding 3.8% and Commonwealth Bank losing 3.6%.
- Consumer staples were also struggling, with the huge supermarket giant Woolworths down 8.3%.
Record-breaking losses hit ASX
Over the course of eight days, the ASX 200 slipped 3.2% on Thursday, April 30, 2026, to end a rout that wiped $106 billion from local investment portfolios. It's the first time the Australian share market has fallen for this many days in a row since 2018. At the national level, major companies fell sharply, with Commonwealth Bank falling 3.6%, Westpac and 3.8% and ANZ losing face by 3.4%.
It was also a big slump for retail and mining giants, with Woolworths tumbling 8.3% and Newmont Corporation collapsing 5.9%, resulting in just a handful of technology companies like WiseTech and NextDC ending the last day of the rout modestly higher.
Market crash due to oil prices and political tension
The main driver for the huge sell-off is a surge in oil pricing, which reached over US$126 a barrel on Thursday. Many investors are worried about the Middle East naval blockade and news that President Donald Trump is looking at more military options against Iran.
This has exerted a ‘double squeeze’ on the Australian economy, and fuel costs are making everything more expensive for Aussies. All of that has led to worse performance on the ASX.
Analysts warn of more pain and higher interest rates
The picture could also be worsening, market experts warn, after all, there’s no assurance the international standoff brought on by the ongoing Ukraine war will eventually end. Josh Gilbert, an analyst at eToro, said there is a 77% chance that the Reserve Bank of Australia will increase interest rates next week “due to oil remaining high with no negotiations from either side.” The ASX lags the Nasdaq, which gained 1.1% for the same period. Experts have warned that Australia’s shares will have a hard time reaching the floor until the Middle East conflict stops.
FAQs
- Which Australian companies lost the most on ASX?
The hardest hit was Woolworths falling 8.3% while big banks Westpac and Commonwealth Bank each lost more than 3.5%.
- Are U.S. Stocks also falling?
No. Although Australia lost ground for an eighth day, the U.S. S&P 500 and Nasdaq saw only modest gains or were essentially flat.
- How likely is a rate increase?
Market pricing currently puts the chances of a rise from the Reserve Bank next week at 77%.
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