The Economic Times·2026-03-19 07:19Geopolitical Risks and Market Impact - Geopolitical risks have intensified following strikes on Gulf energy infrastructure, leading to fears of broader disruptions to global energy supply [1] - U.S. President Donald Trump warned of a forceful response if Iran continues its attacks, contributing to market volatility [1] Australian Stock Market Performance - The benchmark S&P/ASX 200 closed down 1.7% at 8,497.8 points, marking its lowest level in nearly four months [4] - The market experienced liquidation rather than rotation, contrasting with the previous year's performance [4] Sectoral Analysis - Energy stocks in Australia rose 5.1% to a two-year high as oil prices surged, with Woodside increasing by 7.2% and Santos by 3.2% [4] - Miners dropped 5% to their lowest level since late December, impacted by softer commodity prices, with BHP and Rio Tinto each falling more than 3% [4] - Gold stocks declined 9.2%, reaching their lowest level in over four months as bullion prices eased [3][4] - Financials slipped 0.5%, with three of the "Big Four" banks losing between 0.3% and 1.3%, while Commonwealth Bank of Australia rose 0.2% [4] New Zealand Market Performance - New Zealand's S&P/NZX 50 fell 2% to 13,051.61, its lowest in a month, following softer-than-expected fourth-quarter GDP growth [4] - Companies such as Spark New Zealand, Gentrack Group, and KMD Brands led declines, each falling between 4.4% and 5.3% [4]