Australian stocks tumble toward technical correction. The S&P/ASX 200 index fell as much as 2% on Monday, bringing losses from its March peak to 10% as Middle East tensions escalate. Geopolitical anxiety over Iran-U.S. conflict is pressuring commodity markets, with copper and gold declining on growth slowdown fears. Australia's materials sector, representing 23% of the benchmark, faces particular headwinds as mining giants BHP and Rio Tinto see reduced demand. Banks also declined significantly. Energy stocks emerged as rare gainers, up over 30% this year on elevated crude prices. Analysts note there is currently no safe haven within the broader market as regional peers decline alongside Australian equities amid unresolved Middle East conflict.
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