AU Evening Wrap: Australia Shares Tumble on Inflation, Middle East Worries

The benchmark index spent all Friday's session in the red, although it pared losses to finish roughly where it was before early reports of an Israeli missile strike on Iran. All 11 sectors finished lower, with the heavyweight financial and materials sectors losing 1.1% each.

Gold and oil prices have given back some big gains from around lunchtime as traders scour traditional and social media for information around the escalating conflict between Iran and Israel.

Gold is now fetching $US2389 an ounce and Brent Crude oil is at $US88.69 a barrel after reaching nearly $US91 a barrel on news of the strikes. Bonds are also being bought as a safe-haven as yields fall, with the US 10-year treasury yield down 9 basis points to 4.55 per cent.

The Australian Securities and Investments Commission sued Macquarie in April 2022, alleging the financial services giant was not screening transactions made by third parties such as financial advisers or stockbrokers on customers' cash management accounts for fraud.

Pilbara Minerals chief executive Dale Henderson says the lithium market looks "very positive" after a price rally over the past 60 days stoked hopes that a tough year for the sector might be over.