In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing, the benchmark index is down 1.4% to 6,970.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Bendigo and Adelaide Bank Ltd (ASX: BEN)
The Bendigo and Adelaide Bank share price is down 3% to $8.83. This follows news that the banking crisis has spread to Europe with Credit Suisse the latest bank rumoured to be fighting for survival. And while the Swiss central bank has assured Credit Suisse that it will provide extra liquidity if needed, it isn't painting a positive picture of the sector as a whole.
BHP Group Ltd (ASX: BHP)
The BHP share price is down 4% to $43.73. This follows a similarly large decline by the mining giant's shares on the NYSE during overnight trade. This has been driven by concerns over the state of the global economy and what this might mean for commodity demand and pricing.
IPH Ltd (ASX: IPH)
The IPH share price is down 12% to $7.37. Investors have been selling this intellectual property services company's shares after it was hit by a cyber-attack. IPH advised that it detected unauthorised access to a portion of its IT environment on 13 March. An investigation into the incident could take "some time to complete."
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 5% to $31.20. This has been driven by another pullback by oil prices overnight on global economic growth concerns. WTI crude oil futures fell more than 5% to settle at US$67.61 per barrel, whereas Brent crude oil fell 4% to settle at US$74.36 per barrel. WTI crude oil futures were at their lowest level since December 2021.
