ASX 200 ends lower as US futures fall; Magellan shares drop on Douglass exit

ASX 200 slips after early rises as US futures slide. Block ends market leader, Magellan drops amid Douglass exit, petrol prices hit fresh high and Qube lifts on $400m buyback.

ASX futures pointed to a positive start for the week but trading is expected to remain volatile as the war in Ukraine continues. Picture: Ryan Pierse/Getty Images

Welcome to the Trading Day blog for Wednesday, March 21. The Australian share market ends lower as US futures tumble on the back of surging oil prices. Hamish Douglass exits Magellan board and Fonterra withdraws from the Russian market.

The benchmark S&P/ASX 200 index closed down by 0.2 per cent or 15.9 points to 7278.5, while the All Ordinaries fell 12.3 points to 7558.9.

Wall Street finished higher on Friday, taking heart from talks between the US and China where both countries stressed the need for a diplomatic solution to end the War in Ukraine.

The Dow Jones Industrial Average gained 0.8 per cent, the S&P 500 added 1.2 per cent and tech-heavy Nasdaq increased 2.1 per cent. In Europe, major benchmarks edged higher while Asian markets also gained.

The US Nymex crude price was trading 2.7 per cent higher at $US107.47 a barrel.

Singapore iron ore futures fell 2 per cent to $US150.40 a tonne.