ASX 200 posts biggest loss in a week; Magellan surges on first-half profit

ASX posts biggest fall in a week as investors sell utilities and health stocks. Magellan surges on profit beat, QBE dives on poor result, Origin slides on downgrade and Latitude buys Humm's BNPL.

The market is expected to remain volatile amid fears of an imminent war between Ukraine and Russia. Picture: Dan Himbrechts / AAP Image

Welcome to the Trading Day blog for Friday, February 18. The ASX fell on broad losses led by utilities and health, but ends the week up 1.4 per cent. It comes as Magellan soars on strong  profit beat and Latitude reaches deal to Humm's buy now, pay later business.

The benchmark S&P/ASX 200 index fell 1 per cent lower to 7221.7, while the All Ordinaries dropped 72 points to 7502.8.

The Dow Jones Industrial Average closed down 1.8 per cent, the S&P 500 dropped 2 per cent and tech-heavy Nasdaq slipped 2.9 per cent.

US bonds rose, sending the 10-year yield below 2 per cent, and gold climbed towards $US1,900 an ounce overnight as investors sought safe-haven assets.

Iron ore tumbled 6.9 per cent to $130.65 a tonne as China asked commodity trading firms to draw down on inventories, while US Nymex crude price fell 2.2 per cent to $US91.56 a barrel as US talks of a nuclear deal with Iran edged towards a resolution.