The ASX has defied global market sentiment to close up again, despite ongoing shivers over Russia's invasion of Ukraine.
The ASX 200 opened down 0.5 per cent after Wall Street took on big losses.
However, it then recovered ground around lunchtime and eventually ended up 0.3 per cent to 7,117 points.
This was as GDP figures were released for Australia showing that it expanded by 3.4 per cent seasonally adjusted from September to December.
Winners included Polynovo and Santos, which ended up more than 6.5 per cent.
The ASX had been making gains in recent trading sessions after initial heavy losses as the Ukrainian conflict began.
However, it is still down 1.3 per cent in the last week and down more than 5 per cent on the same time last year.
The choppy Australian market conditions followed big hits to Wall Street overnight.
The Dow Jones dropped 1.8 per cent as Russian strikes targeted Kyiv.
The other two majors on Wall Street lost 1.6 per cent each.
Meanwhile, European markets dived.
The DAX and CAC both ended down 3.9 per cent, while the FTSE had lost 1.7 per cent.
"Markets are bracing for a drawn-out conflict and appear to be focusing more on the negative growth implications than inflation risks," ANZ notes this morning.
"Expectations of a 50bp rise in US federal funds this month have faded and investors are flocking to the safe haven of US Treasuries amid deteriorating liquidity."
IG trader Kyle Rodda said European equities were "swan diving" on the potential of hits to economic activity across the Continent.
"Right now, the fog of war is thick, and things could easily get worse before they get better," Rodda said.
"It’s really too hard to know.
Oil surges despite new supply
And oil is surging again.
The price of brent was up 7.8 per cent by 7:10am AEDT — that is $US105.58 ($145.54) a barrel.
"Global companies and countries are either disassociating themselves from Russian companies voluntarily, or being prevented from trading due to sanctions, including for oil which is putting stress on oil markets," NAB said in a morning note.
"Another factor adding to a tight crude market is OPEC itself producing below targeted levels for various reasons."
Bitcoin was choppy but still making a recovery after losses with the war in Ukraine. It had made a sharp gain early in the session and was now up to almost $US44,000 ($60,000).
By 7:00am AEDT, the local currency had slipped (-0.2 per cent) to 72.48 US cents.
Insurer set to take a hit over Queensland-NSW floods
Meanwhile, insurers are having to set aside cash to deal with a crisis closer to home than Ukraine.
The amount of claims being lodged by people caught out in the Queensland-NSW floods was already at 15,000 by Monday and that figure was expected to rise as the disaster continued.
Industry analysis by UBS expects this to be "a major reinsurance event".
It has not made changes to its forecasts for earnings for the major insurers for the second half of this financial year as it expects them to be covered by reinsurance.
However, it believes those losses will "erode" deductibles.
"We anticipate that renewing these arrangements will become more expensive and/or with less cover."
In other Australian news, a lithium miner has signed a deal to supply the commodity to US company Tesla.
Tesla is booming as it makes electric cars and home battery storage for the world, which require lithium as a major component.
Core Lithium says it's signed a binding agreement with Tesla to supply it with 110 kilotonnes over four years.
The ASX-listed company ended up 15 per cent.
