ASX plunges as spike in oil prices over Middle East crisis sparks global inflation fears
Selldown linked to disrupted oil supplies, the single biggest contributor to global inflation, which makes most goods and services more expensiveFollow our Australia news live blog for latest updatesGet our...
By Jonathan Barrett Business editor · The Guardian World
Selldown linked to disrupted oil supplies, the single biggest contributor to global inflation, which makes most goods and services more expensive Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Australian shares plunged on Monday, wiping about $13obn from the value of the ASX midway through the trading session, after a sharp rise in oil prices caused by the Middle East conflict sparked concerns of a breakout in global inflation. The benchmark S&P/ASX 200 was down 4% in lunchtime trading to dive below the 8,500 point mark, marking the single biggest one-day drop since the announcement of Donald Trump’s “liberation day” tariffs last year . Continue reading...