ASX takes $60 billion hit as as inflation surges, Omicron hits business confidence
ABCThe Australian share market has plunged to a new eight-month low in the wake of inflation jumping more than forecast over the last few months of 2021, raising the prospect of sooner-than-expected interest rate rises. Key points: The Dow Jones index rose 0.3pc to 34,365, the S&P 500 rose 0.3pc to 4,410, and the Nasdaq Composite rose 0.6pc to 13,855 The FTSE 100 index fell 2.6pc to 7,297, the DAX in Germany lost 3.8pc to 15,011, and the CAC 40 in Paris fell 4pc to 6,788 The All Ordinaries fell 2.6 per cent to 7,248, while the ASX 200 index lost 2.5 per cent to 6,962 The market opened lower, despite a late rally on Wall Street following a night of wild swings that saw the Nasdaq fall nearly 5 per cent at one point. At its low point, the local market fell 3 per cent as US futures fell, indicating there would be a drop on Wall Street overnight as the Federal Reserve commenced a two-day meeting. The ASX 200 index lost 2.5 per cent to 6,962, falling below the key 7,000-point level for the first time since May 2021. At one point during the session, the Dow Jones index fell 1,000 points, while the Nasdaq lost nearly 5 per cent of its value.
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As it happened: ASX up 0.8pc with solid gains across the board to finish just shy of a record close
ABC
