ASX Plunges $90bn as Oil Surge Sparks Global Market Panic
Financial markets across Asia and the Pacific were thrown into turmoil as a dramatic surge in oil prices, fueled by escalating conflict in the Middle East, triggered a massive sell-off. The Australian Securities Exchange (ASX) bore the brunt of the sell-off, plunging almost 3% and shedding approximately $90 billion in value in its worst single-day performance in a year. The benchmark S&P/ASX200 index fell to 8,576 points, erasing its gains for the year as banks and miners were particularly hard hit. The panic spread through Asian markets, stoked by fears that the oil price spike would reignite global inflation and force central banks to keep interest rates higher for longer, with the Australian 10-year bond yield rising above 5%. The immediate catalyst for the market chaos was a more than 25% surge in crude oil prices, which pushed Brent crude above $115 a barrel, a four-year high. Reports indicate the spike is a direct consequence of the Middle East crisis, with markets bracing for a prolonged US military engagement against Iran, which has restricted global oil flows. The sharp increase has placed a significant share of global crude supplies at risk, creating widespread uncertainty. In response to the crisis, finance ministers from the G7 nations are scheduled to hold an emergency meeting to discuss a coordinated response. According to multiple reports, the central item on the agenda is a plan, coordinated through the International Energy Agency (IEA), to jointly release strategic petroleum reserves. This move is aimed at stabilizing the oil market and calming inflationary fears that are, as one report noted, 'stalking markets' worldwide.
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Sources
Markets live updates: ASX in a $100+ billion plunge as oil surges past $115/barrel - ABC News
The Kyodo News Agency on Friday reported Japan was considering a release with — or without — other countries. It now seems we may see a more coordinated approach. The Financial Times is reporting finance ministers from the Group of Seven (G7) will discuss a joint release from emergency ...
Finance ministers of G7 nations to hold emergency talks on releasing oil reserves | Middle East Eye
Finance ministers from the G7 nations will hold an emergency meeting to discuss releasing strategic oil reserves as global crude prices surge, the Financial Times reported, citing sources.
British media: The G7 will hold an emergency meeting today to discuss coordinating the release of strategic petroleum reserves to stabilize oil prices. | PANews
PANews reported on March 9th, citing the Financial Times, that G7 finance ministers will hold an emergency meeting on Monday to discuss the possibility of jointly releasing emergency oil reserves under the coordination of the International Energy Agency (IEA).
G7, IEA reportedly considering joint release of emergency Oil reserves | FXStreet
As a significant share of global crude flows at risk, the International Energy Agency (IEA) is reportedly discussing a coordinated release of emergency oil reserves among member countries to stabilize markets.
ASX closes after $90bn wiped from sharemarket amid spike in oil prices over Middle East crisis | Business | The Guardian
Get our breaking news email, free app or daily news podcast ... Australian shares plunged on Monday, wiping about $90bn from the value of the ASX, after a sharp rise in oil prices caused by the Middle East conflict sparked concerns of a breakout in global inflation.
Australia news live: family members of alleged Bondi attacker seek suppression order over their names and address amid safety fears | Australia news | The Guardian
The Australian share market has plunged 3% this morning, wiping nearly $90bn from the value of the country’s biggest companies. The benchmark S&P/ASX200 fell to 8,576.2 points in early trading, after closing at 8,851 last week. Markets have started to expect the US will continue its war on Iran, which has restricted oil ...
ASX sheds $90 billion as oil's 25pc surge crushes Asian markets, banks and miners hard hit, global interest rates rise on inflation fears — as it happened - ABC News
The All Ordinaries has shed 2.9pc, or about $90 billion in value, as global markets crumble and oil prices surge 25pc above $US110/barrel and global interest rates start to climb on inflation fears.
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