ASX Falls as RBA Raises Rates, Oil Prices Jump on Flare-up in Iran War
Energy stocks rose as Brent crude surged 5.8% after the United Arab Emirates said it was attacked, while the ASX fell 0.4% on rate-hike concerns.
- The Reserve Bank of Australia raised interest rates to 4.35% on Tuesday, its third hike this year, as the ASX 200 closed down 0.2% amid escalating Middle East tensions.
- Brent crude surged 5.8% to $US114.44 per barrel after the United Arab Emirates reported an attack by Iran, undermining the ceasefire established in early April.
- ABS data released last week showed headline inflation accelerated to 4.6% in March, up from 3.7%, forcing the RBA to navigate a "lesser-of-two-evils" choice between recession or inflation.
- The federal government is considering an "earned income offset" of between $200 and $300 for tax-paying Australians in next week's budget, though Shadow Treasurer Tim Wilson questioned potential Coalition support.
- Financial markets anticipate at least one more rate increase by October, though NAB chief executive Andrew Irvine warned the crisis impact could last three to six months depending on Middle East developments.
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RBA governor warns Australians to brace for inflation to get worse despite rate hikes — as it happened
The RBA delivers another rate rise while the local share market closes lower amid escalating tension in the Middle East. Look back on how the day unfolded with our specialist business reporters on our blog.
Sydney Morning Herald
ASX falls as RBA raises rates, oil prices jump on flare-up in Iran war
The sharemarket continued its losing streak as the RBA raised interest rates and oil prices jumped overnight following an escalation in the Middle East.
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Lunch Wrap: ASX braces for RBA hike, Regis and Vault to merge into $10bn gold giant
ASX dips as RBA rate call looms Oil jumps and Bitcoin climbs as Iran tensions flare Regis Resources and Vault Minerals to form $10bn gold giant By lunchtime on Tuesday in Sydney, the mood was already drifting south. The S&P/ASX 200 was down about 0.55%, slipping ahead of the RBA rates decision at 2:30pm AEST. Overnight, Wall Street didn’t exactly help the vibe, with the blue chip Dow Jones dropping over 1%. The US and Iran were back at it in t…
US markets fall as oil surges on renewed tensions; ASX set to open lower
US sharemarkets declined on Monday, as escalating tensions in the Middle East pushed oil prices higher and renewed concerns about geopolitical instability. The Dow Jones Industrial Average fell 557.37 points, or 1.13%, to 48,941.90. The S&P 500 dropped 0.41% to 7,200.75, while the Nasdaq Composite eased 0.19% to 25,067.80. The sell-off followed reports that the United Arab Emirates intercepted missiles fired from Iran, marking the first activat…
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