Inflation fears drag ASX to seven-week low, oil jumps above $US100 | Finance Report | ABC NEWS
The Australian share market wiped out all its gains since late July after the benchmark oil price, Brent crude, surged above $US100 per barrel.
The latest escalation in US-Iran hostilities is raising concerns the war will drag on beyond the US mid-term elections in November, which will likely keep inflation higher for longer.
There is a high likelihood the European Central Bank (ECB), Bank of Japan (BoJ), US Federal Reserve and Reserve Bank of Australia (RBA) will lift interest rates in response to the inflationary pressures.
Presented by David Chau.
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