Aussie Market Plunges, Oil Prices Soar

0:00In Adelaide today, March 13th, Australia's share market took a big hit at the open, dropping more than 5% after a slump in U.S. markets overnight. The S&P-slash ASX 200 index fell sharply, but clawed back some ground by midday, rising 12.6 points or 0.18. Percent to 8,644.8, oil prices have spiked above a hundred U.S. dollars a barrel, the highest in over three years, fueled by ongoing attacks in the Middle East involving Iran, the United States and Israel. Energy stocks led the gains, climbing 1.3% with oil and gas heavyweights like woodside and Santos of more than 10% since. The latest airstrikes nearly two weeks ago, analysts say the energy crisis is dominating everything, pushing investors to cut growth forecasts and prepare for hotter inflation. Banks are now betting on higher interest rates ahead of key central bank meetings next week, with one expert noting it all boils down to the conflict and won't ease until

1:04the war ends. Banks provided a boost on Friday, with the big four like Commonwealth Bank and NAB lifting the financial sector 1.2%. Miners drop 1.4% amid rising fuel costs, though iron ore futures help Rio Tento and Fortescue climb over three and five point. 6% respectively, health care stocks hit near seven year lows. The government plans to release 800 million liters of extra petrol and diesel from reserves, while easing fuel standards for 60 days. Quantus shares ticked up after agreeing to a 105 million dollar settlement on flight credits, and the Aussie dollar slipped to 70.87 U.S. cents. Dean and his sponsor by our partner, check out the episode description. For bedtime ritual, just got better, built in sound, built in comfort, S-O-L-I-SoliPillow.com.