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Live: ASX down 0.8pc to follow Wall Street, oil up sharply as Houthis enter war
The ASX 200 has recovered some of its earlier losses to be down by just 0.8 per cent in Monday afternoon trade in the wake of Wall Street losses on Friday night.
At one point, the market had fallen 1.5 per cent as investors dumped banks and tech stock.
Brent Crude oil has jumped to over $US116 a barrel, while WTI is up almost 3 per cent to about $US103 a barrel.
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Westpac says it now expects the RBA to hike rates in June and August as well as May.
ASX 200 LIVE: ASX slides on Iran war escalation; oil rises, banks dumped
ASX closes down as conflict hits banks; aluminum, coal stocks surge
Oil gains as Iran war escalates with Houthi attacks on Israel
$A breaks key support as Westpac flags deeper risks from conflict
The Australian sharemarket declined as an escalation in the Iran war sent the oil price higher and prompted investors to sell off the banks and technology stocks amid fears of a prolonged conflict.
The S&P/ASX 200 Index fell by 55.30 points, or by 0.7 per cent, to 8461 after being down by almost 1.6 per cent to 8379.30. Seven of the 11 industry groups fell into the red.
The benchmark has fallen 8 per cent this month, putting it on track for its worst monthly decline since March 2020, when the COVID‑19 pandemic wiped about 20 per cent off the index.
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