ASX hits three-week low in war limbo; energy stocks gain
The Australian sharemarket fell to a three-week low as uncertainty persists over a resolution to the two-month conflict between the US and Iran, which has disrupted global energy supplies. Investors are also cautious ahead of a key inflation report expected to show rising prices due to surging fuel costs. While most sectors declined, energy stocks gained as oil prices continued to rise amid ongoing geopolitical tensions.
- ▪The S&P/ASX 200 dropped 55.7 points, or 0.6 per cent, to 8710.70, marking its sixth consecutive day of losses.
- ▪Energy stocks rose as oil prices increased, driven by ongoing disruptions in the Strait of Hormuz and uncertainty around peace talks between the US and Iran.
- ▪The Australian dollar fell to US71.74¢, and inflation is forecast to rise to 4.7 per cent in March from 3.7 per cent in February due to higher fuel and living costs.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.