ASX takes $60 billion hit as as inflation surges, Omicron hits business confidence

 The Australian share market has plunged to a new eight-month low in the wake of inflation jumping more than forecast over the last few months of 2021, raising the prospect of sooner-than-expected interest rate rises. 

The market opened lower, despite a late rally on Wall Street following a night of wild swings that saw the Nasdaq fall nearly 5 per cent at one point. 

The losses on the ASX deepened after new figures showed consumer prices jumped 1.3 per cent over the December quarter.

At its low point, the local market fell 3 per cent as US futures fell, indicating there would be a drop on Wall Street overnight as the Federal Reserve commenced a two-day meeting. 

Read More: https://www.abc.net.au/news/2022-01-25/asx-wall-street-markets-currencies-commodities/100779156



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