ASX 200 slumps on oil shock, banks and tech drop
ASX 200 drops 1.4% as Middle East tensions weigh Australian stocks fell sharply Thursday, with the S&P/ASX 200 dropping about 1.4% to end the session at 8,592.90. Renewed fighting near the Strait of Hormuz hit banks, miners and tech names. The ASX 200 tracks large Australian companies. Oil’s rebound ended a short-lived bounce in Australian markets after weaker inflation data gave some relief. The lower headline CPI had pushed down pressure on the Reserve Bank of Australia. But with oil coming back, investors now face the same issue from recent weeks—energy shocks that push up inflation and could keep rates high longer.
