Aussie shares fall as uncertainty hangs over markets
By Adrian Black
Renewed fighting in the Middle East has rattled investors, with Aussie shares taking a pounding. -AAP Image
Australia's share market has tumbled as escalation in the Middle East and worries about inflation, interest rates and bond markets weigh on investor confidence.Â
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The S&P/ASX200 narrowed a 131.6 drop to a 88.3 point fall by the close, down 0.97 per cent, to 8,978.4, while the broader All Ordinaries lost 100.6 points, or 1.09 per cent, to 9,160.3.
Brent crude prices topped $US97 a barrel for the first time since July as the US and Iran exchanged attacks, while bond yields hit multi-year highs with inflation concerns rattling investor nerves the size of economies' fiscal debts.
Miners were hit hardest, with the basic materials sector sinking 3.3 per cent as higher fuel price expectations and global growth concerns dragged on companies and commodity prices.
The Australian dollar is buying 71.42 US cents, down from 71.64 US cents on Tuesday at 5pm.
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