Australian shares plunged on Monday, wiping about $13obn from the value of the ASX midway through the trading session, after a sharp rise in oil prices caused by the Middle East conflict sparked concerns of a breakout in global inflation. The benchmark S&P/ASX 200 was down 4% in lunchtime trading to dive below the 8,500 point mark, marking the single biggest one-day drop since the announcement of Donald Trump’s “liberation day” tariffs last year. The selldown is linked to disrupted oil supplies, the single biggest contributor to global inflation, which make almost all goods and services more expensive, from petrol
China consumer inflation hits three-year high as producer deflation eases
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