ASX 200 Crashes Below 9,000 as Oil Prices Soar

Aussie markets have continued to struggle, with the ASX 200 falling below the critical 9,000 level on Tuesday. The index closed at its lowest point in six weeks, down by 1% or 90.1 points, after a mix of poor domestic data, surging oil prices, and rising interest rate expectations weighed heavily on nearly every sector.

The Consumer Discretionary sector was hit the hardest, falling 1.9%, as deteriorating household sentiment took its toll on retail stocks. Information Technology also performed poorly, down by 1.76%, as bond yields rose and compressed valuations for high-duration growth stocks.

On a more positive note, the Energy sector edged higher by 0.22% due to rising Brent crude prices, which moved beyond US$98 per barrel. Utilities were also up, rising 0.6% as markets rotated into defensive names.