Australian Sharemarket Plummets Amid US-Iran Tensions and Rising Inflation

The Australian sharemarket opened sharply lower after Wall Street fell due to US military strikes on Iran, which sent oil prices higher and stoked worries about stubbornly high inflation.

A bond market sell-off deepened, putting more pressure on stocks. The S&P/ASX 200 was down 103.1 points, or 1.1 per cent, in early trade, with nine of 11 industry sectors lower.

The Australian dollar was weaker at US$71.44¢ at 10:25am AEST. BHP lost 2.6 per cent, Fortescue fell 1.1 per cent, and Rio Tinto slumped 1.5 per cent.