Australian Shares Plunge as Oil Prices Soar Past $100
The Australian stock market is expected to open lower today following a decline on Wall Street overnight. The Dow Jones fell by 0.68%, the S&P 500 dropped by 0.75%, and the Nasdaq decreased by 1.13%. Brent crude prices surged above USD100 per barrel, causing concerns about inflationary pressures in the US.
The Iranian President, Masoud Pezeshkian, stated that the US 'have learned that Iran cannot be made to surrender' during a speech at the UN overnight. He emphasized the country's right to pursue a civil nuclear program and insisted it does not intend to develop nuclear weapons.
US bond yields spiked, with the 10-year Treasury note yield reaching its highest level since July 2007. This has fueled fears of further interest rate hikes by the Federal Reserve.