Live: ASX to fall, price of oil surges
ASX set to fall while the oil price stays stubbornly in the green. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
The ASX 200 has dropped to a four-month low, with all sectors down and $50 billion wiped off the market. By 1pm AEST, the ASX 200 had fallen by around 1.8 per cent. Tech company Data#3, which started in a Brisbane garage in the 1970s, is having a good day, reporting strong first-half trading results and expecting a 15% increase in gross profit.
The Reserve Bank's Financial Stability Review suggests most borrowers can meet their mortgages, but concerns remain about important commitments being overlooked and mortgage approvals not meeting APRA requirements. Australia's housing market sentiment has weakened, but most households still have a healthy equity buffer. Despite recent declines in housing prices, overall household balance sheets remain strong.
The odds of the Reserve Bank raising interest rates again in November have increased to 74%, fueled by rising oil prices.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
