Financenews.com.auAussie sharemarket plunges to six-week low
The ASX dropped 1 per cent to a six-week low on Tuesday as rising oil prices and falling consumer confidence rattled investors.
A run up in oil prices and fears of further interest rate pain hit the Australian sharemarket on Tuesday, as it fell to its lowest level in six weeks.
The ASX 200 fell 90 points or 1 per cent to 8920, its lowest level in six weeks, dragged down by banks, consumer stocks and tech shares.
Brent crude oil surged to a four-month high of $US98.37 a barrel overnight, while the Westpac consumer sentiment index dropped 5.2 per cent to 84.4 in September.
Markets are now pricing in a 60 per cent chance of a fourth RBA rate hike next month, which would push the cash rate to 4.6 per cent, its highest since 2011.
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