ASX 200 Drops to Seven-Week Low After Brambles, Tuas Slide
Australian stocks sank on Monday, with the S&P/ASX 200 ending at 8,505.3, down 125.5 points or 1.45%, hitting a seven-week low. The All Ordinaries slipped 1.52% to 8,735.4. Company downgrades and a jump in oil prices weighed on risk appetite. The Australian dollar traded around 71.36 U.S. cents. The timing isn’t great. The selloff hit while global investors were already facing up to inflation and rate worries. U.S. Treasury yields were climbing, and oil kept moving up.