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Australian Stock Market Today – Wednesday September 14: What You Need to Know

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The ASX takes a $AU60 billon dollar hit, after hotter than expected US inflation results.

ASX closes $AU60 billion lighter

Last updated: 4:45pm AEST

Australian shares have tumbled, wiping around $AU60 billion dollars off the ASX at close of trade.

The local market plunge was brought on by sharp declines on Wall Street, after the release of consumer price index (CPI) data foreshadowed aggressive interest rate rises ahead. 

The S&P/ASX200 closed sharply lower Wednesday, dropping 181.10 points or 2.58% to 6,828.60. 

The All Ordinaries was down 181.90 points or 2.51% to 7,071.80.

Across the market, all 11 sectors remained down at market close.

Investors with long-term goals, will be looking to buy the dip, especially within the real estate and technology sectors, which were hit particularly hard during the day’s trading.

Over $AU60 billion wiped from ASX

Last updated: 1:05pm AEST

Heavy morning losses carried into afternoon trading, with more than $AU60 billion wiped from the Australian share market, as reverberations from Wall Street overnight, shake the local exchange.

The S&P/ASX200 was down 177.30 points or 2.53% to 6,832.40.

The All Ordinaries was down 175.20 points or 2.42% to 7,078.50.

Across the market, all 11 sectors were lower.

Clinuvel Pharmaceuticals (ASX:CUV) and Cettire (CTT), were major losers, down 11.41% and 9.91% respectively.

While investors fled a swathe of ASX shares today, many have flocked to IVE Group (ASX:IGL), as the marketing solutions company announced the completion of an acquisition to boost its scale and earnings. IVE shares rose more than 10% following the announcement.

ASX tumbles, following Wall Street losses

Last updated: 10:40am AEST

Australian shares have plummeted, dragged down on the back of heavy Wall Street losses overnight, with U.S. inflation figures foreshadowing aggressive interest rate rises to come.

Overnight, U.S. stock indices tumbled, on the back of the August CPI report, which indicated that inflation came in at 8.3%, hotter than market estimates.

The S&P/ASX200 was sharply lower in morning trading, dropping 198.30 points or 2.83% to 6,811.40.

Across the market, all 11 sectors were lower, along with the S&P/ASX 200 Index. 

The All Ordinaries dropped 200.60 points or 2.77% to 7,053.10. The Australian Dollar also dropped sharply.

Link Administration Holdings (ASX:LNK) and Ramsay Health Care (ASX:RHC) saw continued declines, both dropping around 2% in early trading, after taking a hammering yesterday, after both takeover targets had their separate, respective deals cast into doubt.

Pre-market breakdown

Australian shares are set to plunge this morning, on the back of sharp declines on Wall Street, which were sustained after the release of consumer price index (CPI) data, foreshadowing aggressive interest rate rises ahead. 

Locally, ASX futures were down 2.4%, sitting at $7,009.00 approaching 7:00am AEST.

Overnight, U.S. stock indices tumbled, on the back of the August CPI report, which indicated that inflation came in at 8.3%, hotter than market estimates.

The U.S. Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 decreased by 3.98%, 4.35%, and 5.51%, respectively.

A dip in the Australian market would bring a four day run of local gains to an end. The S&P/ASX200 closed in positive territory again yesterday, up 0.65%, to end the day at 7,009.70, buoyed by mining stocks.

This morning, the Australian dollar was down 2.3%. Brent crude dropped 0.70%, to sit at $US93.392 a barrel, while gold was down 1.26%, at $US1702.35 an ounce.

Bitcoin was down 9.50%, sitting at $US20,273.

Market watch

Eyes will be on Link Administration (ASX:LNK) and Ramsay Health Care (ASX:RHC) when the market opens today, after their share prices took a hammering yesterday.

Both companies saw their respective buyout deals thrown into serious doubt. Link plunged 20% and Ramsay fell 10% as a result.

The market will be watching to see if their shares bounce back today, as well as for any developments regarding their respective deals.

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