The Australian sharemarket sank 4.3 per cent, with $130billion wiped out. Capital.com senior market analyst Kyle Rodda warned the surge in oil prices would have an impact on inflation, interest rates and more. For Australian motorists, that could mean petrol prices rising between 25 cents and $1 a litre, depending on the Australian dollar and refinery margins. Adding to market pressures, China has set its lowest economic growth target in decades, 4.5 to 5 per cent, threatening to hit Australian mining companies hard. The sharemarket bloodbath on Monday comes after the ASX fell sharply at the open on Friday, dropping 1.4 per cent and wiping out $40billion.

Source: Daily Mail March 09, 2026 00:35 UTC