Aussie shares hit nine-month low as war wipes $270bn
The ongoing conflict in the Middle East has wiped hundreds of billions from local stocks. -AAP Image
Australia's stock market is trading at its weakest level in nine months after the Iran war and the resulting energy shock prompted multiple central banks to brace for higher interest rates.
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The S&P/ASX200 fell 69.4 points on Friday, down 0.82 per cent, to 8,428.4, as the broader All Ordinaries lost 62.4 points, or 0.72 per cent, to 8,628.3.
The All Ordinaries, which comprises the bourse's 500 most-valuable companies, is trading at its lowest value since June, falling for three straight weeks since the US and Israel began bombing Iran in early March, sparking a broader regional conflict.
The top 500 has dropped from all-time highs by eight per cent since the conflict began, wiping more than $273 billion from its formerly $3.2 trillion market cap in three weeks.
The Australian dollar is buying 70.87 US cents, up from 70.37 US cents on Thursday afternoon, as bets narrowed on more interest rate hikes in 2026 following hawkish pivots from major central banks in the US, the UK and the EU.
