Novartis falls, Wall Street closed, ASX set to slip
The Australian sharemarket declined as global oil prices rose following increased tensions in the Middle East. Investors are cautious ahead of upcoming US inflation data, which may influence future central bank interest rate decisions.
Why it matters
Rising oil prices and potential interest rate hikes create significant volatility for global markets and consumer borrowing costs.
— 11:12am , first published September 8, 2026 — 5:12am
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Share A A A The Australian sharemarket slipped below the 9000-mark in early trade on Tuesday, tracking a fall in Europe where stocks were weighed down by another jump in oil prices.
The S&P/ASX 200 was down 60.40 points, or 0.7 per cent, at 8950.50 as of 10.53am AEST, with all 11 sectors in the red. The ASX edged 0.1 per cent higher on Monday. The Australian dollar was trading higher at US72.18¢. Wall Street was closed for the Labor Day holiday.
The ASX had a muted start this morning. Oscar Colman With the war in the Middle East escalating again, oil prices kept pushing higher, adding to an already difficult inflationary backdrop.
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