The biggest market sell-off since 'Liberation Day' | The Business | ABC NEWS

By ABC News (Australia)

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The ASX has been hit with a sharp sell-off, as the Brent crude oil price skyrockets as much as 25 per cent to almost $US120 a barrel. It's the Australian market's worst day since the "Liberation Day" sell-off in April 2025. The ASX 200 closed down 2.9 per cent. Wall Street tumbled after the continuation of Middle East hostilities sent oil prices rocketing and new data showed a sharp deterioration in the US jobs market. AMP's deputy chief economist Diana Mousina says "markets are finally responding to news that this is probably not going to be resolved as quickly as they would have liked." "It's not unusual for markets to act and behave like a deer in the headlights, waiting for the train to hit before everyone piles on", said Roger Montgomery from Montgomery Investment Management. Meanwhile, the president of Chicago-based Northern Trust Asset Management, Michael Hunstad says financial markets don't expect a long-drawn out war. Strikes on energy facilities across the Middle East

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