ASX takes $75 billion hit as as inflation surges, Omicron hits business confidence

The Australian share market has plunged further after inflation jumped more than forecast over the last few months of 2021.

The market opened lower, despite a late rally on Wall Street following a night of wild swings that saw the Nasdaq fall nearly 5 per cent at one point.

The losses on the ASX deepened after new figures showed consumer prices jumped 1.3 per cent over the December quarter.

The figures have put pressure on the Reserve Bank to raise interest rates this year and to speed up the pull back of coronavirus stimulus.

Read More: https://www.abc.net.au/news/2022-01-25/asx-wall-street-markets-currencies-commodities/100779156