The Australian share market is having its worst session in six months, with $50 billion wiped off local shares this morning.It comes after Wall Street finished in the red overnight and oil prices passed $US101 a barrel.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.PinnedThu 10 Sep 2026 at 11:47amThu 10 Sep 2026 at 11:47amMarket snapshotBy David ChauASX 200: -1.8% at 8,752 points Australian dollar: -0.1% at 72.1 US cents Wall Street: Dow Jones (-0.8%), S&P 500 (-0.5%), Nasdaq Composite (-0.3%)Europe: FTSE (-1.3%), Stoxx 600 (-1.4%), DAX (-1.7%)Asia: Nikkei (-1.3%), KOSPI (-1.7%), Hang Seng (-1.3%)Spot gold: +0.2% to $US4,410/ounce Oil (Brent futures): +0.4% at $US101.61/barrel Iron ore: -0.4% at $US99/tonne Bitcoin: -0.3% at $US78,091Prices current around 11:45am AESTCollapse all postsFilter PostsAll32Key Events23Market snapshot3Currencies2Key EventThu 10 Sep 2026 at 1:22pmThu 10 Sep 2026 at 1:22pmShares fall pretty much everywhereBy David ChauIt's not just the Australian share market that's doing poorly today.It's pretty much a sea of red everywhere, including:Australia's ASX 200 (-1.6%)Wall Street's Dow Jones index (-0.8%),Europe's Stoxx 600 (-1.4%),Hong Kong's Hang Seng (-1.3%),Japan's Nikkei (-0.8%), andSouth Korea's KOSPI (-1.1%).One reason why is because markets are pricing in much higher odds of central banks lifting interest rates across the world.Who's likely to announce a rate hike?Over the next three weeks, we'll be hearing from central banks in Australia, the United States, the Eurozone and Japan — and there's a high chance they might all raise interest rates.Here's how the schedule is looking:European Central Bank: The ECB is widely expected to announce a rate hike tonight at 10:15pm (AEST). In fact, markets are pricing in a 100% chance of that happening, according to Bloomberg data. They're also betting there will be two more hikes by April 2027.US Federal Reserve: The world's most important central bank will make its decision on September 17. The market is pricing a 63% chance the Fed will hike next Thursday — and that probability rises to 92% in October. All up, markets are expecting three rate hikes in the US by December 2027. If that ends up happening, President Donald Trump will not be happy...Bank of Japan: The odds of the BoJ lifting rates on September 18 are sitting at 97%. Beyond that, markets are predicting three rate hikes in Japan by June 2027.And finally, what about the Reserve Bank of Australia? It's no doubt the one you're most interested to hear about!The odds of the RBA lifting rates for a fourth time this year are quite high.When governor Michele Bullock announces the RBA board's decision on Tuesday, September 29, traders collectively think there's a 75% chance it'll be an increase to the cash rate.And, looking further into the future, the markets are betting there's a 94% chance a fifth hike could happen by March 2027!You might be thinking: there's a good chance the markets are wrong with their predictions.That's certainly possible. But these probabilities are factored in by other traders to determine how much shares and currencies should be worth — so that's why we're seeing big falls on global share markets today.Key EventThu 10 Sep 2026 at 1:09pmThu 10 Sep 2026 at 1:09pmPotential class action over CTM and former auditor PwCBy Nassim KhademLegal firm Maurice Blackburn has started investigating a potential class action into Corporate Travel Management and its former auditor PwC.It follows another class action announced by law firm Phi Finney earlier this week saying that it is "well advanced in its investigation" into a class action against Corporate Travel Management (CTM) Limited and its former auditor PricewaterhouseCoopers (PwC) Australia concerning financial misreporting over several years.Shares in CTM entered a trading halt in August last year at $16.07 amid an accounting scandal investigation in the UK.When trading resumed on September 3, the company's shares opened 86 per cent lower.Trading in CTM shares was suspended on August 22, 2025 after the company disclosed that a material correction would need to be made to aspects of its previous financial statements.The suspension lasted more than a year."The scale of the share price collapse following CTM's return to trading raises serious questions about what CTM knew, and when it knew it, and whether PwC's audits met the required standards," Maurice Blackburn principal Steven Foale said."Investors are entitled to expect that listed companies comply with their continuous disclosure obligations and provide accurate financial information to the market."Key EventThu 10 Sep 2026 at 12:55pmThu 10 Sep 2026 at 12:55pmACCI CEO wants a 'reset' on migration debateBy Nassim KhademACCI chief executive Andrew McKellar says there needs to be a reset in the migration debate."This can't be about an arbitrary number," he said at a press conference earlier today."It cannot be about shortsighted, damaging approaches that are going to end up constraining the Australian economy."He says while the housing crisis and skill shortages need to be tackled by policymakers, "we won't address that through shortsighted approaches that just cause more damage to the Australian economy"."We need to reset the migration debate. It's got to be focused on what are our fundamental skills needs."I wrote about wider business views on migration here:Thu 10 Sep 2026 at 12:40pmThu 10 Sep 2026 at 12:40pmHigh end homes have led housing downturn, but it is spreadingBy Michael JandaA nice write up from Zena Chamas and Daniela Pizzirai looking at Cotality data showing how the top end of the property market, especially in Sydney and Melbourne, has been hit first and (so far) hardest by the downturn — see link at the bottom of this post.However, real estate agency Ray White's chief economist Nerida Conisbee believes that trend is now just starting to turn.She uses open home attendance as a timely proxy for buyer interest.Ray White open home attendance (Ray White)"Some of the strongest increases since the [federal] budget have been in premium Sydney and Melbourne markets," Conisbee observes."Sydney's Eastern Suburbs has added 0.8 attendees per open, while Melbourne Inner South, North Sydney and Hornsby and Melbourne Inner East are each up around 0.6."These are also areas that have experienced some of the largest price corrections over the past year."On the flip side."Many of the largest falls in attendance are occurring in more affordable markets," she notes."Adelaide South is down 2.9 attendees per open, Perth North West 2.4, Perth North East 1.7 and Cairns 1.4."She says it makes sense that areas that have recently been targeted by investors have reacted most to the budget's tax changes."The changes to negative gearing and capital gains tax reduce the attractiveness of established housing to investors, and the effect is greatest in markets where investors represent a larger share of demand," Consibee argues."Affordable areas initially held up better on price, but they are now losing an important source of buyers as investor activity retreats."At the same time, the larger price adjustment at the premium end is beginning to bring owner-occupiers back."Of course, real estate agencies have a vested interest in the housing market stabilising, but there do seem to be some early signs that some markets are finding a new, lower equilibrium price.Key EventThu 10 Sep 2026 at 12:07pmThu 10 Sep 2026 at 12:07pmLabor releases 'slightly relaxed' gas reservation planBy Michael JandaThe Australian government this morning relaxed slightly a proposed rule that would have forced energy exporters to reserve a fixed 20% of natural gas for the east coast market, instead requiring exporters to reserve up to a fifth of production.Energy Minister Chris Bowen said exporters could provide up to 200 additional petajoules of gas per year, more than enough to avoid the possible shortfalls of up to 140 petajoules forecast by the country's energy market operator.The proposed policy will ensure "gas is more affordable and the domestic market is always modestly oversupplied," Bowen said in a statement.As always, you can tell a lot about where a policy has landed from the reaction of vested interests.Samantha McCulloch, the CEO of Australian Energy Producers — the lobby for the local oil and gas sector — said "the federal government has made a number of sensible changes" to its initial proposal.These include, "calibrating the reservation requirement more closely to domestic market needs", recognising existing state reservation schemes, and "linking the supply obligation to physically connected domestic gas markets"."However, the proposed 110% oversupply of the east coast gas market will destroy investment signals and crowd out smaller, domestic-focused producers," argued McCulloch."The 'must sell' requirement exacerbates these risks. Producers should not be forced to sell gas below cost or on non-commercial terms."Major industrial gas user BlueScope Steel put out this response."Our initial reading is that the draft legislation maintains many of the important design features that BlueScope and other manufacturers have been seeking. It keeps the gas companies honest," said the company's managing director Tania Archibald."We will review the draft legislation in detail including to better understand how calibration of domestic supply obligations against demand will work. We will want to ensure the surplus of gas the government is targeting is delivered."From that sample, it seems like the government has overall landed more on the side of the gas users than the gas producers.ABC/ReutersKey EventThu 10 Sep 2026 at 11:53amThu 10 Sep 2026 at 11:53amIs 'US fiscal incontinence' and 'mind-boggling' AI investment ushering in 'Bondmageddon'?By Michael JandaAt the start of this week, I spoke with financial commentator and former banker Satyajit Das about the two things worrying him most in the global financial system right now: soaring government debt and bond yields, and a potential AI investment bubble of unprecedented proportions.With substantial moves up in bond yields overnight, are we seeing Das's worries playing out much earlier than even he expected?News of an expanded US Treasury long-term bond buy-back to $US6 billion failed to dent long-term interest rates, with the yield on 10-year US government debt rising as high as 4.85%, the highest level in almost three years.The US is not alone in facing surging long-term bond yields.Germany was forced to offer the highest interest rate on 10-year bonds for 17 years overnight at 3.39%.A few weeks ago, Westpac's chief economist Luci Ellis wrote:"AI-related investment and US fiscal incontinence add to the existing tendency for the global rates structure to average higher than pre-pandemic."As Ellis pointed out, a massive wave of big-tech corporate bond issues is competing with government debt to attract investors funds.Just yesterday, Amazon issued bonds totaling £4.25 billion in the UK, while Uber issued its first euro denominated bond.Bloomberg reports that, even before yesterday's big bond issues, US corporates had already raised €149 billion in Europe so far this year, on top of their massive $US raisings.Late last month, Google's parent Alphabet raised $5.5 billion in Australian dollar bonds."The scale of the planned global investment in data centres is nothing short of mind-boggling, and it is creating substantial demand for debt finance," noted Ellis last month."The "hyperscaler" tech firms (Alphabet, Amazon, Meta and Microsoft) used to be enormous cash generators. Now they are responsible for some of the largest debt issuances in the market."When I spoke to Das on Monday he quoted Shanaka Anslem Perera."Either the gods are being built in the Texas desert, he was referring to the AI data centres, or the greatest financial delusion in human history is unfolding in real time."As Das says, it may take another year or two to figure out which is true.Key EventThu 10 Sep 2026 at 11:40amThu 10 Sep 2026 at 11:40amASX sheds $50 billion, suffers its worst trading session in six monthsBy David ChauThe ASX 200 has just dropped to a new intraday low, with the benchmark index now down 1.87% to 8,745 points.If you prefer to hear it in dollar terms, the ASX has wiped out $50 billion in market value.In percentage terms, it's the worst trading day since March 9 — when the market fell 2.9%.And if you want another indicator of how pessimistic things are looking, 166 out of 200 stocks are trading lower, so that's most of them down.Key EventThu 10 Sep 2026 at 11:32amThu 10 Sep 2026 at 11:32amASX sinks 1.8pc, wipes out all its gains since July 2By David ChauThings are looking even worse for the Australian share market, which has been falling almost every day for the past fortnight.The ASX 200 has now dropped 1.8% to 8,751 points, back to where it was on July 2.In other words, the market has plunged to its lowest level in two-and-a-half months.The ASX 200 erases all its gains from the past 10 weeks. (LSEG)Key EventThu 10 Sep 2026 at 11:25amThu 10 Sep 2026 at 11:25amASX drops furtherBy Adelaide MillerThe ASX 200 is now down -1.8% to 8,755 points.All major sectors are now down.Despite higher oil prices ($US101.24/barrel), the Energy sector is down -0.6%.ASX 200 sector summary. (LSEG)Key EventThu 10 Sep 2026 at 11:14amThu 10 Sep 2026 at 11:14amMarket slump worsens as ASX drops to two-month lowBy David ChauNot a good start for the day down 1.4% is that from oil prices going up ??- chrissoGood morning Chrisso! It's an absolutely terrible day for the Australian share market, which has dropped even further since you wrote to us.The ASX 200 is down 1.7% to a two-month low of 8,757 points.The surge in oil prices is a major reason why the ASX is doing poorly today.The oil benchmark, Brent crude futures, is trading well above $US101 per barrel after a roughly 3.5% surge overnight.That, in turn, was triggered by the latest headlines suggesting US-Iran hostilities have gotten even worse!What's the latest in the Middle East?Iran says it attacked 10 ships near the Strait of Hormuz after the US sank five Iranian oil tankers.Essentially, it's the biggest wave of attacks on shipping by both sides since the war began more than six months ago.So markets are now increasingly worried that higher oil prices, due to the war dragging on much longer than expected, will make diesel and petrol prices more expensive — leading to businesses passing on their higher costs, resulting in higher inflation for consumers.That, in turn, has led to rising expectations central banks in Australia, Europe, Japan and the US will lift interest rates over the next couple of weeks.In general, higher interest rates are bad for shares as they increase corporate borrowing costs, which affects the profitability of companies — particularly those that have borrowed significant amounts to fund their growth/expansion.So in a rising interest rate environment, shares lose their appeal as investors favour "safer" investments that pay higher returns — like bonds, which my colleague Michael Janda will get into shortly!Key EventThu 10 Sep 2026 at 11:09amThu 10 Sep 2026 at 11:09amCiti Private Bank hires Radzinski from Bank of AmericaBy Adelaide MillerCitigroup's Private Bank announced the hiring of Teresa Radzinski from Bank of America to strengthen relationships with ultra-high-net-worth clients, according to an internal memo seen by Reuters. Radzinski will join from Bank of America, where she was a managing director at the private bank advising families, private foundations, universities and faith-based organisations.Based in Jacksonville, Florida, Radzinski will focus on clients with more than $US500 million in net worth, the memo said, signed by Chris Biotti, Citi's Private Bank head for North America.- Reporting by ReutersThu 10 Sep 2026 at 10:50amThu 10 Sep 2026 at 10:50amSea level rise threatens more than a quarter of a million properties as bill surges to $855bBy Adelaide MillerRising sea levels from climate change are threatening Australia's multi-billion-dollar coastal lifestyle, as questions of who will foot the bill — property owners or governments — crop up.In the first nationwide assessment of economic losses from sea level rise, researchers from the University of Melbourne, the Australian National University and Global Environmental and Economic Modelling have found that all coastal states and the Northern Territory face hefty damage bills this century.Australia could face damage costs of more than $850 billion, with more than $274 billion in property losses and $580 billion in land-use damage.Here is a look at the projected sea level rise by 2090:50th percentile projection for sea level rise under 3C warming scenario, if reached in 2090, relative to present (2011-2030) sea levels. (Sea level variables - Australian Climate Service / ABC News: Alex Lim)Climate reporter Romy Stephens has the story:Key EventThu 10 Sep 2026 at 10:35amThu 10 Sep 2026 at 10:35amApple's first foldable iPhone comes with its biggest price tag yetBy Adelaide MillerApple has unveiled its first foldable iPhone, the $2,770 iPhone Duo, making it the company's most expensive phone yet.The launch comes seven years after Samsung entered the foldable market and amid questions about Apple's ability to produce its next breakout product.It is also the first major product launch under new CEO John Ternus, who took over from Tim Cook this month.You can read the full piece below:Key EventThu 10 Sep 2026 at 10:22amThu 10 Sep 2026 at 10:22amASX drops to seven-week lowBy Adelaide MillerCheck out the ASX 200 slide within the first 10 minutes of morning trade.ASX 200 morning movement. (LSEG)The exchange has opened down -1.4% to 8,789 points, with all major sectors in the red besides Utilities.ASX 200 sector summary. (LSEG)Of the major stocks, 165 are in the red, six are unchanged, and just 29 are gaining.Here are the top movers, with West African Resources up +3.97%.ASX 200 top movers. (LSEG)Here are the bottom movers, with Nine Entertainment down -6.9% after announcing an extension to Premier League rights, which comes with an increased fee.ASX 200 bottom movers. (LSEG)The Aussie dollar is trading at about 72 US cents.Key EventThu 10 Sep 2026 at 10:05amThu 10 Sep 2026 at 10:05amASX fallsBy Adelaide MillerThe Aussie share market has fallen at the open, down -1.2% to 8,805 points.More to come.Key EventThu 10 Sep 2026 at 10:03amThu 10 Sep 2026 at 10:03amMarket snapshotBy Adelaide Miller ASX 200: -1.0% at 8,825 points Australian dollar: +0.1% at 72.21 US cents Wall Street: Dow Jones (-0.8%), S&P 500 (-0.5%), Nasdaq Composite (-0.3%)Europe: FTSE (-1.3%), Stoxx 600 (-1.4%), DAX (-1.7%)Spot gold: -0.2% to $US4,391/ounce Oil (Brent futures): flat at $US101.21/barrel Iron ore: -1.6% at $US99.45/tonne Bitcoin: +0.02% at $US78,335Prices current around 10:00am AESTKey EventThu 10 Sep 2026 at 10:00amThu 10 Sep 2026 at 10:00amAussie dollar at new highBy Adelaide MillerThe Aussie dollar is trading at a four-month high, currently up +0.1% to 72.21 US cents.The last time it was this high was back in May.We can thank interest rate hike predictions for this.Have a look at the table below:Aussie dollar (LSEG)Key EventThu 10 Sep 2026 at 9:45amThu 10 Sep 2026 at 9:45amThe biggest forces reshaping global trade might surprise youBy Adelaide MillerIn last night's interview, HSBC's head of global trade solutions Vivek Ramachandran said the "two biggest forces reshaping global trade have nothing to do with ... energy nor tariffs".He told The Business' Kirsten Aiken it's highly influenced by AI and services."Almost one-third of all new trade, mercantile trade, was linked to AI," he said."It's chips, semiconductors, data centres."He expected the AI boom to continue through this year and arguably into the next."How companies adopt AI is yet to be proven, so whether it's downside or upside in the medium term, I think we'll have to wait and watch."Mr Ramachandran said the services trade was also having an impact."Global GDP is roughly 70–30, goods versus services; trade is the other way around," he said."We think services trade grow at twice the pace as goods trade."Interestingly, neither AI nor services trade are impacted to the same extent by either the energy crisis nor the trade tensions in geopolitics."Thu 10 Sep 2026 at 9:38amThu 10 Sep 2026 at 9:38amNSW launching $150 million science and innovation fundBy Michael JandaThe big ticket announcement from NSW Treasurer Daniel Mookhey is a $150 million science and innovation investment fund, which will initially focus on partnerships with the state's universities.In a press release, Treasurer Daniel Mookhey said the fund will ultimately work with other innovators beyond the university sector."Four years of budget discipline have strengthened the state's capacity to make strategic investments in the industries that will drive our future economy," he said.The government says NSW Treasury, Investment NSW and the NSW Chief Scientist and Engineer will together work with NSW public universities to develop the fund and governance settings before the fund launches on July 1, 2027.