Live: ASX to fall, price of oil surges

ASX set to fall while the oil price stays stubbornly in the green. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

Wall St was briefly buoyed off the back of US inflation data showing it was slowing more than expected in August, though the market closed slightly lower, reversing earlier gains.

Follow the day's financial news and insights from our specialist business reporters on our live blog. Inflation figures released overnight from the US were less than expected, but still rose, sparking fears of another rate hike. Headline inflation rose by 0.3 per cent for the month, bringing the rate to 3.4 per cent for the year to August. The core Personal Consumption Expenditure rose by 0.2 per cent for the month, bringing the annual rate to 3 per cent.

The figures were better than expected, with initial estimates putting headline inflation at the 3.7 per cent mark. The US central bank hiked interest rates in September, for the first time in three years, amid inflation fears.

“We said after September’s hike it wouldn’t be the last one this year, and we’re sticking with that call. ”The ASX is set to fall this morning, with ASX 200 futures down 48 points or 0.5 per cent to 8765. Wall St was briefly buoyed off the back of US inflation data showing it was slowing more than expected in August, though the market closed slightly lower, reversing earlier gains.

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