Live updates: Wall Street sinks on war, oil and jobs fears, and ASX poised for sharp sell

Summary

The ASX is expected to fall sharply due to rising oil prices and weak US jobs data. The ABC markets and finance blog provides live coverage of these events. The article focuses on market trends and potential impacts from geopolitical events.

Key Takeaways

1. Losses on the local market look like accelerating this morning due to the conflict in the Middle East and spiking oil prices.
2. ASX 200 futures were pointing to a savage 1.8% fall today when trading closed on Saturday morning.
3. The ASX is bracing for a brutal session today due to surging oil prices and weak US jobs figures.

Statement Breakdown

• Claimed Facts: 70% of statements the article presents as facts
• Opinions: 20% of statements classified as editorial or subjective
• Claims: 10% of statements surfaced for additional reader evaluation

Credibility & Bias Reasoning

Credibility assessment: The article is a live blog from a reputable news source, ABC, providing real-time updates on market activity. The author identifies himself as part of the ABC business team. The content focuses on reporting market data and events, enhancing its reliability. However, the disclaimer about financial advice slightly lowers the score.

Bias assessment: Market-focused reporting. The article primarily focuses on reporting market movements and financial news. While it acknowledges potential impacts from geopolitical events, the main emphasis is on tracking and explaining market trends. There's minimal overt political or ideological slant, but the selection of news and framing can reflect a focus on investor interests.

Note: This article provides market updates and should not be considered financial advice. Verify information with independent sources before making financial decisions.

Credibility flag: Monitor closely

Claimed Facts (6)

• This is presented as a factual observation about the market's likely direction.
• This is a specific data point about market futures.
• This provides historical market performance data.
• This is a statement of fact about the author's role and the blog's purpose.
• This is a summary of the factors influencing the market.
• This is a factual statement about where to find more information.

Opinions (2)

• This expresses a hope or desire, not a verifiable fact.
• The use of the word 'savage' implies a subjective assessment of the fall's severity.

Claims (1)

• The claim that every post is 'hopefully a winner' is subjective and difficult to verify.

Key Sources

• www.abc.net.au — News Source
• Stephen Letts — ABC business team
• Author — ABC business team