Australian shares have had their worst day in three months as multiple risk factors converge. -AAP Image
Australian shares have had their worst session since early June as stubborn oil prices, crumbling consumer confidence and a dim business outlook weigh on banks, real estate and retail stocks.
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The S&P/ASX200 tumbled 90.1 points on Tuesday, down one per cent, to 8,920.8, as the broader All Ordinaries lost 96.3 points, or 0.94 per cent, to 9,114.3.
Energy and utilities, along with traditionally defensive health care stocks made up the only sectors to improve, as Brent crude topped $US98 a barrel for the first time in seven weeks.
Concerns about diesel prices dragged the raw materials sector lower, as BHP and Rio Tinto sold off despite LME copper futures hitting record highs, as the commodity's supply crunch continued.
The Australian dollar is buying 72.18 US cents, up slightly from 72.15 US cents on Monday at 5pm.
