Live updates: Coles and Woolworths savaged on ACCC court action, ASX tumbles 0.7pc after Wall Street's rate-cut rally stalls

The big supermarkets Woolworths and Coles share prices have been hit hard on news the ACCC has hauled them into court alleging they had misled customers over hundreds of discounts, while the ASX 200 opened down 0.7pc after Wall Street's rate-cut rall