Tech stocks led the declines as investors fled risk assets, and the sector cratered 4.4 per cent. The benchmark SP/ASX 200 index fell 2 per cent, or 138.6 points, to 6965.5, while the broader All Ordinaries index, which includes the largest 500 companies, dropped 2.1 per cent, or 152.4 points, to 7193.4.
“We’ve got a year-end target for the ASX 200 of 7000, so a little bit of steam coming out of the equity market makes sense. We’re still in a backdrop whereby earnings estimates are being cut, and economists are still expecting the economy to slow down further and interest rates to go higher.” Traders also revised their expectations of how high the Reserve Bank of Australia will raise rates after Mr Powell’s speech. The cash rate is now forecast to top 4 per cent by July next year. At Friday’s close, traders were betting the cash rate would peak at a lower 3.8 per cent.Broad declines came after Powell’s speech to the annual cental bankers’ meeting in Wyoming last week.
ASX CRASHES to lowest level since... ... last Tuesday
So the old man opens his mouth and causes financial loss to a billion+ people worldwide. How is that acceptable?
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Albanese ‘put on the spot’ about ‘big reform’Sky News Political Editor Andrew Clennell says Prime Minister Anthony Albanese today was put on the spot about whether he will “engage in big reform” to 'tackle a trillion dollar debt'. Mr Albanese was questioned on the matter by Sky News Political Reporter Kieran Gilbert at the National Press Club on Monday. Mr Clennell said the Prime Minister stuck with saying growing the economy is the way forward to pay off the debt and deficit. “To me this exchange highlights the problem with Australian politics – to get elected, you can't promise too much reform,' Mr Clennell said. “Having been elected not to change things much, to get re-elected you feel you are unable to change things too much.” And if I remember correctly the previous government Rudd/Gillard contributed to part of that $1 trillion of debt No Andrew it is something Albo should already be working towards. Albo and dim wit Jim piss and moan about the covid debt. Yet they are adding to it by giving our money away to overseas countries while ignoring the people that matter most, Australians. trillion $debt, yet won't roll back stage 3 tax breaks which will add 15.7 billion to the debt for all Politicians to benefit from these tax breaks!! AlboMP JEChalmers hows the cost of living plan going? anything yet? nottoomanypoorpoliticians!!
Source: SkyNewsAust - 🏆 7. / 78 Read more »