The Australian sharemarket closed out the week in record territory despite an afternoon selloff,after this week’s large cut to US interest rates fuelled one of the strongest days on Wall Street this year.
The Australian sharemarket followed the lead of Wall Street,which had its worst session since the August 5 market meltdown amid concerns about a slowdown in the world’s largest economy.
The Australian sharemarket declined on Thursday,led lower by mining and consumer discretionary stocks,after Wall Street slid amid a pullback in big technology companies.
The Australian sharemarket recovered in afternoon trade as gains by supermarket giant Woolworths and the big four banks offset losses by the mining heavyweights.
The Australian mining giant is bracing for a slowdown in Chinese appetite for Australia’s most lucrative export,iron ore.
The Australian sharemarket fell slightly on the back of a weak Wall Street trading session,as investors braced for the main event for the week,a speech by Federal Reserve Chair Jerome Powell.
The ASX,whose operator is being sued by the corporate regulator,finished higher on Wednesday after US stocks had a strong session on Wall Street.
Soaring cocoa prices have shaken Australia’s $5.5 billion chocolate industry,putting smaller chocolate makers at risk.
Interest rate-sensitive stocks rallied on the local bourse after global markets steadied amid hopes the Federal Reserve will sharply cut rates and the Bank of Japan will hold off from further rate hikes.
The carnage on financial markets seems to have ended as quickly as it started. The fragility of the global economy remains.
The Australian sharemarket steadied its losses from its worst two-day sell-off since 2020,as the Reserve Bank held the cash rate steady.