The Australian sharemarket has had a slow start to the year,following Wall Street,which baulked at Federal Reserve meeting minutes that indicated interest rates could stay higher for longer than expected.
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The local bourse has closed out the week in the red after a sour session on Wall Street,as investors fret over rates and the turmoil in Europe.
The Australian sharemarket rallied on Thursday,jumping 1.44 per cent at market close,with all eleven sectors in the green.
The ASX 200 recovered all of Thursday’s losses with a 1.9% rebound to close at 7075.1,but it was not enough to prevent it finishing in the red for a fourth week in a row. Every sector closed in positive territory Friday. Consumer staples was the only sector not to post a gain of at least 1%,while the tech sector leading the rebound with a 7% rise.
The ASX 200’s retreat gathered another head of steam this afternoon as tech stocks got smashed. The market closed 1.75 per cent lower,down 123.7 points to 6,941. The latest US inflation numbers spooked the markets and shredded tech stocks both in the US and Australia with the local tech sector dropping an incredible 8.7 per cent.
The ASX 200 recovered from a 0.8% morning dip and managed to close higher for the first time this week,up 0.2% to 7064.7 as our big miners rebounded strongly on good news from China on its COVID lockdowns. The health care and property sectors also closed strongly higher.
The ASX 200 plunged as much as 2.5% this morning before stemming the losses to close just 1 per cent lower at 7051.2. Energy and mining stocks led the drop - both were down more than 2% - but the telco sector managed to finish the day in front.
Your five-minute recap of the ASX trading day,and how the experts saw it.