“Simply because the market is directionless,and we are so close to the financial year’s end,many investors are not really pouring new capital into the market. That’s why the smallest move does drive the share price,” Liu said.
Liu said she was “pretty positive” about the market outlook despite recent falls and said earnings for many companies were likely to remain strong,although she acknowledged the consumer sector “is going to be tough”.
“Things like resources and banks are still doing okay,so I think there is a lot of bearishness in the earnings forecast. If anything,we’re heading into reporting season in August,so I think it will bring back a little bit of optimism,” Liu said.
Investors are expected to be keenly watching Federal Reserve chair Jerome Powell testify to Congress on Wednesday US time,as recession fears continue to bug the market.
Bitcoin crept slightly lower throughout the day,but remained above the important US$20,000 threshold. At 4.28pm,it was priced at $20,033 according to Bitstamp.com,a drop of 5 per cent over 24 hours.
Tweet of the day:
Quote of the day:“Stanmore is very disappointed with these extraordinary tax increases given its commitments to the Isaac Downs Project and re-opening of the Millennium and Mavis mines,as well as the very recent and significant US$1.2 billion investment in the Queensland coal sector with the acquisition of our 80 per cent in BMC,” Stanmore Resources CEO Marcelo Matos said in a market announcement this morning after the Queensland government announced a new coal royalties scheme on Tuesday.
You may have missed: Gold mining company St Barbara was among the biggest decliners after it announced a review of whether it would proceed with a planned expansion of its Simberi mine in Papua New Guinea,which would extend the life of the mine.
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