A very poor night on global markets overnight. Driven by a large correction with overvalued tech stocks in the US.
In Europe, the FTSE fell 13 points (.17%), the DAX fell 170 points (.92%) and the CAC fell 84 points (1.12%).
Positive growth figures from the UK - strongest growth in 2 years - insulated the falls on the FTSE.
In the US, the DOW fell 504 points (1.25%), the NBI barely moved but was less than one point in the green (.012%), the NASDAQ Composite fell 654 points and the Russell small cap index fell 22 points (1.02%).
The NASDAQ hd its worst fall in 2 years.
Tesla and Alphabet crashed on poor earnings reports sparking fears that the tech sector is overvalued.
Tesla dropped over 12% after recording a 45% drop in profits.
Bank of Canada dropped official interest rates to 4.5%.
US Treasury 10 year Bond yield rose to 4.293%
Oil price dropped - Brent crude at US$81.50 per barrel.
Gold price fell to US$2,395 per oz.
BITCOIN was steady at US$65,559.
Predict a bloodbath on the ASX today.
IMU Price at posting:
5.6¢ Sentiment: Buy Disclosure: Held
