Thanks Oscar and morning crew.
Half-time round-up:
Australian shares fell victim to global concerns this morning as a record low in the Turkish lira fuelled risk-off trading across regional markets.
The ASX 200 dodged the worst of the selling on Asian markets, but reached the midpoint of the session 36 points or 0.6% weaker at 6242. Elsewhere, China's Shanghai Composite slumped 1.35%, Hong Kong's Hang Seng 1.54% and Japan's Nikkei 1.6% as ructions on currency markets infected equities.
The S&P 500 in the US fell 0.71% on Friday amid fears of the knock-on effect on global banks of a continuing rout in Turkey's currency. S&P 500 futures were recently off 35 points or 0.47% after the lira fell to an all-time low this morning.
“So far, the contagion from the worst emerging markets has been contained, but the performance late last week is not encouraging,” Stewart Richardson, chief investment officer at RMG Wealth Management in the UK, told Bloomberg. “The risk is that developed market assets begin to buckle and central banks ignore this and continue to tighten because they are already behind the curve.”
The Australian dollar slumped below 73 US cents for the first time since last January as haven buying boosted the greenback. The dollar was lately buying 72.69 US cents.
Resource stocks led the retreat on the local market as the rising greenback made commodities more expensive for holders of other currencies. The metals & mining sector fell 1.6%, materials 1.4%, telecoms 0.8% and financials 0.5%. IT stocks advanced 0.7% and energy stocks 0.1%.
Crude oil futures edged up two cents or 0.03% this morning to US$67.65 a barrel. Gold futures eased $2.90 or 0.24% to US$1,216.10 an ounce.
Been a while since we had a good Euro-scare. Veterans of the thread will remember how Greek debt fears dominated trading for several years nearly a decade ago. This doesn't look like that - at least, not yet - but it gives the market an excuse to take profits. Trading: the market had its big stick out today and smacked about quite a few stocks this morning, including CVN, CMP, AKM, NUF, NWS, SGM and ELD. I got a win out of NUF but need more from CMP to declare a successful session.
- Forums
- ASX - Day Trading
- Afternoon trading August 13
Thanks Oscar and morning crew. Half-time round-up: Australian...
-
- There are more pages in this discussion • 150 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)