Thanks @shovel40, @Fiji1 and morning crew.
Half-time wrap:
The Australian share market's struggles continued as rate hike fears and surging bond yields helped drive US equity futures sharply lower.
The ASX 200 dropped 52 points or 0.74%, continuing a run of weak morning sessions that included a six-month low on Friday. The market has rebounded in afternoon trade during the last two sessions, but has been unable to make a significant dent in last week's 2.9% loss.
US stocks steadied overnight, eking out their first advance in five sessions. The S&P 500 bounced 0.4%.
However, there were familiar signs of weakness in US futures this morning as the US 10-year bond yield tested fresh 16-year highs and a Federal Reserve official said he expected another rate hike this year. S&P 500 futures slid 0.4%.
The Australian 10-year yield was also on the march, rising 12 basis points to 4.44%, a level last seen a decade ago. Unsurprisingly, rate-sensitive tech and property stocks were the biggest drags on the ASX. The tech sector shed 1.66%, REITs 1.77% and materials 1.37%.
Personal trading: Caught one of the dips in AW1 for a quick half pip. In and out of RFX for brokerage when a sell bot cruelled any chance of a decent rebound. Also took AEF and AUT on retrace.
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- Afternoon trading September 26
Thanks @shovel40, @Fiji1 and morning crew. Half-time wrap: The...
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