End-of-day summary:
A tough week for Australian investors continued with a fourth straight loss as the Australian benchmark sank to its lowest close in more than two months.
The ASX 200 gave up 98 points or 1.37% following a sharp sell-off on Wall Street after the Federal Reserve dashed hopes that US rates will be significantly lower by the end of next year.
The US central bank indicated it expects to increase benchmark rates once more this year and only cut twice next year, leaving rates above 5% heading into 2025. Markets had been betting on an extended pause and up to four cuts next year. Overnight, the S&P 500 slumped 0.94% and the Nasdaq 1.53%.
A broad sell-off here lowered all sectors. Declines ranged from less than 0.1% (tech) up to 1.96% (energy). The ASX 200 has hemorrhaged 214 points or 2.9% so far this week.
Today's selling was exacerbated by declines in US equity futures, hinting at further weakness tonight. At the Australian close, S&P 500 futures were down 0.31%. The Asia Dow was off 1.66%.
