Some signs/trends are evident in overseas markets that we should keep an eye on. These are being mirrored in the ASX at the moment. EOFY activity is adding to the woes in Australia as well.
European markets took a hit - .5 to 1% drops overnight.
In the US, the DOW fell 219 points. The NASDAQ Biotech Index fell 52 points and the NASDAQ Biotech Index closed lower by 138 points.
Concerns over interest hikes and potential recession fears are dragging all share markets lower.
Latest data is showing that economic activity has stalled in the US and in the Eurozone.
Ther is now a firm belief among economic analysts that inflation taming efforts will come at the price of recession. All central banks are being hawkish on further interest rate rises - latest to raise rates overnight are Norway and Switzerland.
Caught part of a report on the news last night that Türkiye raised their interest rates from 8.5 to 15%. Let's hope that is just a localised event.
Some signs/trends are evident in overseas markets that we should...
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