Australian stock market trading today
Macquarie Group dropped 5. The release of weaker than expected retail spending figures for December added to the woe for retailers, with JB Hi-Fi dropping 2. The Australian dollar is also significantly lower, impacted by the retail data, a deterioration in Australia's trade balance in December, and the Reserve Bank of Australia's decision to leave the cash rate at 1. The currency was already weaker against the US greenback in overnight trading, and ended local trade more than three-quarters of a US cent lower than a day earlier, at Analysts are still questioning how far global share markets may drop, or indeed if they will continue to fall, after two days of heavy losses on Wall Street sparked plunges across global markets.
Brokers on the floor of the New York Stock Exchange. Patersons economic strategist Tony Farnham said investors in the US were grappling with several issues, including the returns they could get from relatively risk-free Treasury bonds, the yields of which are rising, compared to those they can get from riskier assets such as stocks.
Wall Street also has been affected by stock-specific stories, such as US bank Wells Fargo tumbling 10 per cent after being stopped from growing its asset book until it gets various compliance issues in order, he said. Some recent profit results from the likes of tech giants Google and Apple have also failed to inspire investors. Furthermore, there is continued debate over whether the US Federal Reserve is going to increase interest rates more than three times this year, as strengthening jobs and wages data point to a risk of increased inflation.
Biggest Wall Street crashes in history. Mr Farnham said that although Wall Street had pulled back in recent sessions, the US economy was still strengthening and the Trump administration's recent tax cuts should provide a further boost.
He reminds investors that the nature of share markets is to go up and down, and suggests that investors holding quality stocks try to ride out the volatility.
Mr Farnham said investors' attention will likely turn toward the local company reporting season on Wednesday when market heavyweight Commonwealth Bank announces its half-year results. Earlier today, Charles Schwab market analyst Ben Le Brun said there was not even one stock on the Australian share market that opened stronger in the early stages of trading, following Wall Street's slump.
Download our free app on the App Store or Google Play for the latest headlines and breaking news alerts. Follow SBS News to join in the conversation and never miss the latest live updates. Skip to content Primary Navigation Show menu Hide menu. Mining and energy stocks have done much of the heavy lifting.
Fiona Clark from Prime Value speaks to Elysse. Posted March 21, US markets have regained their footing somewhat, but technology shares led by Facebook continue to be a drag. Posted March 20, Australia followed the US and Europe by dropping early and staying down. Marcus Padley from Marcus Today speaks to Carrington. Facebook faces pressure to explain how 50 million user profiles were potentially used to help Donald Trump's election campaign, while the broader technology sector sinks Wall Street.
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