Shares plunge; Macquarie eyes $1b hybrid issue; Afterpay’s Nick Molnar promoted to head of sales for Block; ResMed revenue up 9pc; Follow updates here.
Australian shares tumbled minutes after the open on Friday, reflecting a sharp drop on Wall Street on concerns that the Federal Reserve is behind in cutting interest rates. The S&P/ASX 200 was down 165.90 points, or 2 per cent, to 7948.80, a day after closing at an all-time closing high of 8114.7. The index was still on track to end the week 0.7 per cent higher. It has jumped 4.2 per cent last month. All 11 sectors were flashing red, led by tech and real estate.
The stock retreat came after the US Institute for Supply Management’s manufacturing PMI dropped to its lowest since November, suggesting the economy is softening. A rate cut by the Bank of England and the prospect of policy easing in the United States further undermined bond returns. The Reserve Bank of Australia is widely expected to hold the cash rate at a 12-year high of 4.
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