The ASX narrowly avoided a festive fumble on Monday morning after a key system for processing trades was hampered by a glitch on Friday.
The Australian sharemarket has avoided an embarrassing start to the Christmas trading week, with the market operator managing to fix its system for processing trades made by investors.
The ASX said on Sunday that it had successfully resolved the technical issue, with settlement services to start as normal and will process all trades from last Wednesday and Thursday held up by the glitch. The threat of higher inflation was one of the reasons Fed Chair Jerome Powell gave this week when the central bank hinted it may deliver fewer cuts to interest rates next year than it earlier expected.
“When optimism is rising and market multiples are expanding, it just takes a little fear to take the veneer off a market rally,” according to Brian Jacobsen, chief economist at Annex Wealth Management.
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