Shares added 0.06 per cent as the US Dollar Index reached its highest level in 20 years to shake commodity and sharemarkets.
Shares in buy now, pay later player Sezzle crashed 38.6 per cent on Tuesday after merger partner Zip Co said it had mutually agreed to terminate the proposed tie-up between the pair.
Weak commodity prices dragged the $A to a two-year low of US67.2¢. While the euro bought $US1.001¢ at the closing bell to be close to below parity versus the greenback for the first time since 2002. “The story for the second half of the year will be the significant slowdown in corporate earnings growth,” said Mr Sherwood.“There’s going to be sustained pressure on margins from higher input costs, higher labour rates, the impact of overstocking, so firms are carrying too much inventory, we’ve had numerous profit warnings around firms cutting prices and the fourth pressure point is the very strong US dollar.
NAB now expects the cash rate target to reach 2.35 per cent by November, up from 2.1 per cent previously. NAB projects it will peak at 2.6 per cent in February, after earlier forecasting that would occur in mid-2023. The e-commerce sector suffered another day of big falls as investors fret further over the impact of rising interest rates on consumer confidence and household wealth.Webster plunged 16.6 per cent to a two-year low, with budget retailer Kogan.com tumbling as much as 10.7 per cent to $2.68 – its lowest share price since 2017.AdvertisementThe result was ahead of guidance and up 24.8 per cent on the year-earlier period. The company also achieved record revenue of $65.4 million, up 70.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter shares sink after Elon Musk withdraws takeover bid, makes meme on legal threatTwitter shares plunged 11.3 per cent on Monday after Tesla chief Elon Musk pulled the plug on the $65 billion deal, accusing the company of 'misleading' statements about the number of fake accounts.
Read more »
EML Payments boss quits, shares plunge againEmbattled payments provider EML Payments shares hit fresh lows after its chief executive resigned.
Read more »
ASX LIVE: Australian shares poised to open higher, $A edges upAustralian shares trading down 0.5pc at midday, markets brace for red-hot US inflation data, EML boss resigns, successor appointed, Costa pauses trading, follow for updates.
Read more »
Michael Klim shares devastating health battle with ‘incredibly rare’ disorderSwimming legend Michael Klim is facing his biggest battle yet with the 44-year-old diagnosed with an incurable and debilitating auto-immune disorder. 7NEWS
Read more »
Looming Musk-Twitter legal battle hammers company sharesTwitter shares slid more than six per cent in the first day of trading after Elon Musk said he was abandoning his takeover bid. 9News
Read more »
ASX LIVE: Australian shares poised to open higher, $A edges upAustralian shares are set to open higher, RBNZ decision, US CPI, June jobs top agenda, follow for updates.
Read more »