The S&P/ASX 200 down more than 3 per cent this week as the plunge in bank shares drags the benchmark to one of its worst weeks since the pandemic began.
P/ASX 200 index fell nearly 1 per cent within the first hour of trade on Friday to extend the weekly loss for the blue-chip benchmark to 3.8 per cent, which would mark the biggest weekly tumble since October 2020 and one of the worst since the pandemic began.
Meanwhile, the resources sector, which has been a shining light amid the recent market volatility, retreated on Friday morning following reports that Shanghai residents face an unexpected round of COVID-19 testing this weekend.The news comes just 10 days after strict lockdowns across the city were lifted, and sparked concerns about demand for commodities in the world’s second-largest economy.
The ECB said it will likely raise its key rate by 25 basis points in July and will consider a larger increase later in the year. The news weighed European shares, which fell to a two-week low on Thursday.
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