Australian shares to drop 0.3pc; bitcoin rebounds after rout; oil, iron ore sink; $A falls below US70¢; US dollar near 20-year high. Follow updates here.
P 500 ended the week on a positive note, though the Dow saw early losses evaporate as it closed lower. Oil dropped, as did iron ore, as global recession risks rose.In New York: BHP -4.1% Rio -5.1% Atlassian +7.7%US markets will be closed on Monday for the Juneteenth holiday.
“It has been a painful week on Wall Street,” Oanda’s Edward Moya said, “as inflation has forced many central banks to become more aggressive with outlining their monetary tightening plans”. Moya also said the Federal Reserve made clear this week that its “commitment to restoring price stability is unconditional”.Communication services led six of the 11 SP 500 industry sectors higher. Energy slumped 5.6 per cent, in line with the drop in the price of oil.
For the week, the Dow lost 4.79 per cent, its biggest weekly percentage drop since October 2020, the S
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