ASX dives at the open as recession fears spook investors | angusthomson_
Welcome to your five-minute update of the trading day and how the experts are seeing it.: The Australian sharemarket was trading sharply lower at midday on Friday, shedding 94.7 points, or 1.44 per cent, to 6480.3.
The energy sector was trading 6.17 per cent lower and minerals 4.31 per cent lower at midday. Whitehaven Coal was down 9 per cent, while BHP shares were trading around 4.5 per cent lower.Australia’s biggest fruit and vegetable wholesaler Costa Group’s shares have come under pressure, dropping more than 14 per cent to $2.17, after the sudden exit of company chief executive Sean Hallahan.
Last week, stocks and bonds crumbled after the United States and half a dozen other countries raised rates and projected pain ahead. The plunge, most of which happened over 20 minutes, smashed the decline which followed the successful Brexit vote in 2016. The pound is now at more than a 50 per cent chance of reaching parity with the US dollar for the first time in history, which could prompt a sustained crisis for Liz Truss’ government just weeks into its tenure.
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