Australian shares had their worst week in two years on fears that aggressive policy tightening will derail global growth.
Australian shares suffered their worst week since the pandemic-induced meltdown in 2020, tracking Wall Street on fears that aggressive policy tightening will induce a recession.P/ASX 200 index fell 1.8 per cent to 6474.8 points on Friday, its lowest in 18 months. It has dropped 6.6 per cent for the week, the biggest such tumble since March 2020 and follows a steep 4.2 per cent slide last week.
CBA dropped 3.6 per cent to $87.26, ANZ fell 1.6 per cent to $21.17 and Westpac shed 0.7 per cent to $19.19. NAB tumbled 1.7 per cent to $25.92. Rio Tinto skidded 4.2 per cent to $107.01 and BHP Group shed 3.4 per cent to $42.52. Fortescue Metals retreated 5.2 per cent to $18.6.that its low cost base and green energy plans left it well-placed to weather the storm of rising borrowing costs, soaring inflation and slower growth.
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.
ASX LIVE: ASX to rise, Wall St rallies on Fed’s resolveAustralian shares are set to open higher, bolstered by a broad rally in New York. Oil, iron ore ease. $A surges 2 per cent. Follow updates here.
Read more »
ASX LIVE: ASX to plunge amid renewed global routAustralia shares to drop after heightening recession worries hammer Wall St. Dow sheds 741 points, Nasdaq loses 4.1pc. Follow updates here.
Read more »
ASX LIVE: ASX to plunge amid renewed global routAustralia shares to drop on heightened US recession fears, Humm-Latitude sale terminated, Bubs upgrades guidance, BoE lifts rates, follow updates here.
Read more »
ASX tumbles 1.3pc to its lowest level since 2020Australian shares suffered a rapid sell-off in the final hour of trade on Wednesday to extend the local market’s losses even as declines in Asian markets began to abate.
Read more »
ASX tumbles 1.3pc to its lowest level since 2020BREAKING: Australian shares suffered a rapid sell-off in the final hour of trade on Wednesday to extend the local market’s losses even as declines in Asian markets began to abate.
Read more »
ASX to slip, Wall St rallies before Fed decisionAll eyes are watching for confirmation of a 75 basis point increase from the US central bank. ASX futures lower; Wall St rallies. Bitcoin extends tumble.
Read more »