US stocks fell, with the Dow shedding 750 points in afternoon trade, as investors rushed to sell. Oil plunged, gold fell. $A below US65.25¢.
Shares tumbled anew in New York as fears of a recession drove key benchmarks below or almost below their June lows. All 11 SOn Wall St near 3.30pm: Dow -2% STesla-5.1% Apple -2.1% Amazon -3.9% Chevron -6.7%
LPL Financial’s Quincy Krosby said: “What looks like the proverbial ‘sell now and ask questions later’ downdraft in today’s market is just that: raise cash as uncertainty and volatility climbs.P 500, and over to the NASDAQ, look as though they want to head lower to find that spot where all headwinds are discounted.”
“Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursuing the worst macroeconomic policies of any major country in a long time.”Ten-year gilt yields recorded their biggest one-day surge on record in Bloomberg data through 1989, closing 33 basis points higher on the day at 3.83 per cent. The FTSE 100 Index sank 2 per cent.
Fundstrat Global’s Mark Newton said: “There are no signs of reversals just yet to give confidence, but multiple negative breadth days combined with poor sentiment and upcoming cyclical turns suggests trading lows are near.” While investors used to be positioned as if the economy was headed for a soft landing, that’s no longer the case, according to Anastasia Amoroso, chief investment strategist at iCapital.“What the markets really need to do is price in a recession because it seems like that’s what a weakness in the labour market would ultimately cost,” she said on Bloomberg TV this week.“We may need to see a break below the bottom of that trading range to really find dirt-cheap value in equities,” Amoroso said.
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