The Australian share market looks headed for muted trade on Friday as Wall Street investors dump tech stocks and the Bank of England surprises investors by raising rates.
closed down 0.4 per cent yesterdayOver on Wall Street, the Nasdaq dumped 2.5 per cent as investors sold off tech stocks in favour of safer options.
Nvidia, Apple, Microsoft, Amazon, and Tesla tumbled between 2.6 and 6.8 per cent, hitting both the Nasdaq and the S&P 500. The Dow Jones only declined marginally. It came as the Federal Reserve this week indicated it would start winding back bond-buying next year and possibly raise interest rates three times, and as inflation — or price rises — at the highest rate in decades posed a problem for the US economy.And in Europe overnight, the Bank of England surprised investors by becoming the first major central bank globally to lift interest rates since COVID.It will now lift to 0.
BoE governor Andrew Bailey said Omicron was already hurting retailers and restaurants but the bank felt compelled to stop the recent jump in prices from becoming a longer-term problem. "We're concerned about inflation in the medium term. And we're seeing things now that can threaten that. So that's why we have to act," Mr Bailey said.
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