Markets Live: ASX nose dives to near 6-month low

clicks | 8 months ago | Google AI sentiment -0.20 | comments: discuss | tags: cryptocurrency bitcoin

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11T03:51:34+00: braces-for-mass-selloff-20181011-h16h91.html/#update20181011-0351","articleBody":"Has the US share market - which only was celebrating its achievement in hitting an all-time high - become the latest shoe to drop as the scourge of tightening financial conditions and escalating trade tensions between the world's two largest economies works its way through global markets?Investors are fearful the latest vicious sell-off in the US share market - which saw US stocks suffer their heftiest losses in more than eight months - could be a foreboding of even heavier losses to come.They're fearful the risk-aversion that first showed up in the cryptocurrencies, before spreading to the emerging markets may have now infected the $US40 trillion ($57 trillion) US equity market.It's hard to credit that this time last year, the speculative mania surrounding bitcoin was in full swing, helping to propel price of the virtual currency close to $US20,000 at its December peak. Since then, a sense of doom has hovered over the digital currencies, sending the bitcoin price hurtling back to around $US6,200.Karen Maley has the full piece 11T03:37:04+00: braces-for-mass-selloff-20181011-h16h91.html/#update20181011-0337","articleBody":"That shudder that roiled the US sharemarket overnight may not be the end of the near decade-long bull market but it might well signal the beginning of the end.A 3.3 per cent fall in the market isn't a crash but it still represents an unusual and disconcerting event. Within that overall fall, the 4 per cent decline in the technology-heavy Nasdaq market was particularly ominous, given that it was the big technology stocks like Amazon, Facebook, Netflix and Google that had powered the market to record levels last month.There are a number of influences that help explain why the market fell and might subside further, not the least of which is that the fundamentals are shifting.The long bull market in shares coincided with an even longer bull market in bonds, one fuelled in the past decade by the unprecedented actions of central banks in response to the financial crisis.Read Stephen Bartholomeusz's full piece here."},{"@type":"BlogPosting","datePublished":"2018-10-11T03:33:00+00: braces-for-mass-selloff-20181011-h16h91.html/#update20181011-0333","articleBody":"China's stockmarket was trading at its lowest level in almost four years on Thursday morning following a sharp sell-off on Wall Street, amid revived concerns about rising interest rates and the US trade war.The Shanghai Composite Index, the country's biggest stock market, fell more than 3 per cent and touched levels not seen since December 2014, according to traders. The latest retreat has revived the spectre of market turbulence three years ago which triggered concerns about the stability of China's economy.The value of the Chinese currency, known as the yuan or renminbi, also dropped sharply on Thursday morning.Michael Smith has the full story here .","image":"$width_780,$height_439/t_crop_fill/t_sharpen,q_auto,f_auto/4d7d39a2c18eaabaef4772bf0998f23757b21e99"},{"@type":"BlogPosting","datePublished":"2018-10-11T02:05:27+00: braces-for-mass-selloff-20181011-h16h91.html/#update20181011-0205","articleBody":"When TPG Capital and The Carlyle Group offered $6.75 a share for Greencross in early 2016 the pet care retailer gave them short shrift, saying the $770 million offer \"fundamentally undervalued\" the company.Rather than slinking off with their tails between the legs, TPG and Carlyle Group sold off most of their 15 per cent stake at $7.30 a share, 26 per cent more than their average entry price of $5.79.Two and half years later, the acquisitive TPG has come back for a second bite and is one of several parties believed to have approached Australia's largest integrated pet and vet care company.Sue 11T03:04:26+00: braces-for-mass-selloff-20181011-h16h91.html/#update20181011-0304","articleBody":"Australia shares have dipped to their lowest level today after oil prices continued their fall from the previous session.The S&P/ASX 200 index is down 141.1 points, or 2.3 per cent, at 5,908.7. BHP Billiton is leading the market losses, followed by Commonwealth Bank, CSL, ANZ, Westpac and Macquarie. Afterpay Touch fell 10.2 per cent, Wisetech Global is down 10.2 per cent and Appen is down 9.9 per cent.Oil companies have fallen further into the red. Woodside Petroleum is down 3 per cent, Santos is down 6 per cent and Beach Energy is down 6.3 per cent. The gold miners are still lifting, led by St Barbara, up 6.7 per cent, Evolution Mining up 4.4 per cent and Regis Resources up 3.9 per cent.","image":"$width_780,$height_439/t_crop_fill/t_sharpen,q_auto,f_auto/66da077d861cd7fc44117d398d60aa9b66e54a83"},{"@type":"BlogPosting","datePublished":"2018-10-11T01:36:01+00: braces-for-mass-selloff-20181011-h16h91.html/#update20181011-0136","articleBody":"When Federal Reserve chair Jay Powell last week lauded t...