ASX suffers worst day of the year
![The S&P/ASX 200 index closed 2.3 per cent lower to 4876.8 while the All Ordinaries was 2.2 per cent lower at 4930.8, ...](/content/dam/images/g/k/y/g/y/z/image.related.afrIndexLead.320x210.gmkbnu.1mlw2t.png/1454493610067.jpg)
Over $30 billion was wiped off the sharemarket in the biggest fall of the year as a sharp dive in oil prices over the past two days shattered investor confidence and sparked a broad-based sell-off.
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Over $30 billion was wiped off the sharemarket in the biggest fall of the year as a sharp dive in oil prices over the past two days shattered investor confidence and sparked a broad-based sell-off.
If the earnings downgrades keep coming, expect Wall Street to sell-off again.
As investment banks globally grapple with where the next phase of earnings upside will come from, expectations are growing in Australia of wide-scale job cuts at several firms.
Equities analysts need to become "thought leaders" to stay relevant, the new director of research at Citigroup, Craig Woolford, says.
Short sellers now have their largest position against Commonwealth Bank in 3½ years as analysts warn foreign buying from income-obsessed investors will turn to selling.
Biodiesel's become so cheap in the US that some refiners are being paid to use it.
Fading hopes of a cut to production led oil to resume its collapse, bringing down with it the world's biggest producers.
Disappointing trade deficit data tipped the Aussie dollar south, following stocks and the oil price.
Japanese bank shares have dropped 10 per cent, European bank stocks are down 20 per cent and the big four banks' shares are all down.
While oil has fallen faster than metals, the oil price should bounce sooner than depressed metals prices, Goldman says.
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