Miners, banks drag ASX into the red
The Australian sharemarket ended the week lower thanks to index heavyweights mining and banks.
Vanessa Desloires writes on Business, Real Estate, Markets, News. Based in our Melbourne newsroom, Vanessa is a trainee journalist.
The Australian sharemarket ended the week lower thanks to index heavyweights mining and banks.
Credit Suisse has lowered its Oil Search and Santos recommendations to "underperform", citing stretched valuations.
Citi and UBS downgraded the big miners, but analysts still see reasons to hold onto the stocks.
The ASX closed in the red after a downgrade to BHP and Rio extended a sell-off in mining stocks.
A strong day for commodity stocks on further news of oil output cuts was not enough to lift the ASX to the 5500 level.
Rising talk of fiscal reform and the end of QE has seen over the 10-year government bond yield surge from 1.908 per cent to 2.246 per cent in 10 days.
A strong start to the week for the ASX fizzled out as investors digested a better presidential debate performance by Donald Trump.
Australia's economy is in "bust" territory for just the second time in two decades, but that doesn't necessarily point to a hard landing, according to Citi.
Outside of the world of central bank, fund managers list the biggest risks to the market.
Investors should not underweight maligned European banks, Citi says, expecting improvement into 2017.
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