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Banks drag ASX to narrow loss
The sharemarket closed slightly lower, with Westpac the single biggest drag on the benchmark index, while the Aussie dollar fell top a three-week low.
Myriam Robin is a markets reporter based in the Financial Review's Melbourne newsroom.
The sharemarket closed slightly lower, with Westpac the single biggest drag on the benchmark index, while the Aussie dollar fell top a three-week low.
The ASX recovered early losses to end the session narrowly in the black, holding on to last week's gains.
Valuations, earnings growth outside of resources and unusually low volatility are some of the ASX200's key hurdles in the second quarter.
While shorting had long been a reality of how sophisticated investors play the market in Australia, it has of late turned brasher, louder, and far more aggressive.
Banks helped power the Australian sharemarket to a weekly gain of 1.9 per cent, its biggest this year.
Shares rose for a third straight session, pushing the benchmark stock index within striking distance of 5900 points.
With Wall Street defying gravity, most are looking elsewhere for value but some investors are still drawn to the US market.
The ASX surged to its highest close in two years on Tuesday, thanks to a strong performance by the big banks.
With US equity markets deemed ripe for a correction, an increasing number of global fund managers are eyeing European stocks.
The ASX recovered throughout the day to almost entirely recover the early trade losses.
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