ASX sinks on metals meltdown
The local sharemarket fell for a third straight session after a plunge in Chinese iron ore futures drove miners lower.
Patrick Commins writes on Markets specialising in Equity Markets, Currencies, Debt Markets. Based in our Sydney newsroom, Patrick is Markets deputy editor and has over six years experience as a journalist.
The local sharemarket fell for a third straight session after a plunge in Chinese iron ore futures drove miners lower.
Claudio Borio's work with Philip Lowe 15 years ago may tell us whether the RBA governor will ultimately hike rates to tame a housing bubble.
An afternoon rally driven by bargain-hunting in the big banks following ANZ's poor earnings result helped almost erase early losses, as the RBA holds rates.
Fluctuating interest in the big banks explained an up-and-down session on the ASX, but in the end investors shook off a shaky start to push firmly higher.
Investors jump into shares buoyed by record highs and climbing confidence on Wall St, with banks leading the charge as ABS data shows inflation edging higher.
Prices for essentials jump as wages barely lift and debts are high - boding ill for consumer spending.
ASX starts the week on the front foot after France's first round of presidential polling produces a market-friendly result, which helped push the euro to a five-month high.
Shares snap a three-session losing streak, thanks in large part to gains in the banks and as investors continued to jump into telcos.
Investors snap up beaten-up iron ore miners and telco stocks, but it's not enough to offset selling in the big banks and energy names.
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