ASX in sour start as investors whack banks again
More records on Wall St weren't enough to provide support to the local sharemarket, with the ASX diving sharply thanks to more losses from banks and miners.
Myriam Robin is a markets reporter based in the Financial Review's Melbourne newsroom.
More records on Wall St weren't enough to provide support to the local sharemarket, with the ASX diving sharply thanks to more losses from banks and miners.
Yield-hungry investors have poured into Sydney Airport, Transurban and APA Group, pushing those companies and many other "bond-proxy" stocks to all-time highs.
There's nothing like losses to focus an investor's mind.
Shares bounced solidly higher on Friday, with strong sessions across most sectors helping the index recoup losses made earlier in the week.
Investors bought up banks on Wednesday, but a good day failed to offset the worst month since January 2016.
The old adage to "sell in May and go away" proved prescient in 2017, with the S&P;/ASX200 dropping over 3 per cent.
The Altair CIO's bold decision to liquidate his Australian shares funds is highly contrarian. But his view that not all is well on the ASX is not.
The Australian dollar may fall below US70¢ by year end as one of its key drivers, the Aussie-US bond spread, dwindles to almost zero.
The severe pressure on retail stocks will ramp up again this week as retail sales come in the spotlight.
The sharemarket narrowed its weekly gain on Friday, with most sectors trading in the black over the five sessions.
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