Foreign investors rush to dump Australia stocks
With Australian companies more expensive than regional peers, it makes less sense for global investors to sink money into the ASX.
Myriam Robin is a markets reporter based in the Financial Review's Melbourne newsroom.
With Australian companies more expensive than regional peers, it makes less sense for global investors to sink money into the ASX.
A global sell-off of Australian assets exacerbated the biggest single-day fall in shares since Trump's election.
Shares suffer their worst day of the year, losing nearly $27 billion in value.
Equity managers will have to consider adding Chinese equities to their portfolios following MSCI's addition to its emerging market index.
The S&P;/ASX200 will shed 10 per cent of its value over the next year, according to Morgan Stanley. But a falling market needn't spell disaster.
Online retailer Amazon snapping up the American grocery chain Whole Foods put a chill through Australian supermarkets.
Supermarket chains and retailers provided plenty of drag to the ASX, which nonetheless closed higher on banks.
By 2030, two out of every three dollars earned in Australia will accrue to those who reached adulthood in the digital age.
They've soared higher than the mines at the peak of the iron ore price surge. Faster than the bank stocks as the Trump trade inflated the world's financial stocks. And they've done better than utilities and other defensives as the economy slowed down.
Bell Potter veteran trader Richard Coppleson says by far the "biggest reason" markets are recovering was the positive boost from surging superannuation funds.
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