Markets Live: ASX rally stalls
![Australian shares may extend their advance above the 5900 level this morning.](http://web.archive.org./web/20171023130432im_/https://www.fairfaxstatic.com.au/content/dam/images/g/y/o/o/c/z/image.related.landscape.120x80.gz61rt.png/1508737368323.jpg)
A mixed performance from the big banks offset some solid buying in the telco sector as the ASX snapped an eight-day winning streak.
A mixed performance from the big banks offset some solid buying in the telco sector as the ASX snapped an eight-day winning streak.
Shares stumbled to snap an eight-day winning streak despite as banks dragged on the bourse ahead of their profit reports.
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After piling on more than 250 points and $100 billion in a little over two weeks, the ASX 200 index threatens once more to break above 6000.
Banks are likely to support the local sharemarket ahead of full-year earnings starting on Thursday.
Local shares are poised to rally for a third week, as long as Wednesday's CPI doesn't upset the apple cart.
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Bitcoin surged to a record high of more than $US6000, pushing its market capitalisation to $US100 billion at one point.
Australian shares clinched a two-week rally with another advance on Friday, with the S&P;/ASX 200 closing above 5900 for the first time since May.
Kiwi fund managers took the shock news that New Zealand Prime Minister-elect Jacinda Ardern will become the Pacific nation's youngest leader in more than 150 years in their stride.
The Australian share market looks set to open lower following an overnight dip in oil prices and a weak lead from Wall Street, where markets were weighed down by tech stocks.
New Zealand's dollar dropped the most in a month after the opposition Labour Party won the support of smaller players to form a new government.
Currencies | Buys ($AU1) | Sells ($AU1) | $ Mvmt | % Mvmt |
---|---|---|---|---|
AUD/USD | 0.7812 | 0.781 | -0.0008fall | -0.10% fall |
AUD/EUR | 0.6657 | 0.6655 | 0.0023rise | 0.35% rise |
Updated: October 23, 2017 - 11:50PM |
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