Australia: Stocks down 2.58% at the open
[SYDNEY] Australian stocks slumped 2.58 per cent at the open on Tuesday as they followed the lead of Wall Street which endured a brutal session with one of its steepest ever one-day point drops.
At 10.12am (2312 GMT Monday), the benchmark S&P/ASX 200 was down 155.7 points at 5,870.5, falling below the 6,000 point mark, which it breached last November for the first time in almost a decade.
Australia is entering its company reporting season and CMC Markets chief analyst Ric Spooner said this could help soften the blow if the current sell-off extends over coming weeks.
"The upcoming profit-reporting season could help the local market fall less than the US if the current sell-off extends," he said in a note.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Mixed trading in Asia as investors watch for further macro data; STI down 0.2%
Vietnam delays launch of new stock trading system
Hong Kong bourse regains favour on hopes of a market revival
Asia: Markets rise as strong US tech earnings offset poor data
Singapore shares open lower on Friday; STI down 0.1%
Stocks to watch: CLI, Great Eastern, MIT, Sheng Siong, iFast, OUE, Far East Orchard