The sharp losses came despite US president Barack Obama reaching a deal to raise the US debt ceiling just ahead of his 50th birthday celebrations. The main concerns for American investors are employment weakness and fears that European debt issues can't be contained.
- Since the market tanked today.. @ Wall st instagr.am/p/JWtZK/
Ahead of the open of the Australian stockmarkets, the futures index is pointing to similar falls on the ASX.
- THE local share market is expected to fall around 3.7 per cent in opening trade this morning after the local futures market dived on chaos in European and US markets, economists predict. Banking and financial stocks are expected to be hit hardest initially, following the uncertainty surrounding debt levels in marginal European economies spreading to Spain and Italy.
When the ASX did open, it was as bad as expected and by 10.40am the ASX200 was 4118.7, down by 157 points on the opening at the overnight figure of
4276.- But canny social media pundits were still hopeful, trying to talk up the market, which often trades on psychological jitters.
As seen on
heraldsun.com.au
Aussie stockmarket sees red
It was never going to be a good day on the ASX after Wall Street dropped more than four per cent, completely erasing its yearly gains .
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