This article was last updated on April 16, 2022
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Australian shares fell 2.02 percent to their lowest level declining to 4033.4 points. The benchmark S&P/ASX200 index dropped to 3,985 points on Monday. The shares have wiped $25.9 billion off the market at a six-month low. There was a quarter-to-date losses to 8.1 percent due to this move and took the index lowest close back to November 25, 2011.
The investors escaped the share market today after it was seen that the stocks closed below 4000 for the first time this year.
Economists have said that tomorrow the Reserve Bank of Australia was to cut its key cash rate. The Australian dollar rated lower as it was previously at US96.80c and now it traded at US 96.66c.
The abrupt losses for Australian shares made a terrifying day for US shares this Friday. The S&P 500 index considered entering correction territory, a 10 percent decline from a 52-week high.
Jamie Spiteri said “The US data just showed that growth coming out of the recovery is going to be very modest,” at Shaw Stockbroking.
In Sydney, the gold prices closed at $US 1,622 per ounce, up $US 64.11 from local close of Friday to $ US 1,557.89 per fine ounce.
Market yield was 1.8 billion shares worth $4.51 billion, with 188 stocks up, 864 down and 312 unchanged.
Gold businesses offered a bright spot with Newcrest Mining shares up 1.7 percent, Medusa Mining up 7 percent and Perseus Mining up 7.7 percent in a bleak session. The Federal Reserve would take on additional quantitative easing to beach up the US economy.
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