Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
The Australian dollar has experienced a significant decline, plummeting 2.4% against the U.S. dollar, amid growing fears of a recession in the United States. This downturn has led to substantial losses for Australian investors, with estimates indicating a nearly $100 billion loss in market value. The Australian Securities Exchange (ASX) has recorded its worst two-day performance since 2022, with a drop of 3.7% and a total market wipeout of approximately $160 billion over the past two days. The sell-off has been fueled by weak U.S. jobs data and heightened concerns regarding a potential recession, prompting speculation that the Reserve Bank of Australia (RBA) may consider emergency rate cuts to stabilize the market. As the RBA convenes, investors are increasingly betting on a significant interest rate cut before the end of the year.
🇦🇺 Rate Cut Looms After US-Led Share Slump ▫As the Reserve Bank board met on Monday, $90 billion was wiped from the sharemarket and investors began to bet on a large pre-Christmas interest rate cut ▫@swrighteconomy @millie_muroi #frontpagestoday #Australia @smh 🇦🇺 https://t.co/HzNiiTX5fo
🇦🇺 $100bn Rout Cuts Across RBA Tactics ▫Carnage on Asian stock markets and fears of US recession has driven speculation the RBA could shift from controlling inflation to stimulating growth by early 2025 ▫@joekellyoz @gregbrown_TheOz #frontpagestoday #Australia @australian 🇦🇺 https://t.co/YCfKULbMLe
🇦🇺 Markets In Meltdown ▫Australian investors suffered the worst trading day on the ASX since May 2020 as fears of a recession in the US sent share prices, oil and the dollar sharply lower ▫@RealMattBell #frontpagestoday #Australia @theTiser 🇦🇺 https://t.co/phSBwAiipZ
