A counterattack that recovered half of the Australian share market’s early losses has investors hoping they’ve seen off the worst of a global rout that has wiped nearly 4 per cent from the value of local shares in the past week.
Having crashed 1.8 per cent on Friday, the S&P-ASX200 tumble repeated the loss in early trading on Tuesday before stabilising and clawing back ground to close 0.9 per cent lower at 7890.1 points as US stock futures turned positive.
Investors have turned increasingly nervous about US President Donald Trump’s supposedly business-friendly policies, and the jitters intensified when he refused on the weekend to rule out a recession as the world’s biggest economy digests his tariffs and government spending cuts.
After the tech-heavy NASDAQ Composite lost 4 per cent and the S&P-500 2.7 per cent, local stocks inevitably were pummelled, with the S&P-ASX200 falling to a day’s low of 7818.3 points.
The barometer has now lost 4.2 per cent over its past seven trading sessions.
Technology was the biggest loser on Tuesday, tracking the overnight US falls, losing 4 per cent, as just three of the ASX’s 11 sectors finished in the green.
More to come.
https://thewest.com.au/business/markets/australian-share-market-claws-back-ground-to-close-09-per-cent-lower-amid-us-recession-fears-c-18001184
