The ASX200 has been down more than 2.2% to around 7,939 points as the market pulls back from yesterday’s record high – pushing us back down below the 8000 level.
Wall Street fell sharply overnight, with anxiety being fed by the belief the US Fed’s delay to cutting rates is detrimental to the economy.
The US drawback came after manufacturing data dropped to its lowest level since November, pointing to a softening of the world’s largest economy. A rate cut by the Bank of England and potential rate cuts in the US also further undermined bond returns.
It’s a bloodbath today, as all sectors have lost ground. Financials is the worst performing sector trading down around 2.7%, Discretionary around 2.6% and Energy 2.3%.
Company News
National Australia Bank (ASX:NAB) has been down around 4% in lunchtime trade. Today NAB has been the worst performer of the big four as the market savagely marks down the stock.
NAB has been trading hands at $36.53.
Woodside (ASX:WDS) is down around 2.3% in line with the broader market’s falls. The West Texas Intermediate crude oil price has collapsed to around US$77 per barrel and is a drag on the share price.
Woodside has been swapping hands at $27.39
Financial software company Iress (ASX:IRE) has been down around 2% after selling its UK Mortgage sales business to Bain for $167 million.
Iress has been traded for $10.34 in the early afternoon.