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Asian stock markets recover amid wild swings after Wall Street slump – live Asian stock markets recover amid wild swings after Wall Street slump – live
(35 minutes later)
1.38pm AEST04:38
Morgan Stanley says shares in Australia’s banks have further to fall despite the rally today.
The banks have seen record profits on the back of the booming housing market in Sydney and Melbourne, but some observers believe they are overpriced even after the recent falls.
Morgan reckons that the big four are still “on average, 12% above its bear case scenario”.
Thanks to Mike Janda of the ABC for this.
1.30pm AEST04:30
And here is Stephen’s piece. So much going on today that I missed it launching a few minutes ago ...
Related: Searching questions for Tony Abbott if turmoil on stock markets gets worse
1.29pm AEST04:29
One of our roving economics commentators, Stephen Koukoulas, has been looking at the market turbulence.
His analysis will be online shortly but here is a taster:
The savage market ructions of recent weeks and days are disconcerting. While not unprecedented, the quite staggering fall in share markets and commodity prices are threatening to undermine the global economy.
For Australia, the news is particularly alarming. Australia’s stock market has not performed well in recent years, lagging well behind the other markets. If the market ructions translate to an extended period of weak global growth, Australia’s already dismal export performance will be hampered and the commodity price weakness will further undermine national incomes.
1.25pm AEST04:25
Here’s our first news take on the story today from our correspondent in Tokyo, Justin McCurry.
Related: Asian stock markets swing wildly as Chinese shares take another battering
1.22pm AEST04:22
Tony Abbott, the Australian prime minister, has become the latest politician to have his say. Not surprisingly, he is adopting the “nothing to see here” approach.
He has urged Australians not to “hyperventilate” over the slump on global share markets after receiving a briefing from Reserve Bank governor Glenn Stevens and senior officials on Tuesday morning.
I think it’s important that people don’t hyperventilate about these type of things. While the Chinese economy is slowing, the rest of the world economy does appear to be picking up.
America is growing, not spectacularly but steadily. Europe certainly seems to have turned the corner ... and here in Australia, our fundamentals are strong.
1.18pm AEST04:18
LUNCHTIME SUMMARY – markets bounce back
It’s been a much better day so far with the major markets – except China – back in positive territory.
Here are the main points:
1.16pm AEST04:16
Goldman Sachs has moved in to steady the ship. The global economy is not at risk of a recession, it says.
Thanks to Reuters, here is what Goldman’s experts said in a note to clienst:
The drop in commodity prices during the past year and recent economic and foreign exchange weakness in China and other emerging markets will not tip the global economy into recession.
But the Wall Street bank reduced its short-term outlook for the equity market to “neutral”. It also maintained its view that commodities will underperform.
We see a meaningful risk that markets are over-interpreting the collapse of oil and commodity prices as a negative growth signal. The fall in prices of oil and other commodities are primarily a reflection of excess supply rather than weak demand.
Updated at 1.17pm AEST
12.53pm AEST03:5312.53pm AEST03:53
On the sea of red v sea of green debate, the answer is, of course, that red is an auspicious colour in Chinese culture, indicating wealth.On the sea of red v sea of green debate, the answer is, of course, that red is an auspicious colour in Chinese culture, indicating wealth.
Thanks to Tom Phillips, or man in Beijing.Thanks to Tom Phillips, or man in Beijing.
12.30pm AEST03:3012.30pm AEST03:30
Things still improving on the main indices. Even the Nikkei has now returned to positive territory, up slightly by 0.12%.Things still improving on the main indices. Even the Nikkei has now returned to positive territory, up slightly by 0.12%.
And yet, sentiment remain quite negative in Shanghai, where the Composite index is still off 4.6%.And yet, sentiment remain quite negative in Shanghai, where the Composite index is still off 4.6%.
Zhou Lin, an analyst at Huatai Securities, doesn’t see any sign of government intervention:Zhou Lin, an analyst at Huatai Securities, doesn’t see any sign of government intervention:
Global investors are cannibalising each other. Calling it a market disaster is not an overstatement. The mood of panic is dominating the market ... And I don’t see any signs of meaningful government intervention.Global investors are cannibalising each other. Calling it a market disaster is not an overstatement. The mood of panic is dominating the market ... And I don’t see any signs of meaningful government intervention.
12.22pm AEST03:2212.22pm AEST03:22
Bear or bull? A good up-summing of the market dilemma by Australian stock exchange chief Elmer Funke Kupper.Bear or bull? A good up-summing of the market dilemma by Australian stock exchange chief Elmer Funke Kupper.
He has told Australian Associated Press:He has told Australian Associated Press:
There are two schools of thought – one is this is a correction that was probably a little bit overdue.There are two schools of thought – one is this is a correction that was probably a little bit overdue.
There is another school of thought that says maybe the world economy is not recovering quite as well as everybody had been thinking and therefore we’re more into bear territory.There is another school of thought that says maybe the world economy is not recovering quite as well as everybody had been thinking and therefore we’re more into bear territory.
I think it’s actually very difficult to call, and so you see these gyrations when people are getting worried about these things.”I think it’s actually very difficult to call, and so you see these gyrations when people are getting worried about these things.”
Funke Kupper added that investors should consider their own personal circumstances when deciding how to respond.Funke Kupper added that investors should consider their own personal circumstances when deciding how to respond.
It all depends on your personal circumstances. For some people theses corrections are a fantastic buying opportunity.It all depends on your personal circumstances. For some people theses corrections are a fantastic buying opportunity.
12.16pm AEST03:1612.16pm AEST03:16
Stock markets are recoveringStock markets are recovering
Looking much better now for the markets.Looking much better now for the markets.
12.09pm AEST03:0912.09pm AEST03:09
You have to laugh... this from the Onion.You have to laugh... this from the Onion.
And by the way, you have to remember that falling stocks appear in green in China, not red as commonly used in western markets. I’m hoping someone can give a full explanation of why this is.And by the way, you have to remember that falling stocks appear in green in China, not red as commonly used in western markets. I’m hoping someone can give a full explanation of why this is.
12.00pm AEST03:0012.00pm AEST03:00
The Japanese are talking tough on the ugly (for them anyway) side-effect of the China situation, namely that the yen has gone back to seven-months highs as investors seek a safe haven.The Japanese are talking tough on the ugly (for them anyway) side-effect of the China situation, namely that the yen has gone back to seven-months highs as investors seek a safe haven.
We’ve now got some more intelligible quotes from Japanese finance minister Taro Aso who warned market players against pushing up the yen too much further as the currency experienced “rough”.We’ve now got some more intelligible quotes from Japanese finance minister Taro Aso who warned market players against pushing up the yen too much further as the currency experienced “rough”.
He said that while there was no immediate plan for G20 and G7 nations to take coordinated action against the current markets turmoil, global financial authorities were in frequent contact with each other on market developments.He said that while there was no immediate plan for G20 and G7 nations to take coordinated action against the current markets turmoil, global financial authorities were in frequent contact with each other on market developments.
Of the yen spike he said:Of the yen spike he said:
I would say they are rough, rather than rapid. For the economy to grow stably, it’s better for (currency and stock price) moves to be gradual and steady, rather than rough.I would say they are rough, rather than rapid. For the economy to grow stably, it’s better for (currency and stock price) moves to be gradual and steady, rather than rough.
Updated at 12.00pm AESTUpdated at 12.00pm AEST
11.51am AEST02:5111.51am AEST02:51
It’s going to be difficult to see where markets are going to end up today.It’s going to be difficult to see where markets are going to end up today.
On the up side we have:On the up side we have:
But on the downside:But on the downside:
11.42am AEST02:4211.42am AEST02:42
China's central bank pumps $24bn of liquidity into the marketChina's central bank pumps $24bn of liquidity into the market
The Shanghai Composite index lost 6.4% to 3,004.13 points at the opening a few minutes ago, following yesterday’s near-9% plunge sparked another global rout.The Shanghai Composite index lost 6.4% to 3,004.13 points at the opening a few minutes ago, following yesterday’s near-9% plunge sparked another global rout.
The CSI300 index was also down 6.3% at 3,070.01 points.The CSI300 index was also down 6.3% at 3,070.01 points.
This is despite an injection of liquidity, Reuters reports.This is despite an injection of liquidity, Reuters reports.
The central bank made a large 150 billion yuan ($23.43 billion) injection into the interbank market on Tuesday morning during open market operations.The central bank made a large 150 billion yuan ($23.43 billion) injection into the interbank market on Tuesday morning during open market operations.
However similarly large injections last week had little impact on stock market sentiment as the funds only remain in the market for seven days.However similarly large injections last week had little impact on stock market sentiment as the funds only remain in the market for seven days.
In fact, many investors worry the injections are being used as a substitute for the longer-term easing to bank reserve requirement ratios which would free up far more substantial sums of cash for long-term investment.In fact, many investors worry the injections are being used as a substitute for the longer-term easing to bank reserve requirement ratios which would free up far more substantial sums of cash for long-term investment.
11.31am AEST02:3111.31am AEST02:31
Back to stocks and some good news. Australian shares have continued to bounce back.Back to stocks and some good news. Australian shares have continued to bounce back.
11.24am AEST02:2411.24am AEST02:24
We haven’t looked at commodities yet this morning, so here goes.We haven’t looked at commodities yet this morning, so here goes.
It’s looking slightly better with US crude up slightly at US$38.38 a barrel, although the US benchmark and Brent are still sitting on six-year lows.It’s looking slightly better with US crude up slightly at US$38.38 a barrel, although the US benchmark and Brent are still sitting on six-year lows.
Gold meanwhile steadied below a seven-week high early on Tuesday.Gold meanwhile steadied below a seven-week high early on Tuesday.
11.21am AEST02:2111.21am AEST02:21
But it’s by no means certain. If this is just a correction – as Joe Hockey said this morning – then there’s nothing to worry about and the Fed should right on ahead, shouldn’t it?But it’s by no means certain. If this is just a correction – as Joe Hockey said this morning – then there’s nothing to worry about and the Fed should right on ahead, shouldn’t it?
Toru Yamamoto, chief bond strategist at Daiwa Securities, said today:Toru Yamamoto, chief bond strategist at Daiwa Securities, said today:
There seems to be no consensus with the Fed on whether they are worried about acting too prematurely or too late.There seems to be no consensus with the Fed on whether they are worried about acting too prematurely or too late.
However, Chris Weston at IG in Sydney is sure there won’t be a hike now but still thinks that someone has to do something:However, Chris Weston at IG in Sydney is sure there won’t be a hike now but still thinks that someone has to do something:
The ferocity behind the selling is there for everyone to see and there is an all-out liquidation of equity holding. Clearly, the Federal Reserve are not going to hike rates in September and the market is now placing a 20% probability on this fate. Still, we are going to need to see something more inspiring than the Fed holding-off on hiking rates. The mere fact they are having to hold off is bearish in itself, but we need to see something co-ordinated and specifically coming from Asia given this is where the concern is stemming from.The ferocity behind the selling is there for everyone to see and there is an all-out liquidation of equity holding. Clearly, the Federal Reserve are not going to hike rates in September and the market is now placing a 20% probability on this fate. Still, we are going to need to see something more inspiring than the Fed holding-off on hiking rates. The mere fact they are having to hold off is bearish in itself, but we need to see something co-ordinated and specifically coming from Asia given this is where the concern is stemming from.
China failed to cut reserve ratio requirements (RRR) over the weekend and this has hurt sentiment and cutting this ratio is a measure designed to fight fires; this alone is not going to significantly reverse sentiment.China failed to cut reserve ratio requirements (RRR) over the weekend and this has hurt sentiment and cutting this ratio is a measure designed to fight fires; this alone is not going to significantly reverse sentiment.
Still, we will need to hear of easing measures fairly soon and we need to hear of commercial banks increasing liquidity to infrastructure projects. In general, the focus has to shift to something sizeable on the fiscal side.Still, we will need to hear of easing measures fairly soon and we need to hear of commercial banks increasing liquidity to infrastructure projects. In general, the focus has to shift to something sizeable on the fiscal side.
China needs to convince the domestic market and the world that its economy is able to cope with further outflows and that its slowdown is under control.China needs to convince the domestic market and the world that its economy is able to cope with further outflows and that its slowdown is under control.
11.13am AEST02:1311.13am AEST02:13
It looks like a lot of volatility until the China market opens. Until then, perhaps we should have a quick look at the bigger picture, namely whether or not this market correction (let’s stick with that before we call it a crisis, or even a crash) means that the US Federal Reserve will still raise rates, as has been widely expected for months.It looks like a lot of volatility until the China market opens. Until then, perhaps we should have a quick look at the bigger picture, namely whether or not this market correction (let’s stick with that before we call it a crisis, or even a crash) means that the US Federal Reserve will still raise rates, as has been widely expected for months.
Former US treasury secretary Lawrence Summers is in no doubt, saying that raising rates soon would be a “serious error”. He said in an opinion piece for the Wall Street Journal:Former US treasury secretary Lawrence Summers is in no doubt, saying that raising rates soon would be a “serious error”. He said in an opinion piece for the Wall Street Journal:
A reasonable assessment of current conditions suggests that raising rates in the near future would be a serious error that would threaten all three of the Fed’s major objectives: price stability, full employment and financial stability.A reasonable assessment of current conditions suggests that raising rates in the near future would be a serious error that would threaten all three of the Fed’s major objectives: price stability, full employment and financial stability.
11.04am AEST02:0411.04am AEST02:04
The ASX200 has gone into positive territory for the day helped by investors buying up bank stocks.The ASX200 has gone into positive territory for the day helped by investors buying up bank stocks.
They have taken a fearsome beating in recent days – the financial sector was down 4.6% on Monday alone – so bargain hunters obviously think they’re now going cheap.They have taken a fearsome beating in recent days – the financial sector was down 4.6% on Monday alone – so bargain hunters obviously think they’re now going cheap.
Investor champion Stephen Mayne clearly thinks so.Investor champion Stephen Mayne clearly thinks so.
10.48am AEST01:4810.48am AEST01:48
Now it’s the turn of Japan’s economics minister Akira Amari. As we reported just a little earlier, investors are buying the yen as a safe-haven asset, bossting it to a seven-month high against the US dollar, which is not really what PM Shinzo Abe wants to happen.Now it’s the turn of Japan’s economics minister Akira Amari. As we reported just a little earlier, investors are buying the yen as a safe-haven asset, bossting it to a seven-month high against the US dollar, which is not really what PM Shinzo Abe wants to happen.
However, Amari is putting some heroic spin on it. He says the buying shows Japan’s economic fundamentals are strong, Reuters reports. A bubble had formed in China’s stock market and that stock prices are now adjusting lower, he said.However, Amari is putting some heroic spin on it. He says the buying shows Japan’s economic fundamentals are strong, Reuters reports. A bubble had formed in China’s stock market and that stock prices are now adjusting lower, he said.
And he added that it was up to the Bank of Japan to decide whether or not to ease monetary policy again – ie more QE to force the yen back down.And he added that it was up to the Bank of Japan to decide whether or not to ease monetary policy again – ie more QE to force the yen back down.
10.39am AEST01:3910.39am AEST01:39
The fightback is definitely on this morning. The ASX200 is now up 0.4%.The fightback is definitely on this morning. The ASX200 is now up 0.4%.
The Nikkei is still getting hammered though. Down 3.57% now.The Nikkei is still getting hammered though. Down 3.57% now.
China’s response/lack thereof now looks increasingly critical.China’s response/lack thereof now looks increasingly critical.
10.36am AEST01:3610.36am AEST01:36
Japan urges China to take actionJapan urges China to take action
The Japanese finance minister Taro Aso has urged China to do something to stop the bleeding.The Japanese finance minister Taro Aso has urged China to do something to stop the bleeding.
forexlive reports that Aso said:forexlive reports that Aso said:
Hope Chinese authorities take appropriate action to stabilise economy, which has big impact on global growth.Hope Chinese authorities take appropriate action to stabilise economy, which has big impact on global growth.
Recent yen moves are rough, rather than rapid.Recent yen moves are rough, rather than rapid.
He also said there are no plans for international coordinated action though.He also said there are no plans for international coordinated action though.
Hopefully we’ll get a proper version of his quotes soon where he doesn’t sound like a robot.Hopefully we’ll get a proper version of his quotes soon where he doesn’t sound like a robot.
10.26am AEST01:2610.26am AEST01:26
But check this out. The Kospi index in Seoul is UP UP UP. Amazing stuff – it’s risen 0.12%. The fightback starts here.But check this out. The Kospi index in Seoul is UP UP UP. Amazing stuff – it’s risen 0.12%. The fightback starts here.
10.26am AEST01:2610.26am AEST01:26
The Nikkei in Japan is down around 2%.The Nikkei in Japan is down around 2%.
10.21am AEST01:2110.21am AEST01:21
Or is the ASX rallying?Or is the ASX rallying?
Much will clearly depend on what happens when the Chinese market opens later on this morning – in fact, in a little more than an hour’s time. No sign yet of any policy moves by the People’s Bank of China.Much will clearly depend on what happens when the Chinese market opens later on this morning – in fact, in a little more than an hour’s time. No sign yet of any policy moves by the People’s Bank of China.
10.16am AEST01:1610.16am AEST01:16
More on Australia, where the exposure to China is acute.More on Australia, where the exposure to China is acute.
10.14am AEST01:1410.14am AEST01:14
ASX200 is tanking again in Australia. Now down 1.5% with all sectors taking a beating, says CommSec.ASX200 is tanking again in Australia. Now down 1.5% with all sectors taking a beating, says CommSec.
10.10am AEST01:1010.10am AEST01:10
Kospi down a little in Seoul.Kospi down a little in Seoul.
10.08am AEST01:0810.08am AEST01:08
Japanese and Australian markets open downJapanese and Australian markets open down
Not too bad in Australia – ASX200 down 0.6%. But Nikkei down 2.5% in Tokyo.Not too bad in Australia – ASX200 down 0.6%. But Nikkei down 2.5% in Tokyo.
10.03am AEST01:0310.03am AEST01:03
Tom Phillips is on deck in Beijing and he sends us this from the Global Times, a Beijing-run tabloid, which blames western doomsayers for some of the problems.Tom Phillips is on deck in Beijing and he sends us this from the Global Times, a Beijing-run tabloid, which blames western doomsayers for some of the problems.
There seems to be only one reason for the tumble – investors lack confidence in China’s economic outlook. The newly released economic figures do not look good. It seems that the words “misfortunes never come alone” have come true.There seems to be only one reason for the tumble – investors lack confidence in China’s economic outlook. The newly released economic figures do not look good. It seems that the words “misfortunes never come alone” have come true.
But the stridently nationalist paper, which is controlled by the Communist party’s mouthpiece paper, The People’s Daily, warned against paying too much attention to western doomsayers.But the stridently nationalist paper, which is controlled by the Communist party’s mouthpiece paper, The People’s Daily, warned against paying too much attention to western doomsayers.
There is no need to worry because of pessimistic voices from the outside world. China’s economy is in a bitter period of structural adjustments. We should become inured to face all sorts of problems with grace. This temporary lack of confidence will not snowball to become destructive.There is no need to worry because of pessimistic voices from the outside world. China’s economy is in a bitter period of structural adjustments. We should become inured to face all sorts of problems with grace. This temporary lack of confidence will not snowball to become destructive.
10.01am AEST01:0110.01am AEST01:01
The flip side of that is that other currencies seen as safe havens are doing much better. The yen, for example. That’s bad news for Japanese policymakers who want the yen to fall in value so its exports are cheaper.The flip side of that is that other currencies seen as safe havens are doing much better. The yen, for example. That’s bad news for Japanese policymakers who want the yen to fall in value so its exports are cheaper.
Here’s Reuters:Here’s Reuters:
A senior Japanese government official said on Tuesday that recent exchange-rate moves “appear to be rapid” after the yen surged to a seven-month high against the dollar as investors fled risk amid a global stock market rout.A senior Japanese government official said on Tuesday that recent exchange-rate moves “appear to be rapid” after the yen surged to a seven-month high against the dollar as investors fled risk amid a global stock market rout.
Asked whether a meeting on market moves was planned on Tuesday among the ministry of finance, Bank of Japan and the financial services agency, the official told reporters: “There is no plan to hold one today.”Asked whether a meeting on market moves was planned on Tuesday among the ministry of finance, Bank of Japan and the financial services agency, the official told reporters: “There is no plan to hold one today.”
But he added that the authorities may hold such a meeting in future as needed.But he added that the authorities may hold such a meeting in future as needed.
9.55am AEST00:559.55am AEST00:55
Australian dollar falls to new six-year lowAustralian dollar falls to new six-year low
I guess Hockey’s glass half-full view will be stress-tested a fair bit in the next few days. Very exciting stuff.I guess Hockey’s glass half-full view will be stress-tested a fair bit in the next few days. Very exciting stuff.
In the meantime, the Australian dollar – along with many other currencies exposed to the Chinese economy – is having a tough time.In the meantime, the Australian dollar – along with many other currencies exposed to the Chinese economy – is having a tough time.
The Aussie is down more 0.58% at US71.76c this morning after coming under pressure overnight.The Aussie is down more 0.58% at US71.76c this morning after coming under pressure overnight.
9.50am AEST00:509.50am AEST00:50
'It’s a correction, not a crisis''It’s a correction, not a crisis'
More from Australian treasurer Joe Hockey, who says this is a correction, not a crisis.More from Australian treasurer Joe Hockey, who says this is a correction, not a crisis.
Daniel Hurst has the full story here, but here’s another snippett:Daniel Hurst has the full story here, but here’s another snippett:
He said countries did not have the same “firepower” – or the capacity to cut interest rates and engage in stimulatory spending – as they did at the onset of the global financial crisis in 2008, but added: “In fact there is no crisis now. It is a correction.”He said countries did not have the same “firepower” – or the capacity to cut interest rates and engage in stimulatory spending – as they did at the onset of the global financial crisis in 2008, but added: “In fact there is no crisis now. It is a correction.”
Hockey said despite the falls, the Chinese stockmarket was still 40% higher than it was 12 months ago “and there has been a lot of flighty money in the Chinese stock market, so that’s part of the equation”.Hockey said despite the falls, the Chinese stockmarket was still 40% higher than it was 12 months ago “and there has been a lot of flighty money in the Chinese stock market, so that’s part of the equation”.
9.44am AEST00:449.44am AEST00:44
How the Pink Un has called it today.How the Pink Un has called it today.
9.41am AEST00:419.41am AEST00:41
SUMMARY – a wild 24 hoursSUMMARY – a wild 24 hours
if you’re just joining the blog and you want a ctach up on the events of the past 24 hours, here it is courtesy of my colleague Graeme Weardenif you’re just joining the blog and you want a ctach up on the events of the past 24 hours, here it is courtesy of my colleague Graeme Wearden
To summarise the summary, it was a bad day for the markets.To summarise the summary, it was a bad day for the markets.
9.37am AEST00:379.37am AEST00:37
In Australia, the federal treasurer Joe Hockey has moved to reassure people that all’s well and that the country can withstand the market volatility. He also hinted that China will wheel out the big guns to try to stop the rot. Question is, what will they do – if anything?In Australia, the federal treasurer Joe Hockey has moved to reassure people that all’s well and that the country can withstand the market volatility. He also hinted that China will wheel out the big guns to try to stop the rot. Question is, what will they do – if anything?
Anyway, my colleague Daniel Hurst will be filing soon on what Hockey has said this morning. But here’s a snippett:Anyway, my colleague Daniel Hurst will be filing soon on what Hockey has said this morning. But here’s a snippett:
I’m absolutely confident, absolutely confident that the fundamentals of the Australian economy and the global economy are still good.I’m absolutely confident, absolutely confident that the fundamentals of the Australian economy and the global economy are still good.
Last week, I met with one of the most senior economic figures in China.He reassured us, from his lips to our ears, that China would use whatever tools it has available to make sure that it grows relatively strongly this year ... There is no doubt.Last week, I met with one of the most senior economic figures in China.He reassured us, from his lips to our ears, that China would use whatever tools it has available to make sure that it grows relatively strongly this year ... There is no doubt.
9.31am AEST00:319.31am AEST00:31
9.27am AEST00:279.27am AEST00:27
The first key event of the day will be the opening across Asia and investors are expecting more steep falls. Futures are pointing to a 3.6% fall in the Australian market, taking the ASX200 well below 5,000 points.The first key event of the day will be the opening across Asia and investors are expecting more steep falls. Futures are pointing to a 3.6% fall in the Australian market, taking the ASX200 well below 5,000 points.
Chris Weston from IG Markets said this morning:Chris Weston from IG Markets said this morning:
The world’s capital markets are in meltdown, and investors are asking what can stop the panic. There is no getting away from the fact that this is going to be such a key session.The world’s capital markets are in meltdown, and investors are asking what can stop the panic. There is no getting away from the fact that this is going to be such a key session.
Our opening call is currently 4,820, which implies a 3.6% fall.Our opening call is currently 4,820, which implies a 3.6% fall.
9.23am AEST00:239.23am AEST00:23
Here we go againHere we go again
Good morning and welcome to the live blog on what promises to be another exciting day on the financial markets.Good morning and welcome to the live blog on what promises to be another exciting day on the financial markets.
After wild swings on Wall Street and Europe, it will be Asia’s turn again this morning, starting with Australia, Japan, South Korea, Taiwan and Malaysia at 10am Sydney time (midnight GMT).After wild swings on Wall Street and Europe, it will be Asia’s turn again this morning, starting with Australia, Japan, South Korea, Taiwan and Malaysia at 10am Sydney time (midnight GMT).
I’ll go through the main points in a minute but firstly a quick look at the scores on the doors, courtesy of Associated Press.I’ll go through the main points in a minute but firstly a quick look at the scores on the doors, courtesy of Associated Press.