Sea of Red as Financial Come Under Pressure
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The Australian share market sold off after the open, driven by selling in financial and discretionary stocks. ANZ traded down 2 percent while NAB and WBC are hitting lows not seen since January this year. The sector has come under a pressure lately as policy reform and an overheating property market are posing a risk on the outlook on the sector.
The BHP spin off South 32 has come on softer than expected. It is in line with the overall tone of the market today, which is down 1% with selling across all sectors. The property sector has remained in the black although only marginally.
One of the few green spots on the market today is Elders, which after handing down its half year results, has pushed up over 4%.
Tomorrow will see the Reserve Bank deliver minutes from the last meeting where they reduced the cash rate by 25 basis points. Currency traders will be hanging on every sentence as the last rate cut resulted in a surprising appreciation of the AUD. PMI numbers out of China on Thursday and US on Friday will be other points of interest to traders.
For further comment from CMC Markets please call 02 8221 2135.
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