Australian stocks were on track for the worst week since June 2022 on concerns that the nation’s central bank may further raise rates.
(Bloomberg) — Australian stocks were on track for the worst week since June 2022 on concerns that the nation’s central bank may further raise rates.
The S&P/ASX 200 Index dropped 4% this week, trailing the regional benchmark, weighed by banks and miners. Domestic equities also remained under pressure due to external factors including the Fed’s higher-for-longer mantra.
“Australian stocks are grappling with headwinds from nearly all directions: a hawkish Fed, an uncertain RBA, a slowing Chinese economy, and a mess-filled domestic business landscape,” said Hebe Chen, an analyst at IG Markets Ltd.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.