🕔10/7/2008 10:39:00 AM
The market having another shocker down 96 or 2% – but improving. It was down 149 at worst. Not the worst result considering the SFE futures suggested a 178 point drop this morning. All sectors down. Financials and Property Trusts down 1.7%. Industrials down 2.9% and Resources down 3.6% on the back of metals prices falling over in London overnight and concern that demand will be affected by a US recession. Economists predict a interest rate cut of 50bps by the RBA this afternoon – the decision is due 2:30pm. One economist says there is a chance that rates may be cut by more than 50bps because lending rates has fast become the RBA's policy priority.
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