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8 June 2019 (AFR) – Dovish central banks rescue ASX from sell-off

(8 June 2019, AFR, p33, William McInnes, Reporter)

Markets roundup past five days (Bloomberg, Capital Economics, AFR)

Markets roundup past five days (Bloomberg, Capital Economics, AFR)

‘Australian shares recovered from a sell-off on Monday to close the week higher as the RBA cut rates and other global central banks turned dovish. The S&P/ASX 200 Index rose 47 points, or 0.7 per cent, to 6443.9 while the broader All Ordinaries added 33.4 points, or 0.5 per cent, to end the week at 6525.2. A sell-off on Monday was sparked by a poor performance from US stocks last Friday, after President Donald Trump threatened to impose tariffs on Mexican imports if it didn’t do more to stem illegal immigration. Monday’s fall was followed by four straight gains, however, after the RBA’s decision to cut interest rates to a record low of 1.25 per cent, while the Federal Reserve and European Central Bank also signalled their openness to rate cuts. “Sharemarkets rose over the last week on increasing prospects for Fed rate cuts in response to the negative impact of trade wars. The Australian sharemarket also saw a modest boost from the RBA cutting rates,” said AMP Capital chief economist Shane Oliver.’

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