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1.Market Observations, 8.Was Sticky

31 July 2019 (AFR) – The ASX’s long, long road to recovery

(31 July 2019, AFR, p27, William McInnes, Reporter)

‘It’s been a long road for the local sharemarket, but finally after 11½ years, it has delivered what some might have thought unthinkable just over a decade ago. On Friday March 6, 2009, the Australian sharemarket reached its lowest point since the global financial crisis struck. It was only 16 months earlier that shares were at a record high, one that would not be matched for 11 and a half years. The benchmark S&P/ASX 200 Index had slumped to 3145.5, and an intraday low of 3124.3, and the bad news seemingly kept coming. Moody’s had just warned it might cut JPMorgan’s credit rating, and General Motors was teetering on the edge of insolvency. The history of Wall Street had already been rewritten, but the Federal Reserve’s zero per cent interest rate policy was still being sweetened with purchases of more Treasuries and mortgage-backed securities.’

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