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1.Market Observations

5 Oct 2019 (AFR) – ASX slides to worst weekly drop in almost a year

(5 October 2019, AFR, p33, Sarah Turner, Reporter)

Stock market S&P/ASX 200 index, past five days (AFR)

Stock market S&P/ASX 200 index, past five days (AFR)

‘The worst week for Australian shares in almost a year pulled down just about every sector of the market, with banks performing particularly badly after another interest rate cut by the Reserve Bank of Australia. The S&P/ASX 200 index gained 0.4 per cent, or 24 points, to 6517.10 on Friday, limiting weekly losses to 3 per cent. It was still the worst week for the index since mid-November last year. Australian shares joined a global rout after US ISM surveys of manufacturing and services disappointed and US ADP national employment data also fell below market expectations. The week culminates with US non-farm payrolls data on Friday (Saturday AEST). Economists expect 145,000 jobs were added to the US economy in September.’

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