Australia (9news)

ASX loses ground as economic fears mount

By July 5, 2020 5 Comments
The Australian share market has pulled back after two days of gains, as lower oil prices pulled down energy producers and as warnings mounted of worsening economic conditions because of the coronavirus pandemic.
The S&P/ASX200 benchmark index finished Wednesday down 21.4 points, or 0.39 per cent, to 5,466.7 points, having jumped by as much as 44.9 points at the open on a strong Wall Street lead.
The Australian dollar was buying 63.81 US cents, down from 64.10 US cents at the close of markets on Tuesday.
The Australian share market has lost ground as warnings mount of worsening unemployment and economic conditions because of the coronavirus pandemic.
The Australian share market has lost ground as warnings mount of worsening unemployment and economic conditions because of the coronavirus pandemic.(AAP)
Only consumer staples, tech and telco stocks were ahead as the energy sector dropped on lower oil prices and the banking and mining heavyweights also fell further.
US stocks rose overnight after the White House said President Donald Trump would make several announcements about reopening the US economy.
Meanwhile, the International Monetary Fund expects Australia to suffer its biggest economic blow since the Great Depression of the 1930s.
The IMF said it expected unemployment to remain high for at least two years beyond the coronavirus pandemic, with Australia to be among the bottom third of the world’s top 20 economies.
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© AAP 2020
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