Indices: Australian ASX 200
The ASX200 is set to plunge around 5% this morning following 2 extremely weak sessions on overseas bourses sending the local market back to levels not witnessed since early 2021. Assuming the US is a gauge, no sectors will be safe from the avalanche of selling that’s likely to hit our market come 10am this morning. The story remains the same with rising inflation leading to investors losing faith that central banks can…
The ASX200 was smacked for the 2nd day this week as UBS’s more cautious rhetoric towards the banks continued to drive the influential sector lower e.g. Commonwealth Bank (CBA) -2.6% and Westpac (WBC) -3.7%. I can feel the questions brewing up for the weekend report “is it time to buy the banks?”, firstly lets simply revert to the seasonal statistics as the financials dance to their common June tune:
