US Markets – It has been a volatile week on the US markets, seeing the DOW surge 900 points on Wednesday night. The rally was Wall Streets best day in two years. The good news however was short lived, the following trading session saw the DOW drop 3.2%, the S&P 500 fall 3.6% and the NASDAQ lost a whopping 5%
Bitcoin Plunges – With the major sell off happening on Thursday night, Bitcoin looked to maintain its status as a safe haven asset, staying relatively flat, until a about 1:30 this morning saw it shed 10% of its value. Bitcoin is now sitting at $35,261.86 USD
BoE Warning – The Bank of England has warned they face a double whammy in the form of a shrinking economy and double digit inflation later this year. The fear of stagflation is a part of the cause of the sell of in the US.
Australian Markets – The ASX has followed suit with loses this week, but unfortunately for investors, it did not take part in the rally on Thursday. It is shaping up to be the third straight week of loses on the ASX.
AUD/USD – The sell off in America has seen investors pile their money into US dollars boosting its value, causing a 2.1% fall in the value of the Australian dollar against the US currency.
Click here to open a POEMS trading account
This publication has been prepared solely for the information of the particular person to whom it was supplied by Phillip Capital Limited (“PhillipCapital”) AFSL 246827. This publication contains general securities advice. In preparing the advice, PhillipCapital has not taken into account the investment objectives, financial situation and particular needs of any particular person. Before making an investment decision on the basis of this advice, you need to consider, with or without the assistance of a securities adviser, whether the advice in this publication is appropriate in light of your particular investment needs, objectives and financial situation. PhillipCapital and its associates within the meaning of the Corporations Act may hold securities in the companies referred to in this publication. PhillipCapital believes that the advice and information herein is accurate and reliable, but no warranties of accuracy, reliability or completeness are given (except insofar as liability under any structure cannot be excluded). No responsibility for any errors or omissions or any negligence is accepted by PhillipCapital or any of its directors, employees or agents. This publication must not be distributed to retail investors outside of Australia.