Australian slump expected after Wall Street plungegreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
This Bulletin: Sat, Apr 15 2000
Australian slump expected after Wall Street plunge.
Phillip Lasker reports.
Analysts say the latest plunge is more than a just a correction of overvalued technology stocks, with the Nasdaq now officially a bear market.
The Commonwealth Bank's Chief Economist, Bruce Freeland, predicts Australia's All Ordinaries Index could fall by about 3 per cent on Monday, with blue chip, media and technology stocks all affected.
"This fall though on Friday night in the US, which was quite wide-spread and driven by inflation fear and interest rate fears, really does seem to have affected stocks right across the whole spectrum of the US economy," he said.
"That's why I think the Australian All-Ords may be more adversely affected this time around."
-- Martin Thompson (email@example.com), April 15, 2000