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Consumer drought adds to trade gloom for shares

Vesna Poljak
Vesna PoljakCompanies editor

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The Australian sharemarket's brutal sell-off just three sessions after reclaiming its record high punctuated a bad week for the economy, as evidence that consumer spending ground almost to a standstill last quarter posed critical questions about earnings growth.

Stocks dropped 1.4 per cent on Wednesday after losing 2.2 per cent on Tuesday, closing at 6618.1 points and setting the market up for its worst week since October 2018. Bonds rallied and the Australian dollar fell.

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Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com

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    Original URL: https://www.afr.com/link/follow-20180101-p53gtp