ASX recovers as GDP jumps, Rio Tinto, FMG, Afterpay down, $A steady

ASX 200 reclaims most of its early losses to close down 0.1%. $A steady. Rio Tinto, FMG, Afterpay lower. GDP jumps. Home prices surge.

The ASX 200 rose 1.9 per cent in August. Picture: Gaye Gerard

Welcome to the Trading Day blog for Wednesday, September 1. The ASX 200 recovered after GDP jumped more than expected, the index coming back from its initial 0.9% drop at the open to close just 0.1% lower.

Virgin Australia has joined the campaign to get the country vaccinated as soon as possible, offering $150,000 worth of “prizes” for those who have had the double jab.

Property prices are moving at the fastest rate of growth since 1989 as the Sydney market surpasses annual growth of 20% over the month of August despite lockdown, according to property researcher CoreLogic.

Global markets ran out of steam after recent gains. US and European markets ended lower and oil prices sagged. On Wall Street, the Dow and S&P 500 both lost 0.1 per cent, and the Nasdaq fell less than 0.1 per cent.

Originally published as ASX recovers as GDP jumps, Rio Tinto, FMG, Afterpay down, $A steady