ASX sinks 2pc on tech, miners; A2 Milk rockets amid buyback; Fortescue profit drops
ASX has its biggest one-day fall in two months as just four stocks higher. A2 Milk surges on result, iron ore futures hit miners, Fortescue profit drops and retail sales soar.
Welcome to the Trading Day blog for Monday, August 29. The Australian sharemarket recorded its biggest single-day fall in two months as renewed interest rate jitters hit equity markets.
The S&P/ASX 200 index lost 138.56 points, or 2 per cent to close at 6965.50.
Wall Street ended Friday weaker with the Dow Jones Industrial Average index plunging 3.0 per cent while the S&P 500 index fell 3.4 per cent and the Nasdaq index lost 3.9 per cent.
US 10-year bond yields rose to 3.03 per cent, while two-year yields increased to 3.38 per cent.
Oil prices are stronger with global benchmark Brent crude rising 1.7 per cent to $US100.99 per barrel and the US Nymex up 0.6 per cent to $US93.06 per barrel.
Iron ore futures rose 0.4 per cent to $US105.38 per tonne.
The Australian dollar was near US68.58c at the local close.
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