Australia’s stock market finished down more than 2% on the weak HSBC China Flash PMI and Ben Bernanke’s economic update.
“Many investors were hopeful that the party of cheap, easy money will go on for the next two years and here’s the Fed signalling the bar will close soon,’’ Jonathan Ravelas, chief market strategist at Manila-based BDO Unibank told Fairfax. “A contraction in China is going to worsen the hangover.”
The ASX200 opened down on the news the Federal Reserve chairman would consider calling it a day on his multi-billion dollar bond-buying program by the end of next year.
But then came the weak China numbers — a nine-month low. And it got worse for the index …
At the close this afternoon it was down 103.00 points or 2.12%, after a day of trade that saw around $30 billion wiped off.
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