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The Overnight Report: Rock'n'Roll

  • Source: FN Arena News - - Read: 0



    By Greg Peel

    Wash Out

    There’s not a lot to dissect from yesterday’s sell-off on the ASX, which simply matched Wall Street’s plunge and took no prisoners. Wall Street fell -2.9%, the ASX200 fell -2.9%, and just about every sector fell by a similar amount.

    The standouts were energy, down -5.2% on the oil price, reversing rallies over the prior two days when the oil price recovered mildly, and IT, down -4.9%, because in times of trouble the first investments to go are the high risk, high PE growth stories.

    Materials (-2.4%) was not spared despite a slight bounce in the iron ore price and further strength in the gold price. A -3.0% fall for the banks equates to a big chunk of index points.

    If there was one “outperformer” it was utilities, down a mere -2.0% as a defensive sector.

    For ...



    Read Full News: https://www.fnarena.com/index.php/2019/08/16/the-overnight-report-rocknroll/

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