Weekend Edition EP88: The Stockmarket is not the Economy
Stocks hit fresh highs as the US Government sinks to a new low
Stocks hit fresh highs as the US Government sinks to a new low
Stocks continued to ignore the possibility of a lengthy Government shutdown triggering an economic slowdown, instead choosing to focus on the knock-on effect of the rate cuts that may come from it.
The Australian sharemarket advanced strongly on Thursday, buoyed by rallies in the major banks and surging gold prices. The S&P/ASX 200 Index rose 1.1 per cent, adding 98.8 points to reach 8944.5 by mid-afternoon, with nine of the 11 sectors trading higher.
GG8, also known as Gorilla Gold Mines Ltd, is a gold exploration company focused on rapidly discovering and delineating high-grade gold ounces near existing infrastructure in Western Australia’s Eastern Goldfields, targeting an average resource grade of 4 grams per tonne of gold.
Investors strapped on the “Rose coloured glasses” overnight as stocks rose on bets the US government shutdown will trigger rate cuts.
The Australian sharemarket traded lower on Wednesday as investors weighed the likelihood of a looming US government shutdown. After rising 0.2 per cent in early trade, the S&P/ASX 200 reversed course to fall 34.8 points, or 0.4 per cent, by mid-afternoon. Losses in energy, consumer discretionary and major banks outweighed gains in healthcare and utilities.
Stocks shrugged off an almost certain Govt shutdown, high valuations, overly ambitious rate cut expectations and more tariffs to finish higher in what can only be described as a bulletproof market