Australian Stocks Close at 2 Year Low Ahead of Fed

The Australian share market has slipped to its lowest level for more than two years after the benchmark ASX/S&P 200 index suffered its sixth successive day of losses.

After a volatile day’s trading on Tuesday, the index closed down 0.39%, or 19 points, at 4,909.6 points, its lowest point since July 2013.

Investors will be hoping for strong overnight leads from Europe and the US to boost the Australian market when it opens again on Wednesday. The ASX200 has not seen seven straight days of losses since 2010.

The major banks gave up earlier gains to drag the market lower later in the day, while oil and resource stocks continued on their bearish streak. BHP Billiton lost another 2% to touch fresh 10-year lows as the plunge in commodity prices weighed heavily on the world’s biggest mining company.

Brent crude, the global oil benchmark, was at $37.77 shortly after 6pm AEDT, down 15 cents from its last settlement after rising slightly earlier in the session.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza