ASX to end week in red territory, here’s top 5 ASX winners and losers

2 min read | June 16, 2022 10:49 PM PDT | By Bhawna Gupta

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ASX to end week in red territory, here’s top 5 ASX winners and losers — Image source: © Oxtain | Megapixl.com

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Highlights

Australian share market is on course to close the week in the red.

Positive S&P 500 futures enticed Australian buyers yesterday morning, but the market rolled over by mid-afternoon.

Following a poor overnight session on Wall Street, the Australian share market is expected to close the week in the red. Domestic stocks would be under pressure after the US Federal Reserve raised interest rates for the first time in more than two decades, stoking fears of recession.

The ASX 200 Index was 2.15% down at 6,449.20 points at 1.38 PM AEST. The benchmark index lost 0.15% or 6,591.1 points on Thursday.

The Dow Jones was down 2.4%, the S&P 500 was down 3.25%, and the NASDAQ was down 4.1% in the United States. The Fed's rate hike on Wednesday was accompanied by estimates that US economic growth will drop to a below-trend rate of 1.7% in 2024.

According to reports released late last night, the US economy is already losing pace. Last month, construction on new homes fell by 14.4%, significantly more than predicted. Since May 2020, factory activity in the greater Philadelphia region fell for the first time.

Markets were astonished when the Swiss National Bank raised its benchmark rate by 50 basis points. The Bank of England increased its interest rate by 25 basis points.

As investors abandoned assets viewed as most vulnerable to recession, growth and consumer equities led the selling. Leading home-building enterprises have lost at least 6% of their value. Tesla's stock has plummeted by 8.54%.

Source: © Oxtain | Megapixl.com

Australian market

Today's domestic economic schedule contains nothing that could alter the session's outlook. US equities futures will have an impact, but as volatility has increased, they have shown to be an increasingly inaccurate predictor. Positive S&P 500 futures enticed Australian buyers yesterday morning, but the market rolled over by mid-afternoon.

The dollar gained 0.44% to 70.48 US cents, recouping some of last week's losses.

Here is the list of the top five gainers and losers of the day.

Data Source- ASX website dated 17 June 2022 at 2.32 PM AEST

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