The ASX fell for the third straight year, but November was the strongest month in the local market in 32 years.
A new economic strategy from Beijing is set to shake up world trade and could change Australia’s key relationship with its largest export market.
November was the busiest month on the ASX in 32 years. Image: NCA NewsWire / Gaye Gerard Source: News Corp Australia
The Australian stock market fell for the third straight year as the strong Australian dollar weighed on US currency earners but remains at a nine-month high after a stellar November.
While the benchmark index S&P / ASX200 fell 1. 26 percent at 6518 and the All Ordinaries Index fell 1. 1 percent to 6742, the best month on the ASX in 32 years.
ThinkMarkets Australia analyst Carl Capolingua said it was a pretty broad move outside of the tech sector.
« The strength of the Australian dollar has weighed on some of our overseas earners today, » said Capolingua.
“However, there were some bright spots among the miners. One reason for the recent strength of the Australian dollar is the strong performance of the base metals. ”
Copper prices reached their highest level since April 2013, while iron ore reached a six-year high.
“So there is some pressure between the positive impact of higher commodity prices on earnings and the negative impact of converting those USD earnings to AUD. ”
The largest company on ASX, biotech giant CSL, slipped by 1. 86 percent to $ 297. 38 while hearing aid pioneer Cochlear gave up 0. 81 percent to $ 220. 42.
The mining giant BHP lost 1. 68 percent to $ 38. 07 and Rio Tinto softened 0. 59 percent to $ 101. 40.
Qantas sheds 2. 54 percent to $ 5. 38 after confirming that thousands of employees would lose jobs, with most of the airline’s groundhandling operations being outsourced as part of a cost reduction.
Adventure clothing retailer and Rip Curl owner Kathmandu Holdings gave up 5. 3 percent on $ 1. 16 after its managing director Xavier Simonet resigned to head Austrade.
The profit outlook for Treasury Wine Estates has been severely hurt by China’s recent measures affecting Australian trade. Image: Alex Aleshin Source: News Corp Australia
Treasury Wine Estates, owner of Penfolds, said China’s measures against Australian wine imports put up to 30 percent of its annual profits at risk, sending its shares 6. 93 percent lower to $ 8. 59.
Mr Capolingua said it was the busiest month he has ever seen, with punitive wine tariffs following the US election, signs of a relatively smooth transition to the new Biden administration, an interest rate cut and a quantitative easing program on the ground and the announcement of at least three viable vaccine candidates.
« We now expect things to get better before they eventually get worse, not the other way around. « . ”
ANZ withdrew 1. 95 percent to $ 22. 64, Commonwealth Bank traced 2. 03 percent to $ 79. In 07 National Australia Bank 1 refused. 84 percent to $ 22. 89 and Westpac was 1. 47 percent lower at $ 20. 13.
The Australian dollar hit 73. 91 US cents, 55. 33 British pence and 61. 7 cents in afternoon trading.
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Treasury Wine Estates, ASX, China, Australia, Stock Exchange, S&P / ASX 200
World News – AU – ASX lower, but November still the best month in 32 years
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