Australian Stock Benchmark Falls 10% from August Peak
Pedestrians are reflected in a window as they walk past an electronic stock board at the ASX Ltd. exchange centre in Sydney, Australia, on Thursday, Feb. 14, 2019. “We made good progress on our core initiatives across the period, including the program to replace CHESS with distributed ledger technology; upgrade of our secondary data centre to strengthen market resilience; and restructure of our Listings Compliance team to enhance the quality of market oversight,” ASX Chief Executive Officer Dominic Stevens said. Photographer: David Moir/Bloomberg
, Bloomberg
Jackie Edwards, Bloomberg News
(Bloomberg) -- Australian stocks dropped, on track to close in a technical correction after the Federal Reserve flagged it will start raising interest rates in March.
The benchmark S&P/ASX 200 Index slumped as much as 1.8% on Thursday, taking its decline since its Aug. 13 record to about 10%. Australian and New Zealand bond yields surged after Fed Chair Jerome Powell signaled a rate liftoff in March and didn’t rule out hikes at every meeting.
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