Australian share market edges higher as ASX enjoys reprieve from brutal sell-off

The Australian share market is enjoying an early reprieve from the intense selling pressure that has hit global markets gripped by growing recession fears in the US.

The US Federal Reserve has also flagged it would soon start cutting interest rates, in a move that investors interpreted as a sign that the economy was weakening. But the market has shown some signs of resilience, with the chip maker Nvidia, as well as the Australian dollar, paring their initial sharp losses.

“The general rule of thumb is that a VIX reading below 20 represents expectations for a low-risk environment, while readings above 20 signal expectations for higher volatility,” said Mike Rode, senior investment director at American Century Investments.

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