Australian shares fell sharply and wiped out nearly all of Friday’s gains on fears that decidedly sticky inflation will force the hands of central banks to raise interest rates higher and for longer, and bring a recession.P/ASX 200 fell 1.4 per cent, or 94.4 points, to 6664.4. The index has declined 10.5 per cent since the start of the year. The All Ordinaries index also retreated 1.4 per cent, or 94.3 points, to 6854.3.
All 11 sectors on the index fell with energy and materials leading losses, even as oil prices bounced higher. Brent futures rose 0.9 per cent to $US92.44 a barrel and West Texas Intermediate crude edged up 0.8 per cent to $US86.32/bbl. Investors had hoped for an easing in restrictions which has caused damage to the Asian giant economy. The most-traded January iron ore on the Dalian Commodity Exchange fell as much as 2.6 per cent at 682 yuan a tonne.
We need new emerging industries to work our way out of a global fed induced recession, government and big businesses backing the clean energy revolution re-tooling and reshaping of such industries will see the likes of our lithium miners outperform the asx200 ,
Thank God !! Some companies are doing well 👏