Market Update
Global equities fell sharply on Friday with the Dow down 296 points and seven of the eleven S&P 500 sectors were down at least 10% from their 52-week highs, including energy, materials and financials; These declines were enough to offset better than expected results on US economic growth. The Commerce Department reported that the US economy grew at 3.5% in the third quarter, above expectation of 3.4%; Despite a generally positive quarter of corporate results, bearish sentiment seems to be a recurring theme, with investor’s more concerned about the prospect of a hike in US rates by the Fed as we move past “peak earnings” in the cycle; Australian markets are set to be guided by key economic news over the course of the week with headline CPI, building approvals, export/import figures and retail trade numbers all set to be released by Friday.
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