SYDNEY: The Australian stocks continued its fall for fifth straight day, as new weakness in global oil value weighed on energy stocks and local shareholders absorbed the shock removal of a Swiss currency peg.
At 12.05pm (AEDT), the benchmark S & P/ASX200 index was down 33.5 points, or 0.63 per cent, at 5,297.9 points, while the broader, or 0.63 per cent, at 5,277.3 points.
Overnight, Switzerland’s central bank triggered turmoil in the currency market by unexpectedly scrapping a cap on the franc-euro rate, while US stocks fell for a fifth straight day as bank stocks declined amid weak earnings results.
Mixed reporting by the Bank of America and Citigroup, along with continued volatility in the commodities markets, fuelled the negative sentiment ahead of the weekend, Andrew West, director of Quay Equities, said.
Mr West said he expects the market to drop further into the red in the afternoon, with no scheduled release of economic data keeping investors mired in uncertainty.
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