Aussie Shares Fall 3%

08 August 2011 - Which Way to Pay

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Aussie Shares Fall 3%

Australian shares have dropped 3% today, a total of $32 billion has been wiped out. Following the 4% plunge the shares saw on Friday, the S&P/ASX 200 index fell 119.3 points, 2.91%, leaving it at 3986.10. The broader All Ordinaries index was down by 113 points, 2.72%, to 4056.70. This is the first time the S&P/ASX 200 index has dropped below 4000 in 2 years.

After the US credit rating was downgraded by credit rating agency Standard & Poor’s from its coveted AAA rating, the price of gold reached new heights as investment confidence in the global financial markets plummeted. This is the first and only time US credit rating has been downgraded. So far over $95 billion was lost in stock value last week.

The Australian dollar was also affected by the knock in investors’ confidence, as the mounting financial tensions following the US credit rating downgrade sent investors running scared. The Dow Jones Industrial Average futures also took a blow, falling over 300 points during screen trade. The crumbling confidence and reported profits at a worrying level, the signs are pointing to another recession.

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