Business
What’s up with the market going down? – The Australian Financial Review
Despite a shock fall in unemployment, fewer COVID-19 cases, rising iron ore prices and the prospect of more stimulus in next month’s budget, the Australian sharemarket is on track for its weakest month since March.
“Mainly it’s been tech stocks coming off because it’s been such a big play in the market in the last few months,” said AMP Capital portfolio manager Dermot Ryan. “The tech valuations are writing cheques the businesses just won’t be able to cash.”
The sharp tech pullback has taken the shine off the stockmarket, but some fund managers are using the sell-off to buy into companies that will benefit from an economic recovery as the number of COVID-19 cases falls.
“It’s providing an opportunity and …
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