Business
ASX to drop, Dow sheds 525 points, $A plunges – The Australian Financial Review
Australian shares are set to drop amid renewed, and broad, selling on Wall Street. The $A plunged below US71¢. Gold shed 2%. Iron ore fell 3%.
“So does the mkt rebound? Does it need the Fed to act for a rebound? Or, does it sink through -15% and start looking like last spring?” Jim Bianco asked in a series of tweets after the closing bell.
The US economy’s recovery from the pandemic recession is losing speed as government financial help to businesses and the unemployed dries up. Fed chairman Jerome Powell told lawmakers that Congress and the US central bank needed to remain focused on supporting the recovery.
“We need to stay with it…
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