Business
Australian shares to recover from $46b sell-off, following Wall Street’s rebound – ABC News
Wall Street rebounds from yesterdays heavy sell-off, and the Australian share market is set to recover from its worst sell-off in three months.
Australian shares are set to rebound from yesterday’s heavy sell-off which wiped $46 billion off the market, taking it to a three-week low.
ASX futures were up 69 points (+1.1pc) to 6,659, by 8:20am AEDT.
It follows a bounce back on US markets as it also tried to recover from yesterday’s sharp losses, after fears eased around hedge funds selling off long positions to cover a “short squeeze”.
Shares in videogame retailer GameStop (-44.1pc) and cinema chain AMC Entertainment (-56.6pc) tumbled overnight.
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