PM 10 Sep 26: ASX posts worst day in 3 months
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Why did the Australian market experience its worst day in three months?
A
listener production. It's a Sea of Red with the Aussie market on track for its worst day in three months. And US inflation data will be in the spotlight tonight. Good afternoon, I'm Laura Besserati. It's Thursday, the 10th of September. Welcome to the Comsec Market Update. Well, everyone, it's been another rough day for the Aussie market. At the moment, heading into the close, it does look like it's going to be our worst day in roughly three months. So at the moment, down by a little over 1%. And that means we've just extended our losing streak to a third straight day. Keep in mind we did lift, but only very slightly on. Monday. We were up by five points or less than a tenth of one percent. We fell by one percent on Tuesday, a small decline yesterday, and then back down by another one or so percent in today's session.
So at the moment, we are sitting at our worst level since late July.
What upcoming economic catalysts could shift the market this month?
But I guess the good news is that we were down much sharper earlier on in the session. We were down about 1.9% at our worst level of the day. That was just before lunchtime. So I guess the good news in that is that we didn't actually end at those levels and we were able to recover as the session went on. But look, at the moment we are sitting almost 5% away from the record high that we hit five weeks ago in early August. I think it was the sixth of August that we hit that record high. So things can change. Very quickly when it comes to the share market. And of course, I did speak about plenty more catalysts to come over the course of this month that could once again change the direction of moves on the share market or could create some big swings in the coming weeks.
Of course, we have US inflation tonight and tomorrow night, business and consumer inflation. We have the Fed decision next week. We have Aussie jobs data the week after. After an RBA decision towards the end of the month. So still plenty of big catalysts that could continue to move markets.
How did Middle‑East tensions and oil prices impact today’s sell‑off?
But look, last night we did see uh Wall Street having quite a rough session. We saw the Dow Jones down 0.8%, the SP 500 down half a percent, and the tech heavy Nasdaq down 0.6%. And I guess all of that came on the back of a high. Tensions in the Middle East, and that really sent oil prices soaring even higher. So we did see oil prices top 100 US dollars a barrel. That's its highest level since May at the moment, sitting at roughly $101. And that means uh the price of oil is up something like 65% since the start of this year. So plenty more concerns about further. Further disruptions to energy supplies as that conflict just continues to escalate with no signs of those tensions easing. So that's really the reason for the big falls on our market.
So in September so far, we're down by roughly 3%. And we're actually on track for our biggest monthly tumble since March, which was when the war had just started. Of course, it started on the final day of February, which was a Saturday. And of course, March was the first time that markets were able to respond to that.
Which sectors led the decline and why were all 11 sectors in the red?
But in terms of a silver lining, the market is still about 1% higher over the course of this year. So we are still just hanging on to some gains. Now, today we did get some fresh data, an update on consumer inflation expectations. That's essentially a read on what Aussies think will happen to. Prices over the next year. And it essentially showed that households are still expecting inflation to remain fairly high, which is probably not very surprising considering we've recently seen inflation remaining sticky and well above the RBA target. Plus, we do have, you know, those added inflationary pressures stemming from the Middle East conflict. So data just supporting what all of us are sort of feeling in terms of inflation.
And cost of living concerns at the moment. Now, looking across the different sectors today, it's a sea of red. We were seeing the communication services just edging higher earlier on, but now we do have all 11 sectors in negative territory utilities and telcos, which tend to be some of the more defensive parts of our market, they're actually down the least.
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Chapters
7 chapters
1
Why did the Australian market experience its worst day in three months?
0:02–1:09
2
What upcoming economic catalysts could shift the market this month?
1:09–2:15
3
How did Middle‑East tensions and oil prices impact today’s sell‑off?
2:15–3:29
4
Which sectors led the decline and why were all 11 sectors in the red?
3:29–5:02
5
Which stocks managed to rise despite the market downturn?
5:02–6:32
6
What were the biggest losers and what news drove their drops?
6:32–7:45
7
What key data releases and central‑bank decisions should investors watch tonight?
7:45–10:00