• ASX extends losses, down by 0.6% today
  • Energy producers and Miners led selloff, dragged down by commodity prices
  • Bitcoin is back below US$20k


After a horror week that saw the ASX index plunging by almost 8%, the local sharemarket began this week in the red once again.

At Monday’s close, the ASX 200 index was down by 0.60%, dragged down by Energy and Mining stocks which tumbled by 4% each.

Despite shortage in energy supplies, oil prices have plunged by around 10% over the past week as investors weigh the possibility of a US and global recession.

Aside from oil, other commodity prices like copper and iron ore are also under pressure, with the latter’s futures tumbling by as much as high as 9% on the Dalian exchange today.

The CBA, NAB and Nomura have today joined the chorus of investment banks that are predicting a US recession over the next year.

“The “R” word is being used more and more as recessionary winds start blowing more loudly through economic data and the price actions across the asset class spectrum,” said Oanda market analyst Jeff Halley.

Market participants have to not only contend with spiralling inflation, but also geopolitical concerns that are growing more ominous by the day.

“Chest thumping over the weekend by China around the Taiwan Strait, and legislation allowing Russian-style “special operations” won’t be giving regional Asia much comfort,” Halley said.

The volatility has spread to the crypto market, where Bitcoin has been hovering around the closely watched US$20k level.

At 4pm AEST, BTC has once again dipped below that level, changing hands at US$19,830.

On the ASX today, Discretionary and Real Estate gained on dip buying ahead of the speech by RBA governor Philip Lowe tomorrow.

Dr. Lowe will be give a speech titled “Economic Outlook and Monetary Policy”, one that could offer investors clues into his current state of thinking on interest rates.



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Genesis Energy (ASX:GNE) is defying the sector-wide drag, climbing 9% on thin trading – quite possibly helped out by movements on the NZ exchange.

ARB Corp (ASX:ARB) was also up 6% on no specific news.



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Many energy stocks were down today on the back of lower oil and energy prices.

Whitehaven Coal (ASX:WHC), Paladin Energy (ASX:PDN) all fell by around 6-10%.

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