Australian market slides down for the second day

Australian market slides down for the second day

The local share market has continued its downward trend in morning trading, with the benchmark S&P/ASX200 index down 1.17 percent to 7,182.6 points and the broader All Ordinaries index down 1.16 percent to 7,373.4 points at noon AEST on Wednesday. 

This marks the seventh day of losses in nine sessions, as concerns about the health of regional banks in the United States weigh on financial markets worldwide. Mid-sized banks PacWest and Western Alliance saw significant drops of 27 and 15 percent, respectively, dragging the S&P 500 down 1.2 percent.

As a result, every sector of the ASX was down, with energy falling 2.2 percent and financials dropping 1.8 percent. In particular, the big banks experienced significant drops of at least two percent. Meanwhile, gold prices rose to a two-week high of $US2016, while oil prices slumped to a six-week low of $US75. 

Several companies posted their third-quarter trading updates and presentations at the Macquarie conference, with Ooh! Media plunging 21.2 percent, JB Hi-Fi up 0.4 percent, Domain Holdings down 2.9 percent, and Amcor down 9.2 percent.

- Published By Team Australia News

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