Market Commentary - Foreign Markets
Australian markets fall sharply As on : 04-Sep-24  16:10

Australian markets fell sharply, with energy, mining and IT stocks suffering the biggest declines.

he benchmark S&P/ASX 200 dropped 1.88 percent to 7,950.50 after the release of GDP data for the second quarter. The broader All Ordinaries index closed 1.99 percent lower at 8,157.

Australia's gross domestic product expanded a seasonally adjusted 0.2 percent on quarter in the second quarter of 2024, the Australian Bureau of Statistics said on Wednesday - in line with expectations and accelerating from 0.1 percent in the previous quarter.

On a yearly basis, GDP added 1.0 percent - again matching forecasts and slowing from 1.1 percent in the three months prior.

The services sector in Australia continued to expand in August, and at a faster pace, the latest survey from Judo Bank revealed on Wednesday with a services PMI score of 52.5.

That's up from 50.4 in July and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

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