The Australian sharemarket rebounded today after heavy selling yesterday. At noon, the S&P/ASX 200 is 0.2 per cent higher at 7,665. This rebound comes amid a broader global market upheaval triggered by growing concerns over a potential US recession. Fears of aggressive interest rate hikes from the Federal Reserve to combat inflation have sent shockwaves through financial markets, with Wall Street experiencing its worst day since the early days of the COVID-19 pandemic. While today’s uptick offers some respite, market sentiment remains fragile, and investors are closely watching for further economic indicators and central bank policy decisions.
The SPI futures are pointing to a rise of 23 points.
Best and worst performers
The best-performing sector is Consumer Discretionary, up 0.96 per cent. The worst-performing sector is Energy, down 2.23 per cent.
The best-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 3.57 per cent higher at $18.14. It is followed by shares in JB Hi-Fi (ASX:JBH) and BlueScope Steel (ASX:BSL).
The worst-performing large cap is Pro Medicus (ASX:PME), trading 6.08 per cent lower at $122.90. It is followed by shares in Woodside Energy Group (ASX:WDS) and Newmont Corporation (ASX:NEM).
Commodities and the dollar
Gold is trading at US$1782.70 an ounce.
Iron ore is 0.5 per cent higher at US$104.10 a tonne.
Iron ore futures are pointing to a 0.6 per cent fall.
One Australian dollar is buying 65.13 US cents.