Australian shares end the day flat, amid gloomy global economic outlook
Last updated: 5:05pm AEDT
The ASX remained flat for the day, as the souring global economic outlook continues to weigh down the local market.
The S&P/ASX200 closed up just 2.50 points, to 6,647.50.
The broader All Ordinaries index closed down just 2.00 points, to 6,842.30.
Across the market, sectors ended mixed, with two higher and nine lower. Financial was the best performer, gaining 1.89% and rebounding from its recent decline.
Bank of Queensland (ASX:BOQ) was a standout. Its shares finished the day more than 10% higher, after the Australian lender reported a profit increase for FY2022.
ASX trades flat and global economic concerns mount
Last updated: 1:45pm AEDT
The S&P/ASX200 remained flat, following a sluggish session on Wall Street and all-round global economic gloom.
Global market sentiment was further shaken, after the International Monetary Fund (IMF) published its World Economic Outlook, lowering its forecast for global growth in 2023 to 2.7%, from of 2.9%.
The S&P/ASX200 was up just 3.60 points today to 6,648.60.
The broader All Ordinaries was down just 1.90 points today to 6,842.40.
Sectors were mixed, with two higher and nine lower. The Financial sector was the top performing sector, gaining 1.39% and rebounding from its recent decline.
Whitehaven Coal Limited (ASX:WHC) shares bounced back today, after falling yesterday following a downgrade by Citigroup. Its shares were up more than 4% in afternoon trading.
Meanwhile, Mineral Resources (ASX:MIN) shares were down as much as 4.3% in the morning before regaining some ground by midday. The stock fell after the company dismissed media speculation that it had locked in a decision to build a lithium processing plant at its Wodgina mine.
ASX opens up
Last update: 10:50am AEDT
The ASX has opened higher despite the gloomy global economic outlook.
The S&P/ASX200 was up just 6.30 points today to 6,651.30.
Across the market, sectors were mixed. Seven of 11 sectors were lower. A-REIT was the best performing sector, gaining 1.15% and rebounding from its recent decline.
Pre-market breakdown
Australian shares are set to fall upon opening as the gloomy global economic continues.
ASX futures were down 0.30% approaching 7:00am AEDT, following a choppy day of trading on Wall Street overnight.
Ahead of Wednesday’s local market opening, the Australian dollar was down 0.3% at US62.85c.
WTI Crude was down around 2.7%, at around US$88 a barrel.
Gold was down by 1.7%, at around US$1666 an ounce.
Meanwhile, Bitcoin was up by around 0.44%, to about AU$30359.
Market watch
The market’s eyes will be on Whitehaven Coal Limited (ASX:WHC) shares today, which fell as much as 3.5% on Tuesday, hitting a low of about AU$10. The stock’s decline followed a downgrade at Citigroup.
Citigroup thinks Whitehaven shares have run their race, after surging more than 300% this year.
