The Australian share market never recovered from its poor start, with the benchmark ASX200 finishing the day down 0.62 per cent or 37.4 points to 6,004.8 points.
The All Ordinaries fared no better, ending Friday down 0.57 per cent or 35.4 points to 6,144.9 points.
But it’s not all bad news, with the ASX200 having gained 77 points or 1.3 per cent over the course of the week.
What happened this afternoon?
The benchmark ASX200 was down 0.61 per cent in midday trade, to 6,005.60 points.
The All Ordinaries index was also down 0.55 per cent to 6,146.60 points.
The dip came as the Reserve Bank of Australia issued a bleak economic outlook.
“It will take time to get back to the level of global GDP prevailing before the pandemic. Taking 2020 as a whole, global GDP is expected to contract by more than 4 per cent, before rising by nearly 6 per cent in 2021,” it said.
“If realised, this outcome would still leave GDP below where it would have been had the outbreak not occurred.”
What happened this morning?
The started Friday on a low note, sliding 0.61 per cent or 36.7 points to 6,005.50 at 10:19am AEST.
The All Ordinaries fared similarly, down 0.55 per cent or 34.3 points to 6,146.
Mining giants Rio Tinto, BHP and Fortescue were among those leading the losses, with ResMed also copping a bruising.
Rio Tinto chief Jean-Sebastien Jacques is giving evidence to a parliamentary inquiry this morning about the destruction of 46,000 year old caves in Western Australia’s Juukan Gorge.
Rio is down 1.83 per cent at 10:37am AEST, while BHP has fallen 1.48 per cent. Fortescue has dropped 2.05 per cent.
Gold prices, meanwhile, continue to break records, and have hit a record high of US $2,075.47 an ounce.
What happened overnight?
Wall Street finished up Thursday in the green, with the tech giants in the lead: Facebook rose by 6.5 per cent, Apple was up 3.5 per cent, and Amazon, Alphabet, Microsoft and Netflix rose.
The Dow Jones index rose by 0.68 per cent to 27,386.98 points, while the NASDAQ broke its 11,000 point ceiling, rising by 1 per cent to 11,108.07 points. The S&P 500 was up 0.64 per cent to 3,349.16 points.
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