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Investors have given their initial verdict on the findings of the royal commission, driving the financial sector to what looks like being its best day in more than two years.
Business
The Australian share market has dived to near two-year lows amid a global stock sell-off, with energy and mining stocks bleeding red and the banks also suffering in early trade.
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The plunge in US stocks has infected Australian shares, with the local bourse opening sharply lower in a “bloodbath” after the Dow industrials hit its biggest one-day decline in history.
Investor uncertainty about the US economy, President Donald Trump’s controversial executive orders and lower oil prices have pushed the Australian share market lower.
The Australian share market has staged a spectacular turnaround, rising more than three per cent in early trade, after US and Europe markets recovered from early losses following Donald Trump’s presidential election win.
Strength in the resources sector is helping the share market buck the negative trend set by overseas traders.
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