Another choppy day on the boards and looks like Westpac got the brunt of it.
The bank flagged a $1.3b hit to its earnings today!
US banks are expected to release third quarter earning shortly, and with valuations at a three-year high, it remains to be seen what’s in the pipeline.
On another note, here’s some Tuesday trivia…
Did you know that Walmart employs roughly the population of Botswana?
Also, Microsoft’s market cap is greater than Brazil’s GDP!
ASX200 has closed down 19 points or 0.26% to 7,280 following a sell-off across Asian markets with most sectors in the red.
On Wall Street the S&P 500 dropped 0.7%, the Dow Jones declined 0.7%, and the Nasdaq was down 0.6%. Futures point to further declines of about 0.4% on all three indices tonight.
Westpac announced $1.3 billion in write-downs this morning in provisions for refunds and litigation, and costs from selling off its life insurance business. Shares were down 2.3% in early afternoon trading.
Iron ore increased 9.4% to $US135.03 a tonne overnight. WTI crude hit a seven-year high, and Brent crude is trading at a three-year high today.