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The COB from ausbiz
Another red day for the local bourse as the ASX 200 index closed down 0.3%...
Another red day for the local bourse as the ASX 200 index closed down 0.3%. However, the closing numbers don't tell the whole story - at lunchtime, the index was down closer to 1%. Many analysts are saying that we're in a technical pullback. With all of the good news already priced in it has been an opportune time for the market take some profit off the table.Excuses posed included a surge in COVID cases but in reality multiple weeks of gains had to come to an end. Risk off sentiment also flowed into FX markets, with the US dollar remaining bid across all majors.
The only standout gainer of the day was iron ore - trading at near 10-year highs as supply and demand issues dominated price action...
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