Financenews.com.auRBA’s rate warning wipes out ASX gains
The ASX fell for a third straight week after RBA governor Bullock flagged possible rate hikes, wiping out earlier gains with bank shares leading the falls.
Good news on oil could not save the ASX from its third straight week of losses after recent comments on possible rate hikes from the RBA governor spooked markets.
The ASX 200 finished virtually flat on Friday, capping a third consecutive week of losses driven by fears of further RBA interest rate hikes.
All four big banks fell, with NAB down 1.91 per cent, while gold producers surged, with Evolution Mining jumping 4.42 per cent.
AMP deputy chief economist Diana Mousina noted Australian shares are 4 per cent lower over the month and have had no growth since the start of the year.
Money markets jumped to a 95 per cent chance of another rate hike after Bullock's comments, which could affect both mortgage holders and share investors.
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