00:00When America sneezes, the world catches a cold, as that old cliché goes.
00:06So the pessimistic mood on US stock markets spread to Europe, Asia and Australia, where
00:11the ASX and All Lords fell by a pretty steep 1.4%.
00:15As for what's behind this global sell-off, it's got something to do with interest rate
00:19cuts or lack thereof in the world's biggest economy.
00:22Earlier this week, markets were betting there was a pretty good chance of rates being slashed
00:26in the US before Christmas, and that a cut in January was guaranteed.
00:30But now, those odds don't look quite so good, after several members of the US Federal Reserve
00:35were out and about overnight, pushing back against this idea that the US economy desperately
00:39needs a rate cut right now.
00:42And the prospect of fewer rate cuts led to a severe allergic reaction across Wall Street's
00:46most overvalued tech stocks, which are being propped up by cheap money.
00:50So that's Palantir, Tesla, Nvidia and anything that's even remotely connected with the AI
00:55boom slash bubble.
00:57Back home, tech stocks on the ASX were hit quite hard, along with big banks like ANZ.
01:02But TPG Telecom was the worst performer by far, down more than 30% as it's trading ex-dividend.
01:09Basically, it means if you didn't buy its shares before today, you won't receive its next payout,
01:14which has gone to be a pretty big one, as it'll include an extra $1.61 per share, after TPG shareholders
01:20voted last week, to return $3 billion worth of excess capital to themselves.
01:25Meanwhile, oil prices rebounded, gold and iron ore were flat, Bitcoins fallen below US$100,000,
01:32and the Aussie dollar is buying just under US$65.5.
01:35And that's finance.
01:38It's the very constituent with oil and administration now.
01:39...
01:41...
01:42down...
01:43...
01:51Toronto também.
01:52...
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