Wall St in the driving seat

Original article by Terry McCrann
Sunday Herald Sun – Page: 57 : 7-Jun-20

Wall Street is now just eight per cent below its record high of late February, while the Australian sharemarket is still about 15 per cent off its pre-coronavirus peak. Wall St continues to drive the entire global financial system, in addition to sharemarkets across the world. Although Wall Street will drag the Australian market higher, the local bourse lacks the 21st century stocks that are leading the rebound. Meanwhile, a second wave of coronavirus infections would be devastating for the Australian economy; despite data from Roy Morgan showing that jobless numbers fell by 69,000 in May, the domestic economy will not quickly return to its pre-pandemic levels.


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