Australian shares lose steam to hit 4-year low ahead of RBA meeting [Reuters (UK)]
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Source: Reuters
Australian shares lose steam to hit 4-year low ahead of RBA meeting - Reuters 3 Min Read * Energy stocks biggest drag in Australia, Afterpay slumps * New Zealand falls as virus cases rise, GDP slows in Q4 By Pranav A K March 19 (Reuters) - Australian shares gave up early gains to hit a four-year low on Thursday as investors turned their focus to a key central bank policy meeting amid rising fears of a coronavirus-induced recession. The benchmark S&P/ASX 200 index jumped 3% in early trade after the European Central Bank’s 750 billion euro ($817.43 billion) bond purchase announcement, but quickly lost its steam to trade 1.5% lower by 0200 GMT. The benchmark lost more than 6% on Wednesday. The Reserve Bank of Australia is set to make its announcement at 0330 GMT, where economists expect a quarter-point interest rate cut to 0.25% and its first ever quantitative easing programme to prevent a recession in nearly three decades. “Markets are trading nervously today,” said Damian Rooney, direc
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