Fears the United States could raise interest rates as soon as March sent the Australian sharemarket tumbling into “correction” territory, wiping billions from superannuation balances and signalling the era of low-cost borrowing is ending.
The sharp falls, which hit high-flying technology stocks hardest but also affected blue-chip names, were sparked by tthat it would start hiking interest rates in the world’s largest economy in March, in what could be a critical turning point for world markets. Ultra-low interest rates, intended to limit the economic hit from COVID-19, last year drove the Australian sharemarket to record highs. But on Thursday the ASX200 closed at a new 100 day low of 6,838.3 points, down 10.4 per cent from its August high.
“It’s just indiscriminate at the moment, we’ve got some really high-quality names that are just getting sold off in a big way,” Ms Lopez said.
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