More than half of Australia’s retirement savings are directly exposed to a share market crash thanks to the high-risk settings of most superannuation funds.
Australian investors have staged a cautious comeback, pushing the local benchmark index higher after an overnight retreat on Wall Street that, while savage, was not as deep as feared.
Commodities from copper and gold to crude oil tumbled, while paring back some of the losses, as global economic malaise dimmed the outlook for industrial demand.
Republican presidential nominee Donald Trump on Monday blamed Vice President Kamala Harris for the stock market’s dramatic plunge, months after claiming he deserved credit for the market’s then-record upswing.
Fortescue shares plunged to their lowest since November 2022 after a US investor offloaded nearly $2 billion worth of stock in the Andrew Forrest-led company on Monday night.
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