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Any investor1 optimism sparked by the new prime minister was very short lived. The Australian share market quickly turned negative after a weak lead from Wall Street and then sharp falls in China. By the close, the All Ords dropped 1.4%. The ASX 200 Index was down 1.5%. And stocks were down across the boards. Across the region, it’s mixed. Japan’s Nikkei is higher. There’re steep losses in Shanghai. The Australian dollar was lifted by last night’s leadership change, but it’s now reversing those gains after the RBA September minutes provided a gloomy outlook. It’s buying 71.1 US cents. The business community has broadly welcomed the change in Australia’s prime minister. Economists3 are expecting a short-term boost to business confidence. There’s no question business had been disappointed by the previous leadership team’s ability to deliver economic outcomes. But a change in leadership alone doesn’t fix the low gross productivity situation the Australian economy is in. Economist2 Saul Eslake says it’s now up to Malcolm Turnbull to get things done. “If Malcolm Turn can deliver on what he promised last night to give more positive engaging optimistic / around the Australian economy, then they’ll certainly be a positive response to that. Whether that sustained, of course, will depend on whether the / company by policy shift. So if not immediate policy shifts, then a sense of hope…”
1 investor | |
n.投资者,投资人 | |
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2 economist | |
n.经济学家,经济专家,节俭的人 | |
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3 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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