Updated.
March 04, 2020 10: 51:14
Australian shares have actually fallen sharply after an unpredictable session on Wall Street overnight, triggered by a surprise rate cut from the United States reserve bank.
Bottom line:
- The Federal Reserve has cut rates by 50 basis points 2 weeks ahead of its next scheduled conference
- The Dow Jones index fell 2.9 per cent to 25,917 points, having actually traded higher previously in the session
- The ASX 200 index was down by 1.4 per cent at 6,348 points in early trade
By 10: 40 am (AEDT), the ASX 200 index had stopped by 1.4 percent to 6,348 points– as last week’s heavy sell-off picked up, eliminating Tuesday’s gains.
Nine out of every 10 stocks on the benchmark index remain in the red, while every sector is posting significant losses.
The significant banks are the biggest drag on the market, with Westpac, ANZ and NAB down more than 2 percent each.
Amongst the worst-perform