Equities markets brace for sell off
The continued sell off in US equities markets has local analysts tipping a further sell off in the Australian markets. The Dow Jones was off by a further 1.5 per cent on Friday evening taking the index 5 per cent lower over the week. This performance is the worse sell off in the last 5 years and the Australian market performance on Friday was the worst since the September 11 terrorist's attacks. AMP Capital believe the current climate could see between 7 and 12 per cent slashed from the markets current value with AMP economist Shane Oliver predicting the market to open close to 6000 today, meaning the market is off 6.8 per cent from record highs reached a little over a week ago. Technical analysis shows that if 6000 is broken the market could move to as low as 5650. The 2 per cent fall recorded on Friday wiped $41 billion off the market value of the ASX 200, a further 10 per cent fall would see close to $200 billion wiped from the market.