ASX: Shares tumble
Shares opened lower this morning after the Dow Jones Index closed down on Friday, spurring renewed fears the sharemarket will close in the red for the first time in five years... Looking abroad, investors can find little solace in the US market as the world's No. 1 economy grapples with a slowdown that has been exacerbated by the credit crunch. ...the US Federal Reserve is expected to keep its fed funds rate steady at 2%, although inflation is showing strength.The choppiness of the US market highlights the negative impact of the credit crunch, which has diminished the earnings outlook at banks and increased the cost of business for the sector both in the US and domestically in Australia. Macquarie strategist Rory Robertson said the markets were edging closer to their 16-month March low of 5086.1.The question now is whether or not the market will drop further. The credit crunch and high fuel costs are damaging to growth everywhere, he said, and its creating bearishness in the market. The Reserve Bank's engineered slowdown also coincides with increased skittishness among investors for risky holdings."Now we have momentum-type worries," Mr Robertson said."Investors can't own enough stuff when prices are going up. Now we're getting a reversal of those trends, where the downturn in prices is killing investor confidence
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