Traders Gordon Charlop, left, and John Panin work on the floor of the New York Stock Exchange, Tuesday 6 February 2018. Picture: Richard Drew/AP
Traders Gordon Charlop, left, and John Panin work on the floor of the New York Stock Exchange, Tuesday 6 February 2018. Picture: Richard Drew/AP

Shares to recover after $66bn loss

THE Australian share market looks set to open more than 1.5 per cent higher, after Wall Street turned around from the massive global equities sell-off and on track to close off a choppy session well in the green.

At 7am AEDT on Wednesday, the share price futures index was up 91 points, or 1.6 per cent, at 5,855.

In the US, Wall Street's three key indexes swung between gains and losses in a 1000-point range during a very volatile session.

After an initial two-per cent drop, major Wall Street indexes recovered but couldn't sustain the rebound, shedding those gains in afternoon trading.

However, by late afternoon, the tables had again turned around.

At 3:25pm Tuesday (7:25am Wednesday AEDT), the Dow Jones Industrial Average was up 1.86 per cent, at 24,798.64, the S&P 500 had gained 1.08 per cent to 2,677.53 and the Nasdaq Composite had risen 1.84 per cent to 7,095.87.

Locally, in economic news on Wednesday, the Australian Bureau of Statistics is expected to release its Selected Living Cost indexes for December. In equities news, Rio Tinto is slated to release full-year results while Commonwealth Bank, Nick Scali, Murray Goulburn and Carsales.com are expected to post half-year results.

The Australian market on Tuesday suffered its biggest one-day fall since September 2015, wiping around $66 billion from its value, amid a savage global equities sell-off.

The benchmark S&P/ASX200 index dropped 192.9 points, or 3.2 per cent, to 5,833.3 points, while the broader All Ordinaries index shed 198.2 points, or 3.23 per cent, to 5,930.2 points

Meanwhile, the Australian dollar on Wednesday is clawing back some of the losses it suffered amid Tuesday's volatility. The local currency was trading at 78.86 US cents at 0700 AEDT on Wednesday, from 78.57 on Tuesday.


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