Morrison Government: Tip Cash and Tech Stocks

morrison government: However, they warned that if the battle between the US and China continued, the Morrison government might need to tip cash into the Australian economy to reduce the chance of a recession, according to The Guardian. US labels China a currency manipulator as tensions flare Read more Tech stocks led the rout on Tuesday morning. Economists played down the damage to superannuation savings of the drop in a market that just last week reached a new high not seen since the 2008 global financial crisis. Shares in logistics software company Wisetech Global were the worst performer, tumbling 8%, while those in mining services group NRW Holdings were the exchange's second-worst, falling 6.82%. Accounting software company Xero fell about 6%, employment website Seek dropped 6.5% and buy-now pay-later outfit Afterpay, which has been a market darling, slumped 4.9%. But no sector was spared, with retailers, financiers and miners all down as a wave of red swept the board. In response, China has allowed its currency to fall, making its goods cheaper overseas, and banned the import of US farm goods. Global markets have been falling for the past few days amid an escalating stoush between the US and China, driven in part by president Donald Trump, who has long attacked China over its trade surplus with the US. Last week Trump said he would slap tariffs on consumer goods imported from China. (news.financializer.com). As reported in the news.