Australia's GDP expands in Q4

Asian stocks declined on poor data from China and Wall Street losses

By Nadia Elbilassy | @Nadia Elbilassy | 6 March 2024

Market open
  • The technology share rally showed signs of weakening

  • The euro remained steady at $1.0855, with focus on the European Central Bank's expected decision to maintain rates at 4% and insights into potential future cuts.

  • Australia's ASX 200 dipped, despite fourth-quarter GDP expansion, raising concerns about future growth. Oil prices rebounded slightly, with Brent crude at $82.31 and U.S. West Texas Intermediate at $78.51 per barrel.

On the Market Watch:


Stocks declined on bad data from China that continued to dim the outlook, followed by losses in Wall Street overnight as investors waited for further signals on rate cuts.

The previously robust rally in technology shares, driven by artificial intelligence, seemed to be losing momentum.


The euro remained unchanged at $1.0855, with traders preparing for the European Central Bank's interest rate decision later on Thursday. Anticipation surrounds the likelihood of the central bank maintaining rates at a historic 4%, shifting attention to any indications regarding potential future cuts and updates to economic forecasts.


The ASX 200 in Australia edged lower today, partially offset by data showing that the Australian GDP continued to expand in the fourth quarter. However, there are concerns about the potential slowing of growth in the upcoming quarters, putting additional pressure on the pace of economic expansion.

Oil prices

Oil prices saw a modest rebound following a prolonged decline.

Brent crude futures saw a gain of 27 cents, reaching $82.31 per barrel. And U.S. West Texas Intermediate crude futures rose by 36 cents to $78.51 a barrel, reversing a decline observed in the previous two days.