Shane Oliver, chief economist of AMP, one of Australia's largest pension groups, predicts that Australian stock market and exchange rates will experience further sharp declines due to the influence of the United States and China.
Shane Oliver said that the Australian stock market is expected to fall at least 25-30 points after looking at the market today due to the decline of US and European stocks last week. Meanwhile, he does not think that at the G20 meeting in Turkey this weekend, he would express any constructive views on how to stop the market from falling into anxiety about China's economic growth. "In terms of the Australian market, concerns about the Chinese economy and the Fed will continue to cause turmoil in the local stock market. Both questions have always existed and there is no answer," Shane Oliver said.
In addition, Shane Oliver also predicts that the Australian dollar will continue to fall against the US dollar and will gradually move towards the direction of 60 cents, and may be lower.
