Australia is officially in recession for the first time in 29 years after posting a 7 per cent fall in June quarter GDP – the biggest since records started in 1959. Despite this, The Australian sharemarket rallied on Wednesday as investors shrugged off confirmation of the recession.
Taking Wall Street's lead, the ASX saw gains despite the Doom and Gloom. Usually we see a decline in the Stock Market when the Economy is not in good shape, yet we see the opposite happening. As discussed multiple times in the F&C Friday Wrap, could this affect have anything with the surge in "Day Traders" whom are now working from home and trading more often away from the prying eyes of their collegues or employers? Only time will tell.
Read more about the risks of day trading here.
For a more in depth Market Wrap read the AFR article here.