COVID Downs the Economy Down Under

COVID forces the Aussie economy into a u-turn

Okay, newsflash: the global pandemic has done to Australia what even the 2008 global financial crisis couldn’t; sharply halting a period of record growth and plunging the country into a recession that’s going to take some getting out of.

How are the top companies faring?

A good measure of how any economy is doing (and where it might be heading) can come from looking at the performance of the country’s top companies. So, let’s do just that!

1. Wesfarmers (WES)

Stock price on 02.01: 41.44 AUD

2. Woolworths Group (WOW)

Stock price on 02.01: 36.28 AUD

3. BHP Group (BHP)

Stock price on 02.01: 54.92 USD

4. Commonwealth Bank (CBA)

Stock price on 02.01: 79.88 AUD

5. Westpac (WBC)

Stock price on 02.01: 24.19 AUD

Summary

Okay, so it’s not all doom and gloom. At least the retail sector is picking up! These are interesting figures and they show that consumers are feeling more confident, regardless of re-imposed lockdowns. This is positive. So too is the fact that BHP has bounced-back from pretty low-lows. That’s a signal that Australia’s mining traditions may be able to ease the suffering.

This week’s trading agenda

A relatively quiet week lies ahead. Here’s what you need to know.

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