Choose your trading platfom

ASX sinks to correction territory, US futures tumbling

Sydney opera house and harbour

The S&P/ASX 200 fell into a technical correction on Thursday, dropping more than 10% below its August 2021 high to close the day sharply lower, losing123.30 points, or 1.8%, to 6,838.30. US futures are tumbling, indicating losses there when markets open.

The moves follow the US Federal Reserve indicating that it will begin lifting interest rates in March.

A UK court has approved BHP's unification, meaning the scheme will become effective on Friday at 9pm GMT.

Unification is expected to completely finalised by January 31, which will see BHP Plc shares and Plc ADSs changed for BHP Limited shares and ADSs on a one for one basis.

BHP Group Limited will become the sole parent company of the BHP Group.

It follows last week's unification vote, which was overwhelmingly approved by both Australian and British shareholders.

The single-listed entity will become the largest company listed on the ASX.

BHP says applications have been made for the de-listing of Plc Shares from the premium listing segment of the Official List of the FCA and the cancellation of the admission to trading of Plc Shares on the Main Market of the LSE.

The Aussie dollar is at US70.74c against the US dollar.

Bitcoin is at $US35,816.

Gold is at $US1815.25 an ounce.

Brent crude oil is trading around $US88.85 a barrel.

WTI crude oil is at $US87.10 a barrel.

Disclaimer: CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.