Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
Australian markets respond to Biden’s withdrawal from the US election
ABC NEWS (Australia)
Follow
7/23/2024
ABC finance analyst Alan Kohler gives insight into the falling Aussie dollar, it’s relationship to Biden’s withdrawal from the US election campaign, and the Sahm recession rule.
Category
📺
TV
Transcript
Display full video transcript
00:00
I don't know whether the Aussie dollar fell today because Joe Biden bowed out yesterday,
00:06
but it's been falling for a week, and although the decline did accelerate a bit in the past
00:11
24 hours, that had nothing to do with the US dollar.
00:14
The currency is now 66.6 US cents, down a full cent since last Monday.
00:20
Asian markets were mixed today, Tokyo down more than 1%, Hong Kong up 1% after a Wall
00:26
Street fall of 0.7% on Friday.
00:29
The local share market dropped 0.5% today, but that seems to have been more the result
00:33
of Friday's fall in New York than anticipation of another one tonight.
00:37
But we'll see, of course.
00:38
Banks, miners and tech stocks all fell, retailers went up.
00:43
On commodity markets, oil and gold went up, iron ore and copper fell.
00:47
Now the American election campaign is being fought with an economy close to recession,
00:52
at least on one measure, called the Sarm rule, after the US economist who thought of it,
00:57
Claudia Sarm.
00:58
She said it's a recession if the three-month average of the unemployment rate rises by
01:03
half a percent from the previous low, which a lot of people think is a better way to decide
01:08
it than the usual two consecutive quarters of negative GDP, because jobs are more important
01:14
than production.
01:15
So this here is a graph of the Sarm rule, and it shows that on this basis, both the
01:20
US and Australia are close to recession, even though GDP is still growing.
01:26
And that's finance.
01:28
And that's economics.
01:29
And that's economics.
01:30
And that's economics.
01:31
And that's economics.
01:32
And that's economics.
01:33
And that's economics.
01:34
And that's economics.
01:35
And that's economics.
01:36
And that's economics.
01:37
And that's economics.
01:38
And that's economics.
01:39
And that's economics.
01:40
And that's economics.
01:41
And that's economics.
01:42
And that's economics.
01:43
And that's economics.
01:44
And that's economics.
01:45
And that's economics.
01:46
And that's economics.
01:47
And that's economics.
01:48
And that's economics.
01:49
And that's economics.
01:50
And that's economics.
01:51
And that's economics.
01:52
And that's economics.
01:53
And that's economics.
01:54
And that's economics.
01:55
And that's economics.
01:56
And that's economics.
Recommended
5:15
|
Up next
Pennsylvania's 20 electoral college votes provide Biden win
ABC NEWS (Australia)
11/7/2020
1:41
Reporter To Peter Navarro: 'Why Is Trump On Truth Social Saying It's Biden's Stock Market?'
Forbes Breaking News
5/1/2025
1:42
Australian economy likely to feature in tonight’s first leaders debate
ABC NEWS (Australia)
4/8/2025
1:04
Is Inflation Affecting Biden's Polling? Expert Says 'Numbers Are Still Firm In People's Minds'
Benzinga
3/28/2024
1:00
Biden welcomes Anthony Albanese to White House
Australian Community Media
10/26/2023
0:30
The Divided States of Biden | show | 2024 | Official Trailer
JustWatch
1/8/2025
1:36
Biden vs. Trump: New Poll Shows One Candidate With A Slight Edge, But Pollster Says 'Both Looking Vulnerable'
Benzinga
2/22/2024
1:12
Biden's victory, and Irish roots, celebrated on Emerald Isle
FRANCE 24 English
11/9/2020
0:34
Trump Says 'Kamala Doesn't Have A Clue. Biden Is Sound Asleep' As Stock Markets Crash Globally: 'I Told You So!!!'
Benzinga
8/5/2024
0:52
‘Pass the torch’: Biden explains why he stepped down
Australian Community Media
7/25/2024
0:40
Seventh House Democrat Urges President Biden to Withdraw from Reelection Race
Benzinga
7/10/2024
0:44
Odds Of Kamala Harris Replacing Joe Biden As Democratic Presidential Candidate Raised By Crypto Bettors
Benzinga
7/3/2024
3:08
Biden Breaks Silence! Exposes 'Betrayal' Within Democrats in 1st Interview After Quitting 2024 Race
Oneindia
8/12/2024
3:18
Reporter Asks JB Pritzker Point Blank About Support For Biden Amidst New Reports Of 'Decline'
Forbes Breaking News
5/15/2025
0:46
Joe Biden's Disastrous Debate Performance Blamed On Bad Preparation: 'What A Bad Decision To Send Him Out Looking Sick And Exhausted'
Benzinga
7/1/2024
2:55
President Trump Asked Point Blank Why He Is Blaming Biden For The Bad Stock Market Numbers
Forbes Breaking News
4/30/2025
2:36
Cost of living and Trump swaying voters in Australian election
AFP English
5/2/2025
0:46
Obama-Era Official Says Democrats Discussing 'How' To Replace Biden: 'Full-Scale Panic' Behind The Scenes
Benzinga
7/5/2024
1:15
Biden Vs. Trump: Key Swing State Voters Give Big Lead To One Candidate, Despite Ranking Him Down On Critical Election Issues
Benzinga
5/10/2024
0:37
Biden Faces Pressure from Democratic Governors to Take a Stronger Stand in State of the Union Address
Benzinga
3/7/2024
0:44
Biden Rejects Calls to Withdraw from Re-Election Race as Poll Shows One-Third of Democrats Want Biden to Step Aside
Benzinga
7/9/2024
1:37
US rip-off self-made under Biden
AlArabiya English
2/4/2025
0:47
Trump, Biden trade verbal barbs ahead of long-distance face-off in Iowa
Arirang News
6/12/2019
0:31
George Clooney Calls on Biden to Step Down from Race, Says President Is 'Not the Biden of 2010' and 'Not Even the Biden of 2020'
Benzinga
7/11/2024
0:40
Biden’s Legacy Challenged as Trump Makes a Comeback
Benzinga
1/16/2025