ASX set to rise even as SpaceX shares wipe out $1 trillion in value
Australia's share market is set to open higher even as SpaceX shares wipe out more than $1 trillion in market value. The local market's move appears largely decoupled from the volatility hitting global technology stocks.
Australia's ASX share market is set to open higher, tracking a broadly positive lead from global markets. The rise comes in the same period that SpaceX shares have wiped out more than $1 trillion in market value.
SpaceX shares fell below their initial public offering price, marking one of the sharpest declines the stock has seen in recent weeks. Analysts said the drop appeared driven by company-specific factors rather than a broader technology sector sell-off.
Local market watchers said the ASX's movement was being driven by strength in mining and banking stocks, and that the loss in SpaceX's value had not yet dented local investor confidence.
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