The United States federal government suspended operations, failing to agree upon appropriations for the 2014 fiscal year, which started on October 1, 2013. 800,000 employees were forced to leave without pay, and 1.3 million more are reporting to work without pay until an appropriations bill is passed.
The Australian stock market has seen mixed results as it anticipates the next move from the US government; the Australian stock index S&P/ASX200 ended 0.17% higher, with major sectors finishing with fluctuating values; mining had mixed results, with major miners (Newcrest Mining) falling as much as 3.95%. The energy sector also had its share of winners and losers, with Santos dropping to 0.2% shares, 0.48% increase for both Oil Search and Woodside.
This move by the US government is sending ripples to the global financial market, as US stocks plummeted to more than 2% since September 18 of this year creating. As IMF Managing Director Christine Lagarde stated, “The US has a special responsibility”. A resolution has to be made as soon as possible as the rest of the world holds it breath and wait.
Read more about this on the Australian website.
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