A surprise drop in consumer confidence on Friday saw the US dollar trade broadly lower. And it’s likely something the Fed will take into account for any policy tightening.
The
S&P/ASX 200 Index (ASX: XJO) was on course to record a small gain last week until a pullback on Friday. This led to the benchmark index finishing the week 1.8 points lower at 7,392.6 points.
A number of ASX 200 shares performed particularly poorly and weighed heavily on the index. Here’s why these were the worst performers over the five days:
Crown Resorts Ltd
The Crown share price was the worst performer on the ASX 200 last week with a 14.1% decline. This casino and resort operator’s shares have come under significant pressure since
Star Entertainment Group Ltd (ASX: SGR) announced that it was ending merger talks. Star advised that while it remains interested in a potential merger, there is just too much uncertainty at present. It notes that there are concerns that Crown could lose its Melbourne licence.
Crown Loses $9 Billion Lifeline as Shutdown Hangs Over Casinos
Angus Whitley, Bloomberg News The Crown Resorts Ltd. logo at the Crown Resorts Ltd. logo atop the Crown Sydney hotel resort and the One Barangaroo Crown residences in Sydney, Australia, on Tuesday, Feb. 16, 2021. The crisis enveloping Crown deepened after a state regulator recommended an inquiry into the companyâs fitness to run its Perth casino hours after the company was formally found unsuitable to operate a Sydney casino. Photographer: Brent Lewin/Bloomberg , Bloomberg
(Bloomberg) Crown Resorts Ltd., facing a potential shutdown of its entire Australian casino empire, lost a lifeline on Friday after its closest rival withdrew a A$12 billion ($9 billion) merger proposal.