The market is down 94 on the back of Wall St. The SFE Futures were down 75 this morning.
Wall St closed down 203. Biggest fall since July. All 30 Dow stocks finished lower. All metals struggled, oil price closed up $1.56 and Gold fell $8.60 to $1001. The Aussie dollar fell to 86.89c compared to 88.37c yesterday morning. Not a good start to the quarter…most of the damage was done in the final minutes of trade. Nerves surrounding the US government’s key September jobs report due tonight before the opening bell and jobless benefits coming in higher than expected provided the ammunition.
According to the latest International Monetary Fund report on the global economy released yesterday, ahead of the IMF World Bank annual meeting held in Turkey, world economic growth has turned positive but the recovery is expected to be a slow one.
Making the news today…
- Street Talk tells us the iron ore JV with BHP Billiton (BHP) and Rio Tinto (RIO) has hit a few minor hurdles. The issues surround access, commercial benchmark and the role of the JV partners. One broker says BHP stands to benefit more than RIO. BHP down 2.8% to 3612c, RIO down 2.6% to 5723c.
- The ASX Ltd (ASX) said any competition in the stockmarket operating space will undermine market integrity. Chi-X, a potential competitor has defended the possibility saying the ASX Ltd is being hypocritical. Many believe the ASX Ltd is on the brink of losing its monopolistic operating powers. ASX down 2.4% to 3424c.
- CanWest directors have resigned from the Ten Network (TEN) board after selling its substantial shareholding. TEN down 3.4% to 139.5c.
- PanAust (PNA) has discovered a high-grade gold and silver mineralized zone in the southwest of its Ban Houayxai deposit in Laos. PNA down 1c to 49c.
- Alan Greenspan, the former Federal Reserve Chairman, had a few things to say. He predicts the US economy will slow next year and the surge in the sharemarket will come to an end.
- Goodman Fielder (GFF) has raised $500m from the syndication of its multi currency loan facility. GFF down 1.4% to 164.5c.
- In previous days, the new-yearly high list has had a few big names. Today it’s Carindale Property (CDP) that has hit a fresh 52 week high.
- It seems unlikely now that Babcock & Brown Infrastructure (BBI) will achieve its proposed deal with Brookfield. BBI unchanged at 5.3c.
- Excelsior Capital Asia has sold its 13% stake in struggling Nick Scali. NCK last traded at 121c.
The Dow Futures are down 18 at 11:30am
MARCUS PADLEY is the author of the MARCUS TODAY Daily Stockmarket Newsletter.
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