European markets and oil also down heavily on the re-election of president Obama, with the focus in Washington, and on Wall Street now on the upcoming "fiscal cliff", with $US600 billion of spending cuts and tax increases that could force the US economy into a fresh recession.
The market is down 39. SFE Futures were down 39 this morning.
Dow Jones down 313. The Dow was down 369 at worst and in the red for the entire session, the three benchmark indexes all down at least 1.8%. European markets and oil also down heavily on the re-election of president Obama, with the focus in Washington, and on Wall Street now on the upcoming “fiscal cliff“, with $US600 billion of spending cuts and tax increases that could force the US economy into a fresh recession. “The president reiterated his commitment to finding bipartisan solutions to: reduce our deficit in a balanced way, cut taxes for middle-class families and small businesses and create jobs,” a White House spokesperson said. The industries that would have benefited most from policies proposed by Romney were hit the hardest with energy, healthcare and banking stocks all down. Gold upand US bond yields down.
There was speculation that the latest round of Greekbailout monies would be delayed and the European Commission now tips growth of just 0.1% in 2013 for the euro zone, down from earlier estimates of 1.0%.
Worstsectors — financials (-3.4%), energy (-3.0%), technology (-3.0%). US 2 year bond yield down 4bpts to 0.27% and the US 10 year yield down 11bpts to 1.64%.
Europeanmarketsdown — UK FTSE down 1.58%, German DAX down 1.96%, France down 1.99%, Spain down 2.26%, Italy down 2.50% and Greece down 0.79%. The Stoxx Europe 600 index down 1.4% with Energy (-2.0%), Basic Materials (-2.0%), Technology (-2.0%) and Financials (-1.9%).
Australia’s Unemployment rate came in unchangedat 5.4% which beat the forecast of 5.5%.
GoodmanGroup (GMG) is looking to raise about $400 million to help speed up projects in development and facilitate entry into Brazil. The capital raising is being conducted at 425c which represents a 5.3% discount to the stock’s last traded price. GMG is in trading halt.
LynasCorp (LYC) — Shares have been placed in trading halt ahead of an outcome in a Malaysian High Court case relating to their licence to operate a plant in Malaysia. Lynas was granted a temporary operating licence for their controversial LAMP plant. LYC is in trading halt.
TransfieldServices (TSE) — Has won a $200 million contract to provide maintenance and operations services to QGC’s Queensland upstream coal seam gas assets. It is five year contract with a two year extension option. CEO Graeme Hunt said “this award is a direct result of our strategic focus on Queensland’s growing CSG (coal seam gas) industry.” TSE is down 0.16% to 156.75.
YellowBrickRoad (YBR) — Mark Bouris has declared war on the big four banks in the home loan market after signing a deal with Macquarie Group (MGQ) that will now give his company access to billions of dollars to lend to customers. YBR will offer a discount of 1.15% off their standard variable 6.65% for the first 12 months to all borrowers. YBR is up 26% to 38c.
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