Tom Luxsox Coins

Australia Ram

Weak markets / Australia Strong?

U.S. markets fell, Asia was lower, and Europe was low, doubts continued over the U.S. Treasury rescue plan 700 billion.

The Dow fell 161.52 points, or 1.47%, to 10,854.17. The Standard & Poor's 500 Index was off 18.87 points, or 1.56%, to 1188.22 while the Nasdaq fell 25.64 points, or 1.18%, to 2153.34.

Concerns over the economy has seen the rise of the U.S. dollar again most currencies, particularly the euro and Australian dollar, which traded around 83.10 U.S. cents, down almost one percent in one day.

Gold fell $ US11 an ounce about $ US897, oil fell more than $ US2.50 a little more US106.70 a barrel and copper lost 11 cents to close at $ US3.14 a pound in New York.

Our market was off more than 1%, as the futures market overnight and ASX/200 could start around 70 points down this morning.

Billion in new York BHP and Rio Tinto shares were weak as analysts saidf exporters of iron ore becomes smaller than the expected price rises this year next.

Rio's American Depositary receipts fell the most since at least 1990, losing 13% to $ US289.14 and ADRs for BHP slipped 5.2% to US61.77 $.

General Electric was the biggest drag on the S & P 500, falling more than 4% after Goldman Sachs reduced profit outlook Company. GE drop has also affected the Dow. GE has added to the U.S. Anti-short circuit.

Also hurt shares lower Bank of America, or 2.5%, while shares of energy companies dropped the price of oil slid.

More details were released with the U.S. Congressional hearings from overnight to Washington, but Wall Street did not like the debate and delays ..

Treasury Secretary Hank Paulson, President Bush and Fed Chairman Ben Bernanke urged Congress to quickly approve all the plan.

Chairman Bernanke warned that the U.S. economy if the policy plan was not adopted and adopted quickly.

But there are concerns the Democrats might try to push through a large door on the barrel of pork or attempts to control banking salaries, while Some Republicans have expressed doubts about the idea.

Comments by the head of the bank of the Senate Committee, Senator Dodd did not help sentiment.

He said this morning the government economic rescue plan was "not acceptable" in its statement current.

"A lot of reservations have been expressed this morning by Democrats and Republicans on this issue," said Dodd, a Democrat, speaking after Paulson and Federal Reserve Ben Bernanke told Congress.

"What they have sent us is not acceptable, "said Dodd." It's not going to work. "

Wall Street has fallen more than 160 points after hearing that going to be up slightly, very low on the day.

European Futures Stock index decreased with Dow Jones Euro Stoxx 50 Index futures off 1.9%

National indexes declined in 18 markets in Europe West. London's FTSE 100 lost 1.9%.

Asian markets finished strong rally two days on these doubts about the Paulson plan.

Index MSCI Asia Pacific Index (excluding Japan) fell 1.9% share of the large financial fallers.

Stocks fell around the region, except in South Korea, Taiwan and Malaysia. Markets in Japan were closed for holidays.

China CSI 300 Index fell 3.8%. Hong Kong was 3.9%.

The Australian share market lost 1.9%, ending the recovery in two sessions, as doubts grew as to whether the $ 700 billion ($ A840 dollars) U.S. financial rescue package work.

The ASX 200 index ended down 97 points, or 1.9% to 4923.5, after up 4.5% on Monday.

Australian shares traded lower as regulators announced exemptions to the ban on sales Short and detailed bill for better control.

At the end All Ordinaries was 92.4 points, or 1.8%, to 4957.7.

BHP Billiton fell $ 1.80, or 4.5%, to $ 37.90, Rio Tinto fell $ 2.76, or 2.5%, to $ 108.24 and Fortescue Metals paid 64 cents, or 9% to $ 6.51.

Banking led the way down with ANZ losing $ 1.11 to $ 18.04, Commonwealth Bank 38 cents to 44.22 $ National Australia Bank 44 cents to $ 23.86 and Westpac 20 cents to $ 24.50.

Retailers were mixed, with Harvey Norman adding one cent to $ 3.51, Woolworths down 52 cents at $ 27.01, Wesfarmers 57 cents retirement to $ 31.18 and David Jones down one cent to $ 4.39 before the publication year its results later today.

Media was mixed, with Consolidated Media Holdings adding three cents to $ 2.75, Fairfax down 13 cents at $ 2.85, News Corp paid 71 cents to $ 15.78 and its non-voting share lost 70 cents to $ 15.51.

Telecommunications Provider SP Telemedia lost one cent to 14 cents after reporting a loss for the full exercise of $ 18.93 million following debt write-offs, and reduced its earnings forecast for the new year.

This is part of Soul Patti Washington with 61% owned subsidiary New Hope Corp lost six cents to 4.40 $, Despite the significant earnings growth forecasts this year and delivering a higher annual profit to 90.68 million dollars

Santos added 17 cents to $ 18.70, Woodside fell one cent to $ 56.99 and Oil Search lost nine cents to $ 5.53.

The spot price Gold was trading at higher $ US891.30 an ounce late yesterday, up nearly local US20.15 on yesterday to $ US871.15 an ounce.

Gold miners were stronger, with Newcrest adding $ 1.34 to $ 26.84, Lihir 12 cents to $ 2.77 and Newmont 16 cents to $ 5.15.

Telstra is the highest value traded on the market with 42.05 million shares changing hands, collectively $ 172 million. Its shares rose 16 cents to $ 3.98.

And in a report published this morning, the International Monetary Fund says Australia is well placed to resist to the credit crisis.

In particular, the report notes that IMF "Directors welcomed the support that prudent fiscal policy to offer policy monetary policy. "

The IMF estimated that the Executive Board of the Australian banking system remains strong, with stable profits, with high capitalization and few non-performing loans.

This was evident in stress tests undertaken by the IMF and presented in their report, which shows that Australian banks are able to absorb 'extreme' shocks.

The IMF said the outlook for the economy more uncertain than usual due to large countervailing forces impacting on the economy with the commodity boom providing a boost and the global downturn exerting a contractionary effect.

IMF forecasts real GDP growth will moderate as necessary to bring the underlying inflation back within the target range of the RBA.

Based on an annual basis, the IMF consults with Australian authorities, economists private sector and universities to provide an independent evaluation and overall economic performance of Australia.

This fits as part of its program of economic consultations with all member countries of the IMF.

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About the Author

Australasian Investment Review (AIR) is a free daily news service covering global financial markets with a focus on Australia, New Zealand and Asia. Each day our team of experienced journalists presents you with a concise digest of expert opinions and analysis on trends and backgrounds that matter in these markets. Subscriptions are free at aireview.com.au

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