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Home> Finance> Investing> Markets Weak / Australia Strong Weak markets / Australia Strong | Posted on:? September 24 2008 | Comments:. 0 |]]> Wed markets in the U.S. fell, Asia was lower, and Europe was weak as doubts continued at the $ US700 billion U.S. Treasury rescue plan
The Dow fell 161.52 points or 1.47%, at 10,854.17. The Standard & Poor’s 500 index was off 18.87 points or 1.56% to 1188.22, while Nasdaq declined 25.64 points, or 1.18% to 2153 , 34
worried about the economy saw the dollar rise again. most currencies, particularly the euro and the Australians, who traded at 83.10 U.S. cents, down one cent at a days
gold fell $ US11 an ounce to around $ US897, oil fell more than $ US2. 50 and lost just over $ US106.70 a barrel and copper 11 U.S. cents to $ US3.14 a pound in New York end.
Our market was more than 1% after the overnight futures market could and ASX/200 70 points down to begin this morning.
In New York BHP Billion and Rio Tinto shares were weak as analysts saidf iron ore exporters would always be lower than expected price increases next year.
Rio’s American Depositary Receipts dropped since at least 1990, losing 13% to $ US289.14 and BHP ADRs slipped 5.2% to $ US61.77.
General Electric was the biggest drag on the S & P 500, falling more than 4% after Goldman Sachs cut the company’s earnings outlook. GE fall also hit the Dow. GE had added itself to us the anti-short-list.
also downgrades Bank of America violated the 2.5%, while Energy stocks fell as oil prices retreated.
More details were made public, the U.S. Congress hearings on night in Washington, but Wall Street did not like the debate and delays ..
Treasury, Hank Paulson, President Bush and Fed Chairman Ben Bernanke urged all the Congress to quickly approve the plan.
Bernanke that the U.S. economy would contract if the plan was not adopted and adopted quickly.
But there are concerns the Democrats could try to single pork barrel deals or trials under the control ram salaries, while some Republicans have expressed doubts about the whole idea.
comments from the head of the Senate Banking Committee, Senator Dodd didn ‘t help feeling.
He said morning government economic rescue plan “unacceptable” is in its current state.
“Many reservations were this morning by Democrats and Republicans expressed in this matter,” said Dodd, a Democrat, speaking after Paulson and Federal Reserve Chairman Ben Bernanke told Congress.
“What they have sent to us, this is not acceptable,” said Dodd. “This is not going to work.”
Wall Street fell more than 160 points after hearing that one of slightly up to well on the day.
European stock-index futures fell by Dow Jones Euro Stoxx 50 Index Futures as 1.9%
National indexes fell in all 18 western European markets. London’s FTSE 100 lost 1.9%.
Asian markets, the sharp rally two days ended on the doubts about the Paulson plan.
The MSCI Asia Pacific Index (excluding Japan ) fell 1.9% in financial shares, the big losers.
stocks fell in the region except in South Korea, Taiwan and Malaysia. The markets closed in Japan for a holiday.
China’s CSI 300 Index fell by 3.8%. Hong Kong was of 3.9%.
The Australian share market lost 1.9% at the end of the two-session rebound, as growing doubts whether the $ US700 billion ($ A840) would work billion financial system rescue package.
The ASX 200 index closed up 97 points or 1.9%, to 4923.5, after the getting up 4.5% on Monday.
Australian shares traded lower as regulators announced exemptions to the ban on short selling and detailed proposed legislation to control better.
At the end of the All Ordinaries fell 92.4 points or 1.8%, to 4957.7.
BHP Billiton fell. 80 or .90 to 4.5%, Rio Tinto falling 0.76% or 2.5 to 8, 24 and Fortescue Metals shed 64 cents, or 9% to 0.51.
Banking led the way down at ANZ losing 0.11 to 0.04, the Commonwealth Bank 38 cents to .22, National Australia Bank 44 cents to 0.86 and Westpac 20 cents to .50.
The retailers were mixed, with Harvey Norman adding one cent to 0.51, Woolworths falling 52 cents to .01, Wesfarmers retreating 57 cents to 0.18 and David Jones falling one cent to 0.39 prior to the publication of its annual balance sheet during the day.
media was mixed, with Consolidated Media Holdings by three cents to. 75, Fairfax falling 13 cents to .85, News Corp shedding 71 cents to 0.78 and the non-voting shares losing 70 cents to 0.51.
telecommunications company SP Telemedia lost one percent to 14 cents the message a whole year lost 0.93 million after amortization of debt, and lowered its forecast for the new year.
It is part of the Washington Soul stalemate group whose 61%-owned subsidiary New Hope Corp. lost six cents saved .40 despite forecasting a significant increase this year and delivers an increase in annual profit to 0.68 million
Santos added 17 cents to 0.70, Woodside fell one percent to 0.99 and Oil Search lost nine cents to 0.53
The spot price for gold was trading higher at $ . US891.30 one ounces was late yesterday, up $ US20.15 on yesterday’s local close to $ US871.15 oz
gold miners were stronger, with Newcrest adding 0.34 to 0.84, Lihir 12 cents to 0.77 and Newmont 16 cents to .15.
Telstra the most traded stocks on the market, with 42.05 million shares had changed the owner, together with a value of 2 million. The shares rose 16 cents to .98.
And in a report issued this morning, says the International Monetary Fund Australia is well placed to withstand the credit crunch.
In particular, the report notes that the IMF “Directors support the prudent fiscal policy, monetary policy is accepted for deployment. “
The Executive Board of the IMF believes that Australia’s banking system remains resilient, with stable profits, high capitalization and few non-performing loans.
This was done in the stress tests by the IMF and presented in their report that the Australian banks to absorb in a position to ‘extreme’ shocks are clearly demonstrated.
The IMF is of the view that the outlook for the economy more uncertain than usual due to large countervailing forces impact on the economy, with the commodity boom which has a substantial stimulus and the global downturn exerting a contractionary effect.
IMF predicts that real GDP growth as necessary to moderate underlying inflation back within the RBA target range.
On an annual basis, the IMF consults with Australian authorities, private sector economists and universities offer an independent and comprehensive assessment of economic performance in Australia
This is part of its program of economic consultations with all the IMF member countries
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