Market Wrap - Morning
Wednesday, 3 December 2008 7:15am
The Australian stock market is expected to open higher after US stocks rebounded overnight.
At 0700 AEDT on the Sydney Futures Exchange, the December Share Price Index futures contract was up 28 points at 3,600.
In economic news, the Australian Industry Group/Commonwealth Bank of Australia will release their Performance of Services Index for November, and the Australian Bureau of Statistics issues national accounts data for the September quarter.
Also today, the former Reserve Bank of Australia governor Ian Macfarlane speaks at the Lowy Institute in Sydney.
In equities, Boart Longyear Ltd provides a market update.
On Tuesday, a rate cut by the central bank failed to stem falls on the Australian share market as resources stocks helped drag it down four per cent.
The benchmark S&P/ASX200 index closed down 153 points, or 4.16 per cent, at 3,528.2, while the broader All Ordinaries index was 145.6 points, or 4.02 per cent, lower at 3,473.4.
NEW YORK - US stocks rose after General Electric Co announced plans to maintain its dividend and the Federal Reserve extended terms of three emergency loan programs.
In mid-afternoon trade, the Dow Jones industrial average had risen 54.80, or 0.67 per cent, to 8,203.89 points.
The Standard & Poor's 500 index was 8.44 points higher, or 1.03 per cent, to 824.65 points and the Nasdaq composite index gained 15.04, or 1.08 per cent, to 1,413.11 points.
LONDON - European stock markets closed sharply higher on Tuesday in a technical rebound after very heavy losses the previous day on increasing concerns the global economy faces a long and painful recession.
In London, the FTSE 100 index of leading shares rose 57.37, or 1.41 per cent, to 4,122.86 points.
FRANKFURT - The DAX gained 137, or 3.12 per cent, to 4,531.79 points.
PARIS - The CAC 40 rose 72.47, or 2.35 per cent, to 3,152.9 points.
TOKYO - The Nikkei average sank 6.4 per cent on Tuesday as exporters such as Honda Motor tumbled on the yen's strength against the dollar as fears deepened about the global economy in the wake of dismal data worldwide.
The benchmark Nikkei shed 533.53 to 7,863.69 points, its lowest close since November 20.
HONG KONG - The benchmark Hang Seng Index fell by 702.99, or 4.98 per cent, to 13,405.85 points.
WELLINGTON - The benchmark NZSX-50 index closed down 31.78, or 1.18 per cent, at 2,651.14 points.
AAP
This story was found at: http://www.financialstandard.com.au/news/view/24654
Printed: Friday, 12 March 2010 7:01pm