Sydney, Aug 10, 2007 (ABN Newswire) - Australian shares have followed the global overnight trend and tumbled this morning as signs that the U.S. sub prime mortgage sector's woes are broadening. News that BNP Paribas, France's biggest listed bank, froze three funds that had invested in U.S. subprime mortgages fuelled worries about worsening global credit conditions. Mining stocks have also lost ground after metal prices also fell overnight.
At Midday the ASX200 index has fallen 155 points to 6,011 and on the futures market the SPI 200's down 160.
In company news this hour, the Westfield Group this morning announced it has agreed to acquire two shopping centres in Miami and sell four shopping centres in St Louis, Missouri. Group managing director Peter Lowy said these transactions complement Westfield's recent capital raising initiatives and are consistent with its ongoing strategy of recycling capital. The group paid $400 million for the Broward Mall near Fort Lauderdale and the Westland Mall, located five miles north of Miami International Airport. Westfield entered two separate transactions worth approximately US$1.04 billion with CBL & Associates Properties for the divestment of the St Louis Properties. Westfield Group shares are 2.39% lower this morning at $19.18
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