Australian market this morning opened in red led by consumer staples, which lost 2 per cent. Both materials sector and metals and mining sector dropped 1.1 per cent in early trade. The benchmark S&P/ASX200 Index was down 0.67 per cent, while the broader All Ordinaries Index fell 0.59 per cent.
The Australian stock market opened in negative territory this morning following Wall Street's plunge on Friday. Asian markets also fell sharply Friday. Japan's Nikkei lost 1.5 per cent on stronger yen, while China's Shanghai Composite and Hong Kong's Hang Seng Index lost 1.1 per cent and 1.3 per cent respectively, due to Chinese government's further move to restrict speculative property investments.
The Australian sharemarket Tuesday closed higher in a quiet trading day as Dubai debt fears eased. The local market was also inspired by an earlier report about energy giant Exxon's US$30 billion takeover bid of XTO and the forecasts by the Australian government commodity forecaster ABARE for iron ore and coking coal exports. At the close, the benchmark S&P/ASX200 index rose 19.5 points, or 0.4 per cent, at 4673.5, while the broader All Ordinaries gained 19.6 points, or 0.4 per cent, to 4687.8.
US stocks closed nearly unchanged Wednesday despite a stronger than expected increase of new home sales and a jump in durable goods orders. The market responded to the positive data with a shrug, as investors remained cautious and took their profits after rallies.
An encouraging employment report sent the US stocks to a more than nine months high on Friday. The Labor Department released a report that the country's unemployment rate unexpectedly dropped to 9.4 per cent, its first decline in 15 months.
US Stocks declined on Wednesday on a weak sales outlook from P & G and concerns over the service and labour sectors. Economic data showed an unexpected fall in activity in the service sector and larger-than-expected losses of private sector jobs.
US stocks broadly surged on Thursday fueled by the better-than-expected earnings reports. The market's rally pushed the major indexes to their highest closes of the year.
Australian shares gained 1.3% on Friday but still lost 4.3% for the week. The benchmark S&P/ASX200 index was 49.8 points, higher at 3773.2 and the broader All Ordinaries index was also up 1.3%, or 48.1 points, at 3758.9. The local market is expected to soften on jitters over the US economy.
Yesterday the Australian shares fell in a day of light trading as the market had a breather after a few weeks of rally. The benchmark S&P/ASX200 index were 1.2%, or 48.8 points, lower at 3877.2, while the broader All Ordinaries index was down 1.2%, or 46.9 points, at 3863.6.
Australian shares posted a strong gain yesterday. The better-than-expected employment data also boosted the stocks market. At the close, the benchmark S&P/ASX200 index rose 1.9%, or 71.6 points, at 3938.7, while the broader All Ordinaries index was up 1.9%, or 72 points, at 3912.1.