US stocks plunged significantly overnight despite a better-than-expected US manufacturing survey data. Falls in Asia and Europe markets put heavy pressure on the US stocks. Shanghai stocks dropped 5.8% Monday.
The Australian market has received a mixed lead, with Wall Street up while oil, gold and silver were down again. Yesterday local banks finished mixed despite heavy losses on Wall Street as the US investment bank Lehman was thought facing difficulties. Analysts said the market was volatile, heavy and irrational.
In early trade today, the benchmark S&P/ASX200 index had risen as much as 60.8 points, or 1.2%, to 5047.0 with financial stocks leading the way, as the Wall Street lifted more than 302 points on Friday night. Wall Street's rally was a result of a surge in the US dollar and a drop in oil prices, which fell below $US115 a barrel for the first time since May.
Leading infrastructure and industrial services company United Group Limited has renewed its end-to-end property and facilities management contract with Telstra.