View in Other Languages 2月23日澳洲股市:英美熊市情绪加深 Australischen Markt Bericht der 23. Februar: Bärischer Ton aus dem US und UK 2月23日澳洲股市:英美熊市情緒加深 Australian Market Report of February 23: US and UK Bearish Sentiment 2월23일 호주 시장보고서: 미국 및 유럽증시 약세 지속 オーストラリア市場レポート 2月23日:米国とイギリスでの更なる弱気市場 تقـريـر سـوق أسـتراليــا الـمالـي 23 شباط / فبراير : تتجه الولايات المتحدة والمملكة المتحدة نحو المزيد من الهبوط 
US and UK Bearish Sentiment
US and UK Bearish Sentiment

Sydney, Feb 23, 2009 AEST (ABN Newswire) - Friday the US and UK stocks dipped further into its bear-market lows as investors continued selling off amid the bleak global economy outlook. US President Barack Obama is expected to unveil his budget plan which could slash deficit by half this week after signing a massive spending program.

The Australian market ended lower Friday. The benchmark S&P/ASX200 index was down 46.5 points, or 1.4%, at 3402.4. The broader All Ordinaries index shed 45 points, or 1.3%, to 3353. The market sentiment hit by the bearish tone from overseas is not likely to change by the upcoming half year earnings.

Key Economic Facts and Figures

Reserve Bank of Australia figures show that Australians chose to use a large slice of their A$8.7 billion pre-Christmas government handouts to pay credit card bills. The value of credit card repayments rose by A$3.9 billion in December.

Australian Bureau of Statistics said Household savings share in income increased to 3.9 per cent in the September quarter, as people are fearful about the job losses and the grim economy.

M&A News

Treasurer Wayne Swan said that the Government would closely looking the proposed A$30 billion deal between Rio Tinto (ASX:RIO) and Chinalco at the national interest criteria.

Chief executive of OZ Minerals (ASX:OZL) Andrew Michelmore says China's Minmetals may use its A$2.6 billion purchase in the Australian company as a starting point for further acquisitions.

It is said that Macquarie Media Group (ASX:MMG) is trying to unwind the sale of stakes in Darwin Digital Television and Tasmanian Digital TV to Prime Media Group Ltd. (ASX:PRT) and WIN Television, respectively.

Important Corporate News

Transfield Services Ltd (ASX:TSE) booked a 25% fall in first half profit to A$30.287 million compared to the prior corresponding period. But the company maintained its profit forecast provided economic conditions don't continue to deteriorate.

BlueScope Steel (ASX:BSL) said its first-half net profit rose 251 per cent to A$479 million from A$116 million in the previous comparative reporting period. But the company forecasts that its underlying full-year result could be a loss if the economy continued to worsen.

Fairfax Media (ASX:FXJ) reported the net loss for the six months ended December 28 was A$365.27 million, compared to a profit of A$195.97 million in the previous corresponding period.

OM Holdings Ltd (ASX:OMH) recorded a net profit of A$115.6 million for the year to December 31 2008 compared with A$56.9 million in 2007. Chief executive Peter Toth said the outlook for the steel industry remains volatile and uncertain.

Iress Market Technology (ASX:IRE) has reported a 39.8% rise in annual profit with net profit for calendar 2008 rose to A$35.62 million, from A$25.48 million in 2007. The company anticipates the underlying earnings can grow modestly this year.

Virgin Blue holdings (ASX:VBA) reported a first-half net loss of A$101.4 million for the six months ended December 31, 2008 compared with the net profit of A$113.3 million for the same period last year.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 9) (Last 30 Days: 51) (Since Published: 15892) 

View in Other Languages 18749166771624215892158151548013475 (112330)

googlechart