Australian Stock Report - Market Pulse

Morning Market Analysis: September 29

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Publish date: Thu, 29 Sep 2011, 09:57 AM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

After a couple of strong sessions on hopes the EU would sort out their debt mess, international markets retreated sharply overnight as it became apparent that a resolution is still some way off.

In Europe, the FTSE gave up 76 points (-1.4%), whilst the CAC (-0.9%) and DAX (-0.9%) didn't fare quite so badly.

Stateside, the Dow Jones shed 180 points (-1.6%) to settle at 11011, whilst the S&P 500 lost 2.1% and the Nasdaq slumped 2.2%.

The euro dropped against the yen and the greenback amid concerns European leaders will fail to agree on a solution for the region's debt crisis.

The Aussie and Kiwi dollars lost ground amid decreased risk appetites, also stemming from eurozone concerns.

Oil declined for a second consecutive session, shedding (-3.8%) to settle at US$81.21 a barrel. Gold also lost ground, giving up 2.1% to settle at US$1618 a barrel.

There is no major local data due out for today's session.

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