Australian Stock Report - Market Pulse

Midday Market Analysis: October 18

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Publish date: Tue, 18 Oct 2011, 01:44 PM
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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.

The Aussie market is struggling so far today, weighed down by the poor leads provided by international markets last night.

The XJO is down approximately 85 points (-2%), with materials and industrials the hardest hit.

The major miners are suffering heavy falls, with BHP off close to 3%, Rio down 4% and Fortescue slumping 9% after outperforming recently.

In company news, Qantas shares have been hit hard after announcing that the cost of the Engineer's Union claim is $165 million.

The market has punished Qantas, sending the stock more than 5% lower.

Around the region, Asian markets are all trading lower; the Hang Seng is down 3% whilst the Nikkei is off 1.5%.

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Midday Market Analysis: October 18 is a post from: Australian Stock Report Market Pulse Blog

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