Australian Stock Report - Market Pulse
Midday Market Analysis: Under Pressure
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Publish date: Thu, 03 Nov 2011, 01:26 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.
Despite the positive leads provided by international markets last night, the Aussie market is struggling so far today.
The XJO is currently 30 points (-0.7%) underwater, with energy, financial and IT stocks the hardest hit.
Only defensive consumer discretionary and telco plays are in positive territory.
In company news, Boral (BLD) is down more than 2% after reporting a tough start to FY12, whilst NewsCorp (NWS) is up more than 2% after releasing solid 1Q results.
In economic news, retail sales grew for a third consecutive month in September, although the number came in weaker-than-expected.
Economists were expecting a 0.6% increase but number came in at 0.4%.
Around the region, Asian markets are mixed; the Shanghai Composite is up 0.5%, whilst the Hang Seng is down 2.4% and the Nikkei is 2.2% weaker.
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