Australian Stock Report - Market Pulse

Morning Market Analysis: Losses Extended

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Publish date: Wed, 23 Nov 2011, 09:16 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.

International markets extended losses overnight, although the weakness was not as pronounced as in the previous session.

In Europe the FTSE shed 16 points (-0.3%) to settle at 5207, whilst the CAC (-0.8%) and DAX (-1.2%) also lost ground.

Stateside, the Dow Jones gave up 54 points (-0.5%) to settle at 11494, whilst the S&P 500 (-0.4%) and Nasdaq (-0.1%) were also weaker.

A downward revision of domestic economic growth weighed on investors, although increasing hopes of QE3 from the Fed provided some support.

The euro rose versus the yen as appetite for safety declined amid speculation progress in being made in managing Europe's sovereign-debt crisis.

Commodities were mixed overnight; copper was weaker, whilst crude rose for the first time in four days as sanctions against Iran and protests in Egypt raised concerns that supplies will be disrupted.

The black gold added 1.1% to settle at US$98.01 a barrel, whilst bullion also firmed, jumping 1.4% to settle at US$1702 an ounce.

Today's session will bring us data in the form of the CB leading index (10:00am, AEDT), and construction work done (11:30am, AEDT).

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Morning Market Analysis: Losses Extended is a post from: Australian Stock Report Market Pulse Blog

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