Australian Stock Report - Market Pulse
Evening Market Analysis: China Data Hurts
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Publish date: Wed, 23 Nov 2011, 05:21 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 plummeted today despite only a modest sell-off on Wall Street overnight.
As for the bulls and the bears, it was a story of just the bears today. The bears took charge from the open and accelerated the selling following weaker-than-expected Chinese manufacturing data.
The major banks helped drag the general market down; NAB suffered a 3.3% fall, while Westpac dropped 2.6%.
Signs of an economic slowdown in China didn't help the big miners; BHP sank 3.1%, and Rio Tinto dived 3.4%. Fortescue copped some of the heaviest punishment, sinking over 6.1%.
In the industrial space, NRW Holdings defied the negative trend with staggering 12.6% climb. The group upgraded its half year guidance by approximately 100%.
The ASX 200 slumped 82 points (-2.0%) to close on 4051.
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