Australian Stock Report - Market Pulse
Midday Market Analysis: Trapped in a Range
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Publish date: Tue, 13 Dec 2011, 01:30 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 trading sharply lower heading into the afternoon, weighed down by the overnight's poor offshore leads.
The ASX 200 has slumped approximately 63 points (-1.5%) to be currently trading around 4190.
Resource stocks have been the biggest drag on the market amid slumping commodity prices. Financials are also struggling on the back of Moody's eurozone credit rating threat.
Local sentiment failed to lift despite data showing a slight improvement in Australian business conditions during November.
Asian markets haven't escaped the global sell-off, with the Nikkei and Hang Seng down more than 1% each.
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