Australian Stock Report - Market Pulse

Morning Market Analysis: SPI Expiry

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Publish date: Thu, 15 Dec 2011, 10:03 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.

It was another night of weakness for international markets as the cost of insuring against default of European sovereign debt approached a record.

In Europe, the FTSE shed 123 points (-2.3%) to settle at 5367, whilst the CAC (-3.3%) and DAX (-1.7%) also endured tough sessions.

Stateside, stocks slumped as weak commodity prices triggered a selloff in the energy and materials sectors.

The Dow Jones lost 131 points (-1.1%) to settle at 11824, whilst the S&P 500 (-1.1%) and Nasdaq (1.5%) suffered similar falls.

The euro slid below $1.30 for the first time since January amid signs of increased funding stress in the eurozone.

Oil fell sharply overnight, slumping US$5.19 to US$94.95 a barrel. Renewed fears about Europe´s debt crisis triggered selling after OPEC increased their production ceiling.

Base metal prices were lower on the LME, falling between 2% – 5.2% as the stronger US dollar and eurozone fears weighed. Copper ended at a two-week low.

Gold was another major loser, diving US$86.50 (-5.2%) to US$1,576.60 an ounce.

Today's session will bring us data in the form of MI inflation expectations, new motor vehicle sales, and the latest RBA bulletin, all slated for release at 11:30am, AEDT.

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Morning Market Analysis: SPI Expiry is a post from: Australian Stock Report Market Pulse Blog

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