Australian Stock Report - Market Pulse

Morning Market Commentary: Market Turns Bearish

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Publish date: Wed, 21 Mar 2012, 09:57 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.

Morning Market Analysis: Market Is Bearish

Renewed concerns about China's economic growth weighed on stocks over the last 24-hours, sending all major indices lower.

In Europe the FTSE shed 70 points (-1.2%) to settle at 5891, whilst the French CAC (-1.3%) and German DAX (-1.4%) suffered similar declines.

Stateside, the Dow Jones gave up 69 points (-0.5%) to settle at 13170, whilst the S&P 500 (-0.3%) and Nasdaq (-0.1%) were also weaker.

Construction of US single-family homes skidded 9.9% in February, the largest drop in a year, while multifamily homes posted a 21% gain. Permits for new construction reached their highest levels in nearly 3½ years last month.

The Aussie dollar continued its recent retreat, shedding almost a cent in overnight trade to current be trading around US$1.048, whilst the US dollar rose against most of its major counterparts as concern increased that China's economic growth outlook has cooled.

Commodities were generally weaker with copper (-1.7%), crude oil (-2.3%) and gold (-1.1%) all slipping lower.

In company news, David Jones says it expects FY12 net profit to plunge 35% to 40% amid rising costs and slumping revenue.

Today's session will bring us data in the form of the Melbourne Institute Leading Index, at 10:30am, AEDT.

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Morning Market Commentary: Market Turns Bearish is a post from: Australian Stock Report Market Pulse Blog

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