Australian Stock Report - Market Pulse

Morning Market Analysis: US Markets Down

marketpulse
Publish date: Thu, 11 Oct 2012, 09:38 AM
marketpulse
0 1,810
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.

US markets suffered further losses overnight, as the third quarter earnings got off to a shaky start on the back of Alcoa's poor outlook.

Although the aluminium giant's quarterly earnings and revenue topped estimates, investors were taken aback by its downbeat outlook for global commodity demand.

Chevron also weighed on the market after warning that falling energy prices would result in substantially lower earnings. The S&P logged its fourth consecutive losing session, shedding 0.6%. The benchmark index is now down more than 2% since Ben Bernanke announced QE3 late last month.

Elsewhere, the Dow slumped 129 points (-1%) to 13345, largely on the back of a slide in Alcoa and Chevron shares. The wild swings in oil continued, this time with crude slumping 1.2% to US$91.25. Analysts are anticipating tomorrow's weekly supply report will reveal another rise in crude inventories.

The greenback fell against a number of other currencies, including the euro. The shared currency posted slight gains amid hopes Spain is nearing a formal request for a sovereign bailout.

Elsewhere, the Aussie was buying US$1.0237 ahead of today's domestic jobs data, slated for release at 11:30am, AEDT. Expectations are that the economy added 5,100 jobs in September, but the unemployment rate rose from 5.1% to 5.3%.

Morning Market Analysis: US Markets Down is a post from: Australian Stock Report Market Pulse Blog

Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment