Thanks Mark. Half-time round-up:The Australian share market...

Thanks Mark.

Half-time round-up:

The Australian share market appears set to end its worst week of 2012 near where it started the year as a regional benchmark headed for its longest run of weekly declines since November.

At lunchtime the ASX 200 was down 77 points or more than 1.8% at 4079, just 10 points above where the index opened on January 3. Gold was the only sector to advance this morning, with stocks rising 4.1% following an overnight rebound in the price of the metal. A broad rout across the rest of the market saw energy stocks down 2.6%, metals & mining 2.6%, financials 2.2% and industrials 2%.

The declines came as Moody's this morning downgraded 16 Spanish banks following a run on Bankia in the last few days. Moody's pointed to news that Spain has fallen back into recession and said loan losses were increasing.

"Investors are now in panic mode," IG Markets analyst Stan Shamu told Fairfax. "The fear factor is at play with the whole Spanish bank uncertainty. The fears are that the banks are not in good shape and it gives rise to fears of a run on banks."

The MSCI Asia Pacific Index is on track to lose at least 4% for the week after further falls in Asia this morning. The index has fallen for the last three weeks. This morning Japan's Nikkei dropped 2.34%, Shanghai 1.06% and Hong Kong's Hang Seng 2.11%. Dow futures were recently up seven points or less than 0.1%.

The dollar fell to its lowest level since late November, touching 98.34 US cents and lately buying 98.5 US cents. Crude oil futures eased 12 cents this morning to US$92.51 a barrel. Spot gold was $1.50 stronger at US$1,575.80 an ounce.


Anyone still here? Hello? Hello? Can't say I blame you. Tough old morning. I normally like to have most of my intraday profits banked by now, especially on Fridays, but bounces have been slow and hard to come by. FWD was an easy buy in the low $11.60s and profits have been taken in that and FMG - to reduce overall exposure as much as any other reason. Trades in CGF, AKK and COK are all narrowly ahead or at break-even. Took AGO too early and it's my biggest concern at this stage. Can't call the day a success yet.