Australian shares are heading for their first losing week in two months as jitters over the US's political weigh on Asian markets.
At lunchtime the ASX 200 was 24 points or 0.5% weaker at 5210 on the back of its third negative session of the week. The index had advanced for seven straight weeks since its last retrace on the week ending August 9.
Gold +0.2% and health +0.1% were the only sectors to resist the downturn this morning. Consumer discretionary -1.1%, metals & mining -0.7%, materials -0.7% and industrials -0.7% were the biggest losers.
"Creeping worries about the US debt ceiling are starting to unnerve investors," Mike Jones, currency strategist at Bank of New Zealand, told Bloomberg. "Expect more whippy and nervous trading."
Hong Kong's Hang Seng slipped 0.58% and Japan's Nikkei fell 0.44%. The Shanghai Composite remained closed for a public holiday. Dow futures were recently up 17 points or 0.1% after President Barack Obama cancelled a trip to Asia to concentrate on the federal budget and debt ceiling impasses.
Crude oil futures rallied 21 cents this morning to US$103.18 a barrel. Spot gold was $1.30 weaker at US$1,315.60 an ounce. The dollar was buying 94.37 US cents.
Have a good long weekend all of those opting out on Monday. I'll be here. The money is coming fairly easy right now and it pays to ride the good times for all they're worth. Leaner times are never far away. Tickets clipped this morning in MNW and BCC. Squeezed another morsel out of LEI. Hesitated too long over CSS. Commiserations to existing CSS holders - the cap raising is a kick in the stomach for anyone who bought the tail end of the rally.
