"SYDNEY - The Australian share market is set to rise on Tuesday after Wall Street and some European markets managed small gains despite continuing concerns about the impact of Europe's debt problems on a global economic recovery."
Bob
NETQUOTE MORNING MARKET REPORT FINAL SYDNEY, Tuesday, May 18, 2010, AAP:
STOCK MARKETS: Dow Jones +5.67 10,625.83 S&P500 +1.26 1,136.94 Nasdaq +7.38 2,354.23 FTSE -0.31 5,262.54 Shanghai -136.7 2,559.93 Hang Seng -430.23 19,715.2 Nikkei -226.75 10,235.76 NZX 50 -20.26 3,170.74 S&P/ASX200 -143.9 4,467.2 All Ords -142.3 4,500.7 SPI contract* +29 4,524
(Silver and Copper are the July contracts on the New York Mercantile Exchange. Gold and oil are the June contracts.)
NEW YORK - Wall Street stocks ended an erratic session little changed after investors spent the day tracking the euro's moves against the US dollar. A drop and subsequent rebound in the euro steered the Dow Jones industrial average from a loss of 184 points at midday to a small gain by the close. Investors are looking at the euro as an indicator of confidence levels in the European economies. The 16-nation currency has been sliding on concerns that debt problems will undermine Europe's recovery, and in turn that of the US. The euro fell to a four-year low of $US1.2237 before moving higher. The ICE Futures US dollar index, which measures the US dollar against a basket of six currencies, rose 0.1 per cent. Energy stocks, which make up about 10 per cent of the S&P 500 index, dropped after oil fell. Shares of consumer staples companies, which are seen as safer bets in weak economies, rose. The Dow rose 5.67 points, or 0.05 per cent, to 10,625.83. The Standard & Poor's 500 index rose 1.26 points, or 0.11 per cent, to 1,136.94, while the Nasdaq composite index gained 7.38 points, or 0.31 per cent, to 2,354.23.
LONDON - European stocks closed mixed after a day of volatile trading with investors still nervous about the eurozone's debt crisis. In London, the benchmark FTSE 100 index of leading shares lost 0.31 points to 5,262.54 points.
FRANKFURT - Germany's DAX closed marginally higher, up 10.21 points, or 0.17 per cent, at 6,066.92 points.
PARIS - The CAC 40 lost 16.81 points, or 0.47 per cent, to 3,543.55.
TOKYO - Japanese shares tumbled as the weakness of the euro took its toll on exporters. The euro fell below to its lowest level since against the US dollar April 2006. The Nikkei index widened losses to nearly three per cent briefly in the afternoon as the euro continued to drop, hurting exporters with high exposure in the eurozone such as Sony. The Nikkei lost 226.75 points, or 2.17 per cent, to 10,235.76, its lowest finish since early March.
HONG KONG - Hong Kong shares tumbled as fears about the eurozone debt crisis weighed on sentiment, while Shanghai hit a one-year low with dealers also fearing fresh credit-tightening measures on the mainland. Hong Kong's benchmark Hang Seng Index lost 430.23 points, or 2.14 per cent, to 19,715.20 points, its lowest point since February 8. Banks fell on fears interest margins could further narrow due to the euro's problems. HSBC, which has significant business in Europe, fell 2.3 per cent, accounting for 15 per cent of the index's points drop.
WELLINGTON - The New Zealand share market suffered a lighter fall than other markets in Asia and Australia. The benchmark NZX-50 index closed down 20.26 points, or 0.64 per cent, at 3,170.74 after opening down around eight points. Turnover of $NZ87.2 million ($A69.73 million) was boosted by the sale of 10 million shares in New Zealand Farming Systems Uruguay. Brokers speculated the vendor was the receiver of Rural Portfolio Capital.
SYDNEY - The Australian share market is set to rise on Tuesday after Wall Street and some European markets managed small gains despite continuing concerns about the impact of Europe's debt problems on a global economic recovery. At 0731 AEST on the Sydney Futures Exchange, the June share price index contract was 29 points higher at 4,524 points. Australian shares suffered their biggest one day fall in 18 months on Monday, amid lower commodity prices and fears of spreading contagion from debt-ridden Europe. In economics news on Tuesday, The Reserve Bank of Australia (RBA) publishes the minutes of its May 4 monetary policy meeting. Treasury Secretary Ken Henry delivers the Australian Business Economists' annual post-Budget address. RBA Head of Financial Stability Department Luci Ellis is to address the Australian Financial Review Residential Property Conference. The Housing Industry Association (HIA) releases its March quarter Affordability Reports. The Australian Chamber of Commerce and Industry releases a small business survey. In company news, AXA Asia Pacific Holdings Ltd holds its annual general meeting. The Australian Petroleum Production and Exploration Association (APPEA) Conference continues in Brisbane. On Monday, The benchmark S&P/ASX200 index closed 143.9 points, or 3.12 per cent lower at 4,467.2 points, while the broader All Ordinaries index lost 142.3 points, or 3.06 per cent to 4,500.7 points.
KAR Price at posting:
$7.49 Sentiment: LT Buy Disclosure: Held
(20min delay)