Australian shares and Asian markets Friday were down on the US Federal Reserve's decision to raise the discount rate for the first time since the financial crisis. NAB's flat cash earnings result also weighed on the Australian shares. At the close, the benchmark S&P/ASX200 index declined 19.8 points, or 0.4 per cent, at 4635.1, while the broader All Ordinaries index slid 17.6 points, or 0.4 per cent, to 4656.3. The local market gained 2 per cent for the week.
Hutchison Telecommunications (Australia) Limited
Overnight Wall Street posed a solid gain as an upbeat sentiment that the worst is over increased investors' appetite for riskier assets. The shares were lifted by a round of buying in financial shares and a jump in US industrial production data.
US stocks fell overnight ahead of the Federal Reserve's latest decision on monetary policy and guidance on the outlook for recovery from the recession. The market was also weighed down by the worries that the banking sector has yet to fundamentally improve.
Yesterday the Australian share market ended lower. The benchmark S&P/ASX200 fell 36.3 points yesterday, or 0.91 per cent, at 3934.9, while the broader All Ordinaries was down 35.4 points, or 0.89 per cent, to 3933.6. Overnight the stronger commodities prices in New York may boost the local market today.
The Australian shares ended higher yesterday on the back of some better-than-expected earnings reports. The benchmark S&P/ASX200 index rose 35.7 points, or 1.1%, to 3448.9, while the broader All Ordinaries index gained 31.1 points or 0.9% to 3398.
Yesterday the Australian shares closed higher led by banks and the resources sector. The benchmark S&P/ASX200 index rose 38.7 points, or 1.12 per cent, at 3508.6, while the broader All Ordinaries gained 38.3 points, or 1.12 per cent, at 3445.8. The market is expected to be quiet when investors await the details of the US rescue plan.