The Australian sharemarket gave up early gains on Wednesday after the GDP figures released by Australian Bureau of Statistics showed a disappointing result in economy growth. At the close, the benchmark S&P/ASX200 index was 11.6 points lower, or 0.2 per cent, at 4661.9, while the broader All Ordinaries slashed 11.7 points, or 0.2 per cent, at 4676.1
The Australian sharemarket Tuesday closed higher in a quiet trading day as Dubai debt fears eased. The local market was also inspired by an earlier report about energy giant Exxon's US$30 billion takeover bid of XTO and the forecasts by the Australian government commodity forecaster ABARE for iron ore and coking coal exports. At the close, the benchmark S&P/ASX200 index rose 19.5 points, or 0.4 per cent, at 4673.5, while the broader All Ordinaries gained 19.6 points, or 0.4 per cent, to 4687.8.
The Australian market declined for a fifth consecutive session on Thursday, even after a stronger-than-expected labour force report. The falls were led by resources shares and consumer discretionary. At the close, the benchmark S&P/ASX200 index dropped 31.2 points, or 0.7 per cent, at 4606.7 points, while the broader All Ordinaries index lost 29.7 points, or 0.6 per cent, to 4622.9 points.
The Australian share market fell for the fourth consecutive day dragged by resources stocks. The local shares dropped sharply at in early trade amid the global debt jitters. The disappointing growth figures from Japan also weighed on the local market. At the close, the benchmark S&P/ASX200 index fell 32.7 points, or 0.7 per cent, at 4637.9, while the broader All Ordinaries lost 33.8 points, or 0.7 per cent, to 4652.6. The Aussie dollar also fell below 91 US cents today.
US shares fell on Thursday as the services sector index declined unexpectedly in November. The contraction also hurt sentiment ahead of the release of unemployment figure.
US stocks Wednesday climbed to near the peak of the year after Dubai's debt restructuring plan. The market was also supported by the optimism about the upcoming holiday shopping season while retailers Staples and Guess saw positive earnings in third quarter and provided guidance above market expectations.
US market was closed for Thanksgiving Day holiday, but the overseas markets were strongly hit by fears of a debt default by Dubai World, Dubai government's key holding company. Dubai World, which owns strategic global assets, has asked bondholders for a standstill on about US$60 billion in debt until May.
