Yesterday, the S&P/ASX-200 share index fell about 1.6%, or 61.3 points, to 3681.2, while the broader All Ordinaries lost 53.7 points, or 1.5%, at 3619. Some US economic research institutions admitted the recession actually started last December, and now the questions are how bad and how long it will be.
The market is down 125 points after heavy falls on Wall Street on the back of poor manufacturing data and official recognition of the recession. Resources copping it – down 6% after recent outperformance – BHP and RIO down 7% and 8% on the open. Oz Minerals has said it will remain in a trading halt for a month as it desperately negotiates the refinancing of $560m in debt. Fortescue Metals down 10.5% after yesterday's 21% rally. Property stocks down 4.1%. Financials down 3.2% following a 17% fall in US financials on miserable forecasts about massive reductions in the availability of credit card debt.
First Australia, then China's manufacturing sector had a horror October according to survey results released yesterday.
Agribusiness group Futuris is changing its name, revamping its business to generate more cash; but will incur more losses in doing so.
Investors have Leighton Holdings a whack yesterday after it revealed that work on a $600 million-plus project in Dubai had stopped.
Struggling investment bank, Babcock & Brown expects to be able to make an announcement on discussions with its banks by tomorrow.
Another crucial week for the world car industry.
