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.
Asian markets were mixed on Wednesday with a flat lead from Wall Street. Tokyo stocks rebounded on upbeat trade figures and bargain hunting after the market opened lower in the morning. Hong Kong and Seoul share declined as investors the U.S. economy did not grow as quickly as previously forecast in the latest quarter.
US stocks fell for the second day after a downgrade of technology companies such as Intel. Energy and materials shares also showed losses as commodities prices tumbled.
Wall Street broke its winning streak and closed lower overnight after a disappointing report showed US housing starts fell 10.6 per cent in October and permits fell 4.0 per cent. The tumble suggested that the real estate sector is still under pressure.
Wall Street hit new highs for the year over optimism of the corporate earnings. The rise was led by Caterpillar as a broker said the company was among the best-positioned companies to benefit from improving global growth and spending on construction, infrastructure and commodities.
US stocks rose overnight as commodities prices jumped. Kraft Foods' US$16.7 billion takeover bid for Cadbury boosted the market confidence on a rebound in merger and acquisition activities, despite Kraft's offer was rejected.
Wall Street closed with an eighth consecutive gain on Thursday, as a series of financial firms rose and energy stocks rallied on the rebound of crude oil prices. The US government figure for GDP showed that the US economy shrank at a 1 per cent annual pace in the second quarter, better than analysts' forecast of 1.5 per cent decline.
