Australian shares are pointing lower after taper fears and a surprise European rate cut fuelled falls in commodities and Wall Streets worst session in a month. The December SPI 200 futures contract slipped 30 points or 0.6% to 5399. In the US the Dow closed 153 points or 0.97% lower as upbeat economic data increased the likelihood that the Federal Reserve will reduced its stimulus spending and Europes rate move stoked a rally in the US dollar that undercut oil and metals. BHP fell 1.92%, Rio 1.76%. Spot iron ore for import to China yesterday eased 20 cents to US$136.90 a dry tonne. European stocks initially rose on the ECB decision, then followed selling on Wall Street to a flat finish. Germanys DAX held on to a gain of 0.44%, Frances CAC lost 0.14% and Britains FTSE retreated 0.66%. Oil for December delivery was recently down 52 cents or 0.55% at US$94.28 a barrel. Gold for December delivery was lately down $12 or 0.9% at US$1,305.90 an ounce after earlier settling at US$1,308.50. Copper bounced 0.4% in London and was lately up 0.1% or less than a cent at US$3.26 a pound in US trade. Yesterday a report showed the unemployment rate increased to 5.7% last month from 5.6% in September. The economy created just 1100 jobs as full-time positions fell by 27,900 and part-time jobs increased by 28,900. The RBA releases its quarterly policy outlook at 11.30am.
Posted on: Thu, 07 Nov 2013 21:23:38 +0000
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