Menu
Business

Wall St slumps again, Australian market set to follow

Traders Peter Tuchman, left, and Patrick Casey work on the floor of the New York Stock Exchange on Thursday 8 February 2018. Picture: Richard Drew/AP
Traders Peter Tuchman, left, and Patrick Casey work on the floor of the New York Stock Exchange on Thursday 8 February 2018. Picture: Richard Drew/AP

THE Australian share market looks set to open around 1.5 per cent lower after Wall Street's key index again take a painful tumble. At 0700 AEDT on Friday, the share price futures index was down 82 points, or 1.41 per cent, at 5,730.

In the US, stocks have fallen anew in another trading session with big swings, as investors remain on edge after several days of volatile trading.

Major indexes cut their losses somewhat in afternoon trading after falling more than 2 per cent earlier, but not by enough to move into the green. In late afternoon trading, the Dow Jones Industrial Average was down 2.12 per cent, the S&P 500 had lost 1.88 per cent and the Nasdaq Composite had dropped 2.02 per cent, to 6,949.55.

Locally, in economic news on Friday, the Reserve Bank of Australia will release its statement on monetary policy following Tuesday's board meeting and interest rate decision.

The Australian Bureau of Statistics is due to release December's housing finance data. In equities news, REA Group, Skycity Entertainment and New Corp is set to release earnings reports.

The Australian market on Thursday turned around a weak start to the day as bargain hunters bought stocks beaten up in Monday and Tuesday's plunge. The benchmark S&P/ASX200 index rose 13.9 points, or 0.24 per cent, to 5, 890.7 points while the broader All Ordinaries index lifted 13.7 points, or 0.23 per cent, to 5,995.2 points.

Meanwhile, the Australian dollar, one of the worst performing currencies in the offshore session, is under 78 US cents, and below 85 yen. The local currency was trading at 77.98 US cents at 0700 AEDT on Friday, from 78.25 on Thursday.

Topics:  finance investment money share markets trading wall street



How locals took $300,000 in drugs off Fraser Coast streets

Public tip-offs led to more than $300,000 worth of drugs being taken off Fraser Coast streets in 2017.

New data reveals the big role locals play in busting drug networks

I think Mayor Loft should stay: Letter

Fraser Coast Regional Council Mayor, Chris Loft.

Mayor Loft was doing a good job.

Local Partners