Shares poised to slide
June 25 (BusinessDay) The Australian share market has received strongly negative leads from key indices overnight, although commodities markets were stronger, with precious metals, copper and oil all rising.
On the Sydney Futures Exchange, the September share price index contract was 63 points lower at 4,424 points. Yesterday, the benchmark S&P/ASX200 index was down 6.4 points, or 0.14 per cent, at 4479.7 while the broader All Ordinaries index fell 5.3 points, or 0.12 per cent, to 4504.1.
US stocks tumbled on Thursday as investors fretted about the Federal Reserve's more cautious outlook on the strength of the economy's slow recovery from recession.
The Dow Jones Industrial Average slid 145.64 points (1.4 per cent) to settle at 10,152.80.The tech-rich Nasdaq index slid 36.81 points (1.6 per cent) to 2,217.42, and the broad-market S&P 500 index lost 18.35 points (1.7 per cent) at 1,073.69.
The European Union and the International Monetary Fund have agreed to provide Greece with 110 billion euros ($155 billion) in loans at below market rates, which means that the Greek government does not need to borrow money on the bond market.
In London, the FTSE 100 index gave up 1.51 per cent, or 78.29 points, to settle at 5,100.23. In Germany, the DAX tumbled 89.04 points, by 1.4 per cent, to 6,115.48, while in France, the CAC 40 fell 86.43 points, by 2.37 per cent, to 3,555.36.
Oil prices rose slightly on Thursday, with demand still lacklustre in the gradual economic recovery.
Benchmark crude for August delivery added 16 cents to settle at $US76.51 a barrel on the New York Mercantile Exchange.
In London, Brent crude rose 20 cents to settle at $76.47 on the ICE futures exchange.
August gold rose by $US11.10 to settle at $US1,245.90 per fine ounce on the Comex division of the NY Mercantile Exchange.
July silver rose 27.7 cents to $US18.736 an ounce, and July copper lifted by seven cents to settle at $US3.0055 per pound.
"Mogi" Munkhdul Badral
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