STOCK MARKET TUMBLES ON GRIM OVERSEAS INDICATORS

Written on the 5 June 2012

STOCK MARKET TUMBLES ON GRIM OVERSEAS INDICATORS

THE horror dive that saw Australian stocks lose more than $100 billion in value last month continued today with the S&P/ASX200 index today plunging below the 4000-mark for the first time since November.

Factors including America’s worsening unemployment rate and uncertainty over the Eurozone delivered a 1.75 per cent blow to the Australian financial market as the S&P/ASX200 index dwindled to 3992.9 points in morning trading.

The broader All Ordinaries index suffered nearly a 2 per cent drop to 4042.2 points.

The plunge was not unexpected after US figures released on Friday showed an increased jobless rate there of 8.2 per cent. French, German and British markets dropped 3, 2 and 1 per cent respectively on the data.

By comparison, the Australian unemployment rate decreased by 20 percentage points to 4.9 per cent in April.

The Australian Bureau of Statistics’ latest business indicators, released today, show wages grew 2.1 per cent and corporate gross operating profits plunged 4 per cent during the 2012 March quarter.

Manufacturing sales of goods and services declined 0.4 per cent while wholesale trade sales jumped 1.2 per cent during the period. Inventories held by businesses were up 0.8 per cent with their worth being impacted by valuation changes.


Latest News

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter