Heightened tensions on the Turkish-Iraqi border send the oil price to a new high above US$86 in New York trading. Wall Street sells off and the Dow heads below 14,000. Meanwhile, CBS bucks the earnings trend to report it’s on track. The local dollar marches toward parity with the greenback. AGL disappoints. Gold hits a new 28-year high. And Macquarie Bank takes issue with analyst claims about its funds.
All the details below…
Oil price heads to record $US90
World oil prices soared to record highs overnight with New York prices smashing through $US86 as tensions mounted between Turkey’s government and Kurdish rebels located in northern Iraq.
Wall St hammered
US stocks took a beating today as oil prices leapt to record highs and a weak earnings report from Citigroup opened a flood of quarterly results this week.
The Dow Jones Industrial Average tumbled 105.92 points (0.75 per cent) to 13,987.16 and the Nasdaq composite slid 25.63 points (0.91 per cent) to 2780.05 at the closing bell.
CBA on track for earnings
Commonwealth Bank remains confident of meeting its full year earnings per share (EPS) growth target, after its earnings momentum was maintained in the September quarter.
Aussie dollar to hit 91 US cents
The Australian dollar opened at its strongest level since 1984 today to start the week well above 90 US cents as an optimistic outlook for the global economy fuelled demand for high interest rate currencies. The Australian dollar then reached a new 23-year high about 20 minutes after the local session opened.
AGL drags share market down from high
After hitting fresh highs in intra-day trading the share market closed lower today, marked by a big fall in AGL Energy, which announced a profit warning.
Macquarie disputes claims funds are at risk
Allan Moss, chief executive of Macquarie Bank, has hit out at critics who claim that the dozens of infrastructure funds it manages and which own community assets from water companies and tolls roads are at risk because they are excessively leveraged.
What the papers are saying:
Overnight Market News
Comments on this entry are closed.