The S&P/ASX200 closed down to 4,611.10 on Friday, lower by 41 points. However, you can expect the Aussie market to spend another day in the red today.
“There’s a bubbling cauldron of euro zone debt and we’re not sure if its going to tip over and burn everyone’s feet,” said Andrew Bell, chief executive of Witan Investment Trust While this statement might seem a little creative it does sum up the fear gripping the financial markets.
The Dow Jones Industrial Average ended the day down by 162 points (1.51%) to close at 10,620.16. Retail results in the US were less than expected and it highlights that the consumer is could be holding up the US economic recovery.
The FTSE was hammered on Friday night, shedding 170 points, or 3.14%, to close at 5,262.85. Investors dumped mining and banking stocks on Euro Zone worries and fled to ‘safe haven’ products like gold and the US dollar.
The Nikkei was down again, losing 158 points to close at 10,462.51.
The price of spot gold in Australian dollars is trading at $1,391.13 while in US Dollars it is trading at $1,232.29. The price of silver in Aussie dollars is $21.68 and in US Dollars it is $19.99.
The Aussie dollar versus the US dollar is USD$0.8857 and against the Japanese Yen JPY81.81.
Crude Oil closed at USD$71.85.
For the biggest movers on the market yesterday click here…
That’s all I have for you today, see you tomorrow.
Shae.
