Australia Market tumble as Wall Streets slide sparks risk-off mood

Anna Jefferson
October 27, 2018

MSCI's broadest index of Asia-Pacific shares outside Japan.MIAPJ0000PUS skidded about 2 percent.

The December gold contract was up US$10.30 at US$1,234.90 an ounce and the December copper contract was down 2.75 cents at US$2.76 a pound.

At 1630 AEDT, the SPI200 futures index was up 34 points, or 0.6 per cent, at 5662.0 points.

Technology companies, health care and energy stocks also accounted for much of the slide on Wall Street, which followed a steep sell-off in Chinese and other global markets.

At 10:22 a.m. EDT, the Dow Jones industrial average was down 501.17 points, at 24,816.24, the S&P 500 was down 57.76 points, at 2,697.04, and the Nasdaq was down 188.35 points, at 7,279.13.

Several companies sustained heavy drops after reporting disappointing results.

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This comes after tech-heavy Nasdaq Composite Index plunged 4.4 per cent for its biggest single-day slide since August 2011 and entered a correction.

The Dow fell 2.41 percent and the S&P 500 lost 3.09 percent.

The Dow fell 608 points, or 2.4 per cent, to 24,583.

The Nasdaq Composite was up 140.58 points, or 1.98 percent, at 7,248.99.

The yen got the usual safe-haven bid, with the euro skidding to a two-month low at 127.68 yen EURJPY=.

Stocks are turning broadly lower in midday trading on Wall Street, extending a losing streak for the S&P 500 index to a sixth day. The dumping isn't necessarily reflective of company fundamentals, but a shift in market behaviour: the constant bidding up of stocks considered high growth by momentum traders is disappearing, resulting in a fall in the stock's price.

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Texas Instruments, a major chipmaker, slumped 3.6 per cent after its results missed forecasts.

In other trading, benchmark U.S. crude lost 50 cents to Dollars 66.34 per barrel in electronic trading on the New York Mercantile Exchange.

Shares of Qantas Airways fell nearly 4% after the company eported a 6.3% increase in first-quarter revenue, reflecting a jump in forward bookings and higher airfares that helped offset rising fuel costs. AT&T dropped 6.2 per cent.

It rose 1.3 per cent to United States dollars 354.65 after the defence contractor's latest quarterly results topped analysts' forecasts. The Russell 2000 index of smaller-company stocks gave up 17 points, or 1.1 percent, to 1,509. Yields on Treasuries rose and the USA dollar strengthened to the highest level this year - the Australian dollar edged slightly higher.

Headline indices of the Australia market stumbled on Thursday, 25 October 2018, as risk-off mood dominated on tracking Wall Street's overnight slide which fell amid nervousness around US corporate earnings and geopolitical uncertainty added to heightened worries about global growth, Italy's free spending budget and Sino-US trade tensions.

Boeing jumped 2.2 per cent in early trading Wednesday after beating analysts' earnings forecasts and raising its estimates for the year, citing faster orders for aircraft.

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