SYDNEY, Oct 22 (Reuters) - Australian stocks are set for a
weak start on Thursday after a broker downgrade to top U.S. bank
Wells Fargo, weak profits from Boeing and a warning of tough
times from Wal-Mart sent Wall St into reverse.
The Australian market will also be focusing on China's gross domestic product data for the September quarter due on Thursday, with analysts expecting growth of 8.9 percent, faster than the 7.9 percent in the previous quarter.
China, a big buyer of Australia's commodity exports, voiced confidence on Wednesday its economy had recovered (), a comment that could support resource stocks. Higher metals and oil prices could also bolster the sector.
Banks may struggle, however, after the cut to Wells Fargo's rating () sent U.S. financial shares tumbling.
Australian share index futures reversed early gains to stand 0.7 percent lower at 4,812, a 26.6 point discount to the 4,838.6 close in the underlying S&P/ASX 200 index on Wednesday.
New Zealand's benchmark NZX 50 index was down 0.4 percent in early trade.
----------------------MARKET SNAPSHOT @ 2139 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1081.4 -0.89% -9.660 USD/JPY 90.98 0.32% 0.290
10-YR US TSY YLD 3.3927 -
0.052 SPOT GOLD 1058.35 0.41% 4.350 US CRUDE 81.01 2.39% 1.890 DOW JONES 9949.36 -0.92% -92.12 ASIA ADRS 124.86 -0.44% -0.55
* Wall St drops as financials fall in late sell-off
* Oil rises nearly 3 pct on products draw, equities
* Gold rises above $1,060/oz on gains in euro, oil
* Copper hits 13-month highs on weak dollar, BHP
For a digest of the day's business stories in Australian newspapers, double click on
((Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234))
DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Australia diary Wall Street Week Ahead Eurostocks Week Ahead ................................................................ For latest top breaking news across all markets ................................................................ TOP NEWS SUMMARIES ON OTHER SUBJECTS | U.S. Companies | European Companies | | Forex | Global Economy | | Tech.Media,Telecoms | Banking, Financials | | Politics & General | Sports | ................................................................ MAJOR STOCK MARKET REPORTS New York Weekly outlook New York Pan-Europe Weekly outlook Europe London Weekly outlook London Tokyo ................................................................ ASIA STOCK MARKETS Pan-Asia...................... Bangkok...... Karachi........ S/east Asia. Bombay....... Kuala Lumpur... Sydney/NZ... China........ Seoul.......... Taipei...... Hong Kong.... Singapore...... Tokyo........ ................................................................ Access to some items may depend on subscription level. ................................................................ UP-TO-THE-MINUTE HEADLINES Company results Economic indicators Mergers & acquisitions Interest rates LIVE PRICES & DATA World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt HOW TO FIND INFORMATION YOU NEED | | | | | || | | | LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Australian dollar LME price overview Keywords: MARKETS AUSTRALIA STOCKS (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Australian market will also be focusing on China's gross domestic product data for the September quarter due on Thursday, with analysts expecting growth of 8.9 percent, faster than the 7.9 percent in the previous quarter.
China, a big buyer of Australia's commodity exports, voiced confidence on Wednesday its economy had recovered (), a comment that could support resource stocks. Higher metals and oil prices could also bolster the sector.
Banks may struggle, however, after the cut to Wells Fargo's rating () sent U.S. financial shares tumbling.
Australian share index futures reversed early gains to stand 0.7 percent lower at 4,812, a 26.6 point discount to the 4,838.6 close in the underlying S&P/ASX 200 index on Wednesday.
New Zealand's benchmark NZX 50 index was down 0.4 percent in early trade.
----------------------MARKET SNAPSHOT @ 2139 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1081.4 -0.89% -9.660 USD/JPY 90.98 0.32% 0.290
10-YR US TSY YLD 3.3927 -
0.052 SPOT GOLD 1058.35 0.41% 4.350 US CRUDE 81.01 2.39% 1.890 DOW JONES 9949.36 -0.92% -92.12 ASIA ADRS 124.86 -0.44% -0.55
* Wall St drops as financials fall in late sell-off
* Oil rises nearly 3 pct on products draw, equities
* Gold rises above $1,060/oz on gains in euro, oil
* Copper hits 13-month highs on weak dollar, BHP
For a digest of the day's business stories in Australian newspapers, double click on
((Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234))
DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Australia diary Wall Street Week Ahead Eurostocks Week Ahead ................................................................ For latest top breaking news across all markets ................................................................ TOP NEWS SUMMARIES ON OTHER SUBJECTS | U.S. Companies | European Companies | | Forex | Global Economy | | Tech.Media,Telecoms | Banking, Financials | | Politics & General | Sports | ................................................................ MAJOR STOCK MARKET REPORTS New York Weekly outlook New York Pan-Europe Weekly outlook Europe London Weekly outlook London Tokyo ................................................................ ASIA STOCK MARKETS Pan-Asia...................... Bangkok...... Karachi........ S/east Asia. Bombay....... Kuala Lumpur... Sydney/NZ... China........ Seoul.......... Taipei...... Hong Kong.... Singapore...... Tokyo........ ................................................................ Access to some items may depend on subscription level. ................................................................ UP-TO-THE-MINUTE HEADLINES Company results Economic indicators Mergers & acquisitions Interest rates LIVE PRICES & DATA World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt HOW TO FIND INFORMATION YOU NEED | | | | | || | | | LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Australian dollar LME price overview Keywords: MARKETS AUSTRALIA STOCKS (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.