The benchmark S&P/ASX 200 index declined 0.5 per cent to 4263.10, with week-to-date gains now at 0.4 per cent after the index advanced yesterday.
US stocks ended higher overnight after investors applauded the Greek parliament’s move to approve unpopular austerity measures in the face of violent protests in the country.
Passage of the austerity bill put Greece one step closer to obtaining fresh bailout funding from institutional lenders and avoiding a hard default in March.
However, the path to side-stepping default is unlikely to be smooth given there are a number of steps still to be taken, including finalising private sector involvement in the bailout. At the same time, eurozone finance ministers are tomorrow expected to discuss approval for the funds at a special meeting.
A Financial Times report suggested the bailout funds may be approved on a conditional basis only, as some eurozone countries remain sceptical about Greece’s ability to implement its austerity budget, and another meeting may take place next week.
Meanwhile, in a reminder that Greece is not the only European country with debt difficulties, Moody’s lowered ratings on Italy, Portugal, Slovakia, Slovenia and Malta by one notch and cut Spain’s rating by two notches today.
The ratings firm also cut the outlook on the UK, France and Austria to negative.
Moody’s said that it made the changes to reflect the susceptibility of these countries to “the growing financial and macroeconomic risks emanating from the euro area crisis”.
The Australian dollar traded at $US1.0716 after the downgrades, from $US1.0743 in late North American trading yesterday.
Miners were retreating in Sydney along with most commodity futures in electronic trading, with Newcrest Mining down 1.4 per cent and Rio Tinto falling 0.8 per cent.
For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
stock market
- stock market next week january 21-25 2013
- Fiscal cliff will Dominate Stock Market Week Dec 24-28 2012
- China new leader comments economic optimism Stock futures rose
- Impact U.S. budget crisis stock market drop
- stock market focus week nov 12-16 2012
- Stock market will focus US election next week october 29 2012
- Stock market outlook october 8-12 2012
- Stock markets forecast october 1-5 2012
- Global Stock market outlook down september 24 2012
- Stock market prediction september 24-28 2012
- Wall Street stocks market forecast 2016
- Stock market predictions 10-15 September 2012
- Stock Market forecast september 5 2012
- Stock market forecast september 2012
- Weekly Economic Events calendar sept 3-7 2012
- Are stock market closed 3 september 2012
- Stock Market outlook september 3-7 2012
- Stock Market Analysis today august 29 2012
- Stock markets prediction week august 20-24 2012
- Stock markets outlook week 20-25 August 2012
- Financial Markets for august 13 -17 2012
- Stock Market outlook august 13-17 2012
- Stock markets down august 10 2012
- Stock markets down august 8 2012
- Global Stock Market news august 7 2012
No comments:
Post a Comment