NEW YORK - Pessimism about a protracted economic downturn washed over the financial markets on Thursday, sending stocks plunging and seeing further tightening in credit markets.
News of declining factory orders and a seven-year high in jobless claims stoked fears that the US Government’s financial rescue plan won’t ward off a recession.
The Dow plummeted 348.22 points, or 3.22 per cent, to 10,482.85, while the broader S&P500 fell 46.78 points, or 4.03 per cent, to 1,114.28.
The NASDAQ, which carries tech and more recently listed heavyweights, lost 92.68 points, or 4.48 per cent, to 1,976.72.

LONDON - European stock markets fell on Thursday following disappointing economic data from the United States and a decision by the European Central Bank to maintain interest rates at current levels.
In London, the benchmark FTSE 100 index dropped 89.3 points, or 1.8 per cent, to 4,870.3.

FRANKFURT - In Germany, the benchmark DAX 30 index lost 145.7 points, or 2.51 per cent, to 5,660.63.

PARIS - In France, the benchmark CAC 40 index gave up 91.26 points, or 2.25 per cent, to 3,963.28.

TOKYO - Japan-listed shares fell more than 1.8 per cent on Thursday, hitting a three-year low on worries about the financial crisis despite the US Senate approving a mortgage debt bailout.
The Tokyo Stock Exchange’s benchmark Nikkei 225 index shed 213.5 points, or 1.88 per cent, to 11,154.76.

HONG KONG - The benchmark Hang Seng index fared better, lifting 194.9 points, or 1.08 per cent, to 18,211.11.

WELLINGTON - New Zealand-listed share prices rose more than one per cent on Thursday, but investors remained cautious over the US rescue package after it was passed by the Senate.
The benchmark NZX 50 index rose 44.68 points, or 1.4 per cent, to 3,232.64 on light volume.
After an hour’s trade today, the NZ market had dropped 64.223 points, or around two per cent, to 3,168.42 at 0800 AEST.

SYDNEY - Local stocks may trade lower today after US equities markets fell by close to four per cent, while Europe suffered less but also was in the red.
The key Wall Street indices all were down, as were commodities, including oil, gold, silver, and copper.
At 0800 AEST, the December Share Price Index futures contract on the Sydney Futures Exchange was down 95 points at 4,680.
In economic news today, the Australian Industry Group and Commonwealth Bank will release their Australian Performance of Services Index (PSI) for September.
The TD Securities/Melbourne Institute will release its Inflation Gauge for September.
Contact Uranium Ltd will hold its annual general meeting in Perth.
Ellerston Capital Ltd will hold a general meeting in Sydney.
In Sydney, Climate Change Review head Professor Ross Garnaut will address the Committee for Economic Development of Australia on “Australia in a low emissions economy”.
Yesterday, the benchmark S&P/ASX200 index lost 33.5 points, or 0.69 per cent to 4,761.1, while the broader All Ordinaries shed 40.4 points, or 0.83 per cent to 4,774.1.

NYMEX

Oil prices closed at their lowest level in two weeks on Thursday, tumbling below $US94 a barrel on doubts that a revamped financial bailout plan will be enough to avoid a protracted economic slump, and revive dwindling US energy demand.
Light sweet crude for November delivery fell $US4.56 to settle at $93.97 a barrel on the New York Mercantile Exchange — crude’s lowest settlement since September 16.
Prices earlier jumped as high as $US100.37, but eased back later as traders digested the details of the revised bailout package.
Oil prices have fallen about $US15, or 13 per cent in the past month as traders’ concerns about waning global energy consumption have outweighed supply threats caused by Gulf coast hurricanes and militant attacks in Nigeria.
The slump in energy demand has accelerated beyond the US.
In India, domestic oil product sales totaled 2.41 million barrels per day in August, the lowest level this year, according to Barclays Capital research.
In the same month, Japan’s oil demand fell by 8.4 per cent.
Significant gains by the US dollar against the euro have also helped push down prices.
Recent data shows that US fuel demand is falling while supplies rise.

COMEX

Commodities prices plunged on Thursday as a rapidly strengthening US dollar and more gloomy readings on the economy compelled investors to dump positions in gold, grains and energy.
Gold for December delivery dropped $US43, or 4.8 per cent to settle at $844.30 an ounce on the New York Mercantile Exchange, after earlier dipping as low as $US833.50.
December silver shed $US1.65, or 12.9 per cent to settle at $US11.12 an ounce, while December copper sank 16.2 cents, or 5.8 per cent to $US2.6275 a pound.

NEW YORK - Financial markets uneasily awaited a US Senate vote on the government’s proposed financial sector bailout early this morning (AEST), with stock prices showing sharp fluctuations and credit markets remaining tight.
The benchmark Dow Jones Industrials Average was down more than 200 points in early trading, but ended up just into the red.
The Dow fell 19.59 points, or 0.18 per cent, to 10,831.07, while the broader S&P500 slipped 5.3 points, or 0.45 per cent, to 1,161.06.
The NASDAQ, which carries tech and more recently listed heavyweights, fared worse and lost 22.48 points, or 1.07 per cent, to 2,069.4.

LONDON - Stocks rose in most European markets, with Germany slightly down, after a powerful rally on Wall Street the previous day.
In London, the benchmark FTSE 100 index lifted 57.1 points, or 1.16 per cent, to 4,959.6.

FRANKFURT - In Germany, the benchmark DAX 30 index shed 24.69 points, or 0.42 per cent, to 5,806.33.

PARIS - In France, the benchmark CAC 40 index rose 22.44 points, or 0.56 per cent, to 4,054.54.

TOKYO - Japanese shares rallied on Wednesday from a three-year low after Wall Street roared back to life.
The Tokyo Stock Exchange’s benchmark Nikkei 225 index put on 108.4 points, or 0.96 per cent, to 11,368.26.

HONG KONG - The Hong Kong-based market was closed for a public holiday.

WELLINGTON - New Zealand shares clawed back the previous day’s losses to close more than three per cent up on Wednesday.
The benchmark NZX 50 index rose 97.74 points, or 3.16 per cent, to 3,187.96.
In early trading today, the NZ market was up 21.261 points, or 0.67 per cent, at 3209.222.

SYDNEY - Australian stocks have received a flat lead today, with Wall Street markets finishing slightly down, including stocks and oil, although gold and silver were higher.
In Europe, the British and French bourses were up moderately, but the Eurozone’s largest economy, Germany, saw its key DAX stocks index fall.
At 0800 AEST, the December Share Price Index futures contract on the Sydney Futures Exchange was up 28 points at 4,875.
In economic news today, the Australian Bureau of Statistics will release international trade data for August.
Telecom Corporation of New Zealand will hold its annual general meeting in Wellington.
Milton Corporation Ltd holds its annual general meeting in Sydney.
Rio Tinto Ltd chief executive Tom Albanese addresses the Melbourne Mining Club in Melbourne.
Also in Melbourne, ANZ Banking Group Ltd’s Australia operational chief executive Brian Hartzer addresses the American Chamber of Commerce in Australia on “Leading Through the Tough Times”.
In Perth, The Institute of Public Affairs hosts the 2008 Harold Clough Lecture, with Professor Aynsley Kellow speaking on “The Politics and Science of Climate Change - The Wrong Stuff”.
Yesterday, the benchmark S&P/ASX200 index leapt 194.1 points, or 4.22 per cent to 4,794.6, while the broader All Ordinaries climbed 183.2 points, or 3.96 per cent, to 4,814.5.

NYMEX

Oil prices dipped below $US100 a barrel as a surprise increase in US gasoline supplies, and a bigger than expected jump in crude stocks, offered more evidence that the turbulent economy is encouraging Americans to drive less.
Crude oil prices traded erratically, rising as high as $US102.84 and falling to as low as $US95.95 overnight.
Light, sweet crude oil settled down $US2.11 at $US98.53 per barrel.
In London, November Brent crude fell $US1.82 to $US96.35 a barrel on the ICE Futures exchange.
Wednesday’s losses were tied to data showing more robust US fuel supplies. The Energy Department’s Energy Information Administration said in its weekly report that crude stocks rose by 4.3 million barrels, or 1.5 per cent, to 294.5 million barrels for the week ending September 26.
Analysts had expected stocks to rise by 1.5 million barrels, according to a survey by energy research firm Platts.
At the same time, gasoline inventories rose by 900,000 barrels, or 0.5 per cent, to 179.6 million barrels.
Analysts expected stockpiles of motor fuel to fall in the range of one million to three million barrels.
The continuing strength of the US dollar also helped push down oil prices. Traders buy into commodities as a hedge against inflation when the dollar weakens, and sell when the greenback gains.
In other NYMEX trading, heating oil futures fell half a cent to $US2.889 a gallon, while gasoline prices lost 5.47 cents to $US2.403 a gallon.
Natural gas for November delivery rose 39.4 cents to $US7.832 per 1,000 cubic feet.

COMEX

Precious metals were up, with gold lifting $US6.50 to $US887.30 a troy ounce, while silver jumped 49.5 US cents to $US12.77 a troy ounce.
Both have recovered slightly since mid September - gold faring better than silver - as unprecedented global credit and economic turmoil forced investors and traders alike to seek safer havens.
Copper continued its slide overnight, by 8.95 cents to $US2.7895 a pound.
Copper traders are worried about demand being sustained.

NEW YORK - Wall Street snapped back on Tuesday after its biggest selloff in years amid growing expectations that lawmakers will salvage a $US700 billion rescue plan for the financial sector.
Following Monday’s shellacking, the key Dow Industrials index picked up 485.21 points, or 4.68 per cent, to 10,850.66, while the broader S&P500 ran 58.35 points, or 5.27 per cent, to 1,164.74.
The NASDAQ, which carries tech and more recently listed heavyweights, climbed 98.6 points, or 4.97 per cent, to 2,082.33.

LONDON - Bargain hunting helped lift the London, Paris and Frankfurt stock markets on Tuesday after investors worldwide had dumped shares following the unexpected rejection of a US financial bailout package.
In London, the benchmark FTSE 100 index rose 83.7 points, or 1.74 per cent, to 4,902.5.

FRANKFURT - In Germany, the benchmark DAX 30 index lifted 23.94 points, or 0.41 per cent, to 5,831.02.

PARIS - In France, the benchmark CAC 40 index climbed 78.62 points, or 1.99 per cent, to 4,032.1.

TOKYO - Japan-based shares plunged more than four per cent on Tuesday, breaching a three-year low after US lawmakers unexpectedly rejected the Wall Street bailout.
The Tokyo Stock Exchange’s benchmark Nikkei 225 index lost 483.75 points, or 4.12 per cent, to end at 11,259.86, its lowest point since June 9, 2005.

HONG KONG - Hong Kong-based shares closed close to one per cent higher on Tuesday after a rollercoaster day saw the bourse fall more than six per cent at one point.
The benchmark Hang Seng index finished up 135.53 points, or 0.76 per cent, to 18,016.21.

WELLINGTON - New Zealand-based shares dived more than three per cent in the wake of the plunge on Wall Street. Shares fell as much as 4.65 per cent in early trading, but regained ground later in the day on fairly light volume.
The benchmark NZX 50 index fell 98.32 points, or 3.08 per cent, to close at 3,090.22.
In early trading today, at 0815 AEST, the NZ market had risen 64.56 points, or 2.09 per cent, to 3,154.79.

SYDNEY - Australian stocks are expected to show a stronger performance today, following a stronger performance on Wall Street overnight.
At 0800 AEST, the December Share Price Index futures contract on the Sydney Futures Exchange was 127 points higher at 4,812.
In economic news today, the Australian Industry Group and PricewaterhouseCoopers release their Australian Performance of Manufacturing Index (Australian PMI) for September, and the Reserve Bank of Australia releases its index of commodity prices.
The Hudson employment expectations survey for the 4th quarter also is due.
In company news, Orica Ltd chief executive Graeme Liebelt addresses the Committee for the Economic Development of Australia in Melbourne.
Court action against James Hardie Industries continues in Sydney.
In Brisbane, its the third and final day of the Coal Tech 2008 conference, and in Perth, it’s day two of the two-day Paydirt Asia Pacific Down Under conference.
Yesterday, the benchmark S&P/ASX200 index fell 206.9 points, or 4.3 per cent, to 4,600.5, while the broader All Ordinaries dropped 207.9 points, or 4.2 per cent to 4,631.3.

NYMEX

Oil prices swung back above $US100 a barrel Tuesday following a plunge a day earlier, with a growing consensus among investors that Congress will resurrect a failed US financial bailout plan.
Light sweet crude for November delivery rose $US4.27 to settle at $US100.64 a barrel on the New York Mercantile Exchange, after earlier rising as high as $US101.40.
In London, November Brent crude rose $US4.19 to settle at $US98.17 a barrel on the ICE Futures exchange.
Crude’s rise came despite a stronger US dollar. Investors often buy crude futures as a hedge against a weakening dollar and inflation, and sell when the dollar strengthens.
On Tuesday, the euro bought $US1.4069 compared with $US1.4472 late Monday in New York.
In other NYMEX trading, heating oil futures rose 10.62 cents to settle at $US2.8947 a gallon, while gasoline prices rose 8.77 cents to settle at $US2.49 a gallon. Natural gas futures rose 21.7 cents to settle at $US7.438 per 1,000 cubic feet.

COMEX

The December contract for COMEX gold fell $US13.60 overnight to $US880.80, after spiking above $US900 on Monday in the face of the Wall Street equities meltdown.
Silver and copper also falling overnight. December silver on COMEX lost 75 cents to settle at $US12.275 an ounce, while December copper fell 2.75 cents to settle at $US2.879 a pound.

NEW YORK - Wall Street has ended a stunning session with a huge fall, the Dow Jones Industrials Average plunging more than 770 points after the $US700 billion financial bailout plan was knocked back by Congress.
The Dow dropped 777.68 points, or 6.98 per cent to 10,365.45, but the broader S&P500 collapsed 106.59 points, or 8.79 per cent, to 1,106.42.
The NASDAQ, which carries tech and more recently listed heavyweights, fell even more, by 199.61 points, or 9.14 per cent, to 1,983.73.

LONDON - European stock markets plunged on Monday, as a series of US and European bank failures rattled investor hopes that the financial crisis might be contained.
Dealers said news of a series of US and European bank failures and rescues - Wachovia, Fortis, Bradford & Bingley, Hypo Real Estate - rocked the markets amid growing doubts about passage of the $US700 billion US rescue package.
In England the benchmark FTSE 100 index fell 269.7 points, or 5.3 per cent, to close at 4,818.8.

FRANKFURT - In Germany, the benchmark DAX 30 index slid 256.42 points, or 4.23 per cent, to close at 5,807.08.

PARIS - In France, the benchmark CAC 40 index shed 209.9 points, or 5.04 per cent, to 3,953.48.

TOKYO - Japan shares ended down on Monday as global financial turmoil claimed fresh victims in Europe, and investors waited nervously for the US Congress to pass a huge Wall Street bailout package.
The benchmark Nikkei 225 fell 149.55 points, or 1.26 per cent, to close at 11,743.61.

HONG KONG - The benchmark Hang Seng Index plummeted 801.41 points, or 4.29 per cent, to 17,880.68.

WELLINGTON - In New Zealand, the benchmark NZX 50 index closed barely changed on Monday amid continuing uncertainty over global financial stability.
The benchmark NZX-50 index rose 0.95 points to 3,188.54 on light turnover.
In early trade today, the NZ market plummeted by over four per cent following the turmoil in New York, falling -135.8 points to 3,052.7.

SYDNEY - Stocks listed on the Australian Securities Exchange could be in for a shellacking today, led down by the financial and resources sectors, after the US House of Representatives rejected a $US700 billion rescue package this morning.
At 0809 AEST, the December Share Price Index futures contract on the Sydney Futures Exchange was down 339 points to 4,510.
Economic releases today include the Reserve Bank of Australia’s financial aggregates data for August.
The Australian Bureau of Statistics will release retail trade and building approvals data for August.
Fortescue Metals Group Ltd and Gleneagle Gold Ltd will hold general meetings, and Incremental Petroleum Ltd will hold its annual general meeting, all in Perth.
Ambri Ltd will hold its annual general meeting in Brisbane.
It is day two of the two-day Commodity Fundamentals conference in Sydney, and it’s also day two of the three-day Coal Tech 2008 conference in Brisbane.
It is day one of the two-day Paydirt Asia Pacific Down Under conference in Perth.
Yesterday, the benchmark S&P/ASX200 index lost 97.4 points, or 1.9 per cent, to 4,807.35, while the broader All Ordinaries gave up 95.45 points, or 1.9 per cent to 4,839.18.

NYMEX

Oil prices plunged more than $US10 a barrel Monday as a US financial bailout plan failed to win legislative approval, increasing fears that a prolonged economic downturn could sharply curtail energy demand.
Light sweet crude for November delivery sank $US10.52 to settle at $US96.36 on the New York Mercantile Exchange, after earlier dropping as low as $US95.04.
It was crude’s lowest trading level since prices edged back below $US100 earlier this month - and crude previously hadn’t traded that low since February.
Crude has fallen almost $US25, or 20 per cent in the past week amid intense bi-partisan political party talks to try and agree on the $US700 billion rescue plan.
In another sign of declining US fuel demand, pump prices kept falling Monday. One gallon of regular slipped about a cent overnight to a new national average of $US3.643. Gasoline peaked at $US4.114 a gallon on July 17.
Prices could come down as US Gulf Coast energy output ramps up following the passage of hurricanes Ike and Gustav. About 57 per cent of crude oil production, and 53 perc ent of natural gas output, remained shut-in after shutdowns prompted by the storms, according to the US Minerals Management Service.
Oil prices were also pushed down by the stronger US dollar. Investors often buy crude futures as a hedge against a weakening dollar and inflation, and sell when the dollar strengthens.

COMEX

Gold for December delivery on the COMEX division of the NY Mercantile Exchange rose $US5.90 overnight to settle at $US894.40 per ounce.
December Silver fell US47.8 cents to $US13.025 per ounce, and December copper fell US16.8 cents to $US2.9065 per pound.
Investors have been shifting funds from troubled equity and debt markets into safe haven stores that traditionally have included gold.

NEW YORK - Wall Street shares vaulted higher, with investors optimistic that the US congress was on the verge of a deal on a massive rescue plan for the financial sector.
The Dow Jones Industrial Average gained 196.89 points, or 1.82 per cent, to 11,022.06.
The Nasdaq composite added 30.89 points, or 1.43 per cent, to 2,186.57, and the Standard & Poor’s broad-market index increased 23.31 points, or 1.97 per cent, to 1,209.18.

LONDON - The London FTSE index rose 101.4 points, or 1.99 per cent, to close at 5,197.02 points.

FRANKFURT - The DAX added 120.16 points, or 1.99 per cent, to close at 6,173.03 points.

PARIS - The CAC 40 gained 112.27 points, or 2.73 per cent, to 4,226.81 points.

TOKYO - The Nikkei lost 108.5 points, or 0.9 per cent, to close at 12,006.53 points.

HONG KONG - The benchmark Hang Seng Index closed down 27.56 points, or 0.15 per cent, at 18,934.43.

WELLINGTON - The benchmark NZSX-50 index closed down 21.964 points, or 0.67 per cent, at 3237.715 points.

SYDNEY - The Australian stock market is expected to open stronger today after US political leaders struck an agreement in principle on a $US700 billion plan to revive the crippled financial system.
It is hoped both houses of US congress will vote on the plan within days.
Wall street and European markets have reacted positively to the news, with major indices recording gains of around two per cent.
At 0735 AEST, the Sydney Futures Exchange’s December Share Price Index contract was up 63 points at 5,057.
In news today, Greater Bendigo Gold Mines holds a general meeting.
Heritage Gold NZ, a company listed in both Australia and New Zealand, holds its annual general meeting in Auckland.
The Emissions Measurement and Information Systems conference continues in Sydney.
Yesterday, the benchmark S&P/ASX200 closed down 54.5 points, or 1.09 per cent, at 4927.4, while the broader All Ordinaries lost 47.4 points, or 0.95 per cent, to 4960.8.

NYMEX
Crude oil rebounded on hopes that the $US700 billion bank bailout plan would stabilise the teetering US economy and boost domestic energy demand.
New York’s main contract, light sweet crude for November delivery, rose $US2.29 to settle at $US108.02 a barrel.
In London, November Brent crude rose $US2.15 to settle at $US104.60 a barrel.

COMEX
Gold prices fell as an agreement in principle on a US government financial rescue package prompted investors to sell safe-haven assets in favour of stocks.
Gold for December delivery fell $US13 to settle at $US882 an ounce on the New York Mercantile Exchange, after earlier falling as low as $US868.80.
Other metals traded mixed. December silver fell 16.5 US cents to settle at $US13.275 an ounce, while December copper rose 2.8 US cents to settle at $US3.1345 a pound.

NEW YORK - Wall Street lost ground in a late-day selloff as traders feared the US government’s banking sector bailout faces delays at it passes through congress.
The Dow Jones Industrial Average closed down 161.52 points, or 1.47 per cent, to 10,854.17.
The tech-heavy Nasdaq composite slumped 25.64 points, or 1.18 per cent, to 2,153.34 and the broad-market Standard & Poor’s 500 index lost 18.87 points, or 1.56 per cent, to a close of 1,188.22.

LONDON - The FTSE 100 share index closed down 100.2 points, or 1.91 per cent, at 5,136.1, as investors waited for US congress to pass the bailout measures.

FRANKFURT - the DAX shed 39.22 points, or 0.64 per cent, to close at 6,068.53 points.

PARIS - The CAC 40 fell 83.69 points, or 1.98 per cent, to 4,139.82 points.

TOKYO - Japan’s markets were closed for a public holiday.

HONG KONG - The benchmark Hang Seng Index closed down 759.35 points, or 3.87 per cent, at 18,872.85.

WELLINGTON - In a quiet day’s trade, the benchmark NZX-50 finished down 27.526 points, or 0.845 per cent, at 3228.189.

SYDNEY - The Australian stock market is expected to open lower today after US stocks fell again as investors worried that the US congress was beginning to doubt the need for a government bailout of financial institutions as a way to revive credit markets.
At 0802 AEST, the Sydney Futures Exchange’s December Share Price Index contract was down 71 points at 4,939.
In news today, retailer David Jones delivers its full year results.
Air New Zealand and the Australian Securities Exchange (ASX) hold annual general meetings.
Empire Oil & Gas NL holds a general meeting.
Mercer will host a briefing on sovereign wealth funds by Future Fund chairman David Murray.
The Department of Education, Employment and Workplace Relations releases its skilled vacancies survey for September.
Australian Bureau of Agricultural and Resource Economics executive director Phillip Glyde will speak at an Australian Business Economists briefing on the outlook for soft commodities.
The Industrial Foundation for Accident Prevention’s (IFAP) Safety 08 conference continues in Perth.
The Mining & Energy NSW exhibition concludes.
Yesterday, the benchmark S&P/ASX200 index closed 97 points lower, or 1.93 per cent, at 4923.5 yesterday, while the broader All Ordinaries lost 92.4 points, or 1.83 per cent, to 4957.7.

NYMEX
Oil prices pulled back after a record rally on Monday, dropping for the first time in five days of trade as uncertainty over the US financial bailout plan and a stronger dollar led investors to shed commodities.
Light, sweet crude for November delivery fell $US2.76 to settle at $US106.61 on the New York Mercantile Exchange, after earlier dipping as low as $US104.05.
In London, Brent North Sea crude for November shed $US2.96 to settle at $US103.08 a barrel.

COMEX
Gold for December delivery fell $US17.80 to settle at $US891.20 an ounce on the New York Mercantile Exchange.
December silver fell 28 cents to settle at $US13.17 an ounce on the Nymex, while December copper lost 10.3 cents to settle at $US3.152 a pound.

NEW YORK - US stocks closed modestly higher today as falling oil prices eased inflation fears and the market shrugged off an escalating deadly conflict between Russia and Georgia.
The Dow Jones industrial average rose 48.03, or 0.41 per cent to 11,782.35, after the blue chips’ 302-point jump on Friday.
The Standard & Poor’s 500 index rose nine, or 0.69 per cent to 1,305.32, while the NASDAQ rose 25.85, or 1.07 per cent to 2,439.9.

LONDON - Europe’s major stock markets gained ground on Monday, boosted by the weakening euro against the dollar, and as traders monitored escalating violence between Russia and Georgia.
In London the FTSE 100 index added 52.6 points, or 0.96 per cent, to close at 5,541.80.

FRANKFURT - The Dax ended 47.98 points higher, or 0.73 per cent, at 6,609.63.

PARIS - The CAC 40 rose 46.64 points, or 1.04 per cent, to 4,538.49.

TOKYO - Japanese share prices closed up 1.99 per cent on Monday supported by gains on Wall Street, a fresh fall in the cost of crude oil and a weaker yen, which is good for exporters.
The Tokyo Stock Exchange’s benchmark Nikkei 225 index rose 262.50 points to end at 13,430.91.

HONG KONG - Hong Kong share prices closed down 0.12 per cent on Monday, holding up despite a plunge in the Shanghai bourse.
The benchmark Hang Seng Index dropped 25.87 points to 21,859.34.

WELLINGTON - New Zealand shares closed up 0.37 per cent on Monday as investors took heart from a strong close on Wall Street at the end of last week.
The benchmark NZX 50 index rose 12.37 points to 3,370.19.

SYDNEY - The Australian stock market is expected to open marginally higher today after the return of volatility on Wall Street overnight, with all three major US indices see-sawing their way to positive closes.
At 0748 AEST, the Sydney Futures Exchange’s September share price index futures contract was 19 points higher at 5,040.
On the agenda today, National Australia Bank Ltd releases its monthly business survey for July, and a St George Bank Ltd provides an operational briefing.
In equities, Cochlear Ltd and WorleyParsons Ltd are to release annual results.
Dexion Ltd, APN News & Media Ltd and Australian Agricultural Co Ltd are to release interim results, and Optus parent Singapore Telecommunications Ltd is to provide results for the first quarter.
Adelaide Resources is having a general meeting.
The Australian share market closed up over half a per cent on Monday.
The benchmark S&P/ASX200 index rose 39.9 points to 5,026.1, while the broader All Ordinaries rose 31.7 points to 5,069.3.

NYMEX
Crude oil prices sank Monday as the market worried about weakening demand, particularly in the eurozone and China, after Chinese oil imports fell sharply.
New York’s main contract, light sweet crude for September delivery, fell 75 cents to close at $US114.45 a barrel.
The contract hit an intraday low of $US112.72, its lowest level since May 2.
In London, Brent North Sea crude for September delivery slipped 66 cents to settle at $US112.67. Its session low was $US111.07.
Fears of recession in the eurozone gained momentum on Monday after official data showed a sharp fall in French industrial production in June.
The market particularly focused on news that oil imports to China, the world’s second-thirstiest oil importer after the United States, fell seven per cent in July, the steepest decline since December.
Oil prices also fell as the US dollar strengthened, which makes dollar-priced commodities more expensive for buyers with weaker currencies.

COMEX

Energy and metals prices fell again, widening last week’s sharp losses as the dollar regained more ground against other major world currencies.
The metals markets also saw big sell-offs last week, with gold dropping 5.7 per cent, silver declining 12.5 per cent, and copper losing 6.9 per cent.
Precious metals sank again in trading Monday, as the US dollar moved higher against the euro and pound.
Gold for December delivery lost $US36.50 to settle at $US828.30 an ounce on the NYMEX. Silver for September delivery fell 71 cents to settle at $US14.62 an ounce on the NYMEX.
In base metals, September copper fell 4.13 cents to settle at $US3.2915 a pound.
Grain prices finished mixed Monday in trading made erratic by speculative buying ahead of Tuesday’s crop report from the US Department of Agriculture.
Wheat and soybean prices jumped, but corn finished lower, dragged down by a selloff in crude oil prices.
Because corn is the main ingredient in ethanol, its price is often affected by the energy markets.

NEW YORK - US stocks rallied strongly Friday with the Dow Jones Industrial Average rocketing 302 points as world oil prices dived, soothing fears that fresh inflationary pressures could further depress an already ailing economy.
The rising US dollar also helped to suppress oil prices, boosting optimism as the euro fell under $US1.50 dollars for the first time since February.
The Dow soared 302.89 points, or 2.65 per cent to close at 11,734.32. The broader market Standard & Poor’s 500 index rose 30.25 points, or 2.39 per cent to 1,296.32. The technology-heavy NASDAQ leapt 58.37 points, or 2.48 per cent to 2,414.10.

LONDON - Europe’s main stock markets closed higher on Friday, with a fall in oil prices and buoyant trading on Wall Street outweighing the influence of gloomy economic news from Italy.
In London, the FTSE 100 index added 11.7 points, or 0.21 per cent to close at 5,489.20.

FRANKFURT - The Dax ended up 18.16 points, or 0.28 per cent, higher at 6,561.65.

PARIS - The CAC 40 rose 34.42 points, or 0.77 per cent to 4,491.85.

TOKYO - Japan shares closed up 0.33 per cent on Friday, rebounding from early losses as investors were encouraged by a weaker yen which helps exporters.
The Tokyo Stock Exchange’s benchmark Nikkei 225 index rose 43.42 points to end at 13,168.41.

HONG KONG - Hong Kong shares closed down 0.99 per cent on Friday as worries over the US sub-prime crisis and a decline in China-listed shares hit stocks.
The benchmark Hang Seng Index was down 218.99 points at 21,885.21.

WELLINGTON - New Zealand shares closed down 0.62 per cent Friday as disappointment over market leader Telecom’s annual results and a generally grim outlook dragged the broader market down.
The benchmark NZX 50 index fell 21.07 points to 3,357.82.

SYDNEY - The Australian stock market is expected to open higher today after the Wall Street lifted more than 302 points on Friday night.
At 0745 AEST, the September share price index futures contract on the Sydney Futures exchange was 72 points higher at 5,034.
Today’s events include the Reserve Bank of Australia’s quarterly statement on monetary policy and the Australian Bureau of Statistics’ lending finance data for June.
The Housing Industry Association of Australia will release its national and state outlook for the June quarter, and the Australian Office of Financial Management (AOFM) will announce tender results for $600 million of 6.25 per cent June 2014 bonds.
Crane Group Ltd, United Group Ltd and Bendigo and Adelaide Bank Ltd all are scheduled to release preliminary results for 2008.
The Australian share market closed marginally firmer on Friday as trading consolidated following the previous day’s financial sector run.
The benchmark S&P/ASX200 index rose 2.9 points to 4,986.2, while the broader All Ordinaries rose 7.6 points to 5,037.6.

NYMEX
Oil prices plunged to $US115 a barrel on Friday, driven lower by a jump in the US dollar, signs of moderating global demand and a growing belief that commodity prices may have peaked.
Investors pulled their money out of commodities and put it back into stocks, leaving crude oil with a week’s loss of nearly $US10 a barrel and driving the Dow Jones industrial average up more than 300 points.
Light sweet crude for September delivery fell $US4.82 to settle at $US115.20 a barrel on the New York Mercantile Exchange - its lowest settlement since May 1 when it settled at $US112.52.
During Friday trade, crude dipped as low as $US114.90. Prices for gasoline, heating oil and natural gas also dropped.
In London, Brent crude for September delivery fell $US4.53 to finish at $US113.33 a barrel.
Some analysts have pointed to the $US117 a barrel mark for crude oil as significant, arguing that a move below that level would suggest that oil’s recent slide is more than a brief pullback.
Crude is now $US32 off its high of $US147.27 on July 11.
By the energy market’s close, the euro had dropped to $US1.5007, while the dollar also rose to 110.22 yen. The British pound fell to $US1.9193, after reaching its lowest point since November 2006.
The weak dollar had been boosting oil prices earlier this year, because dollar-denominated commodities are often used as hedges against inflation and a falling US currency.
NYMEX front-month crude futures are down nearly 22 per cent from their record high. They are still up however nearly 60 per cent from a year ago.
Heating oil futures fell 10.56 cents to finish at $US3.1280 a gallon, while gasoline futures fell 11.53 cents to close at $US2.8874 a gallon. Natural gas futures fell 32.3 cents to settle at $US8.248 per 1,000 cubic feet.

COMEX
In precious metals, gold prices fell to an almost two-month low
after the US dollar strengthened against the euro which diminished the metal’s appeal as an inflation hedge.
Gold futures for December delivery fell $13.10, or 1.5 per cent, to $864.80 an ounce on the Comex division of the New York Mercantile Exchange.
The price is down 6.3 per cent since July 31.
The last time the metal plunged six straight sessions was June 6 to June 14, 2006, when the price dropped 13 per cent.
Silver futures for September delivery fell 92.7 cents, or 5.7 per cent, to $15.33 an ounce, after earlier shedding as much as $1.002.
Before today, silver gained 9 per cent this year, while gold advanced 4.8 per cent.
September copper fell 0.088 cent to settle at $US3.33 a pound.

NEW YORK - US stocks fell 1.8 per cent after weak readings on economic growth and the job market touched off renewed concerns about the financial health of businesses and consumers.
The Commerce Department’s report that gross domestic product grew at a 1.9 per cent pace in the second quarter disappointed investors.
Investors were also concerned about Labor Department data saying that the number of people seeking jobless benefits jumped to the highest level in five years.
The Dow Jones Industrial Average lost 205.67 points, or 1.78 per cent, to 13,3787.02 and the Standard & Poor’s 500 broad-market index dropped 16.68 points to 1,267.38.
The tech-heavy Nasdaq composite declined 4.17 points to 2,325.55.
The yield on the 10-year US Treasury bond fell to 3.979 per cent from 4.048 per cent Wednesday and that on the 30-year bond dropped to 4.603 per cent from 4.638 per cent.

LONDON -European stocks closed generally weaker on US and eurozone data that dented market sentiment and in response to mixed corporate results.
In London the FTSE 100 index shed 8.80 points to 5,411.90.

FRANKFURT - The DAX gained 19.44 points to 6,479.56.

PARIS - The CAC 40 jettisoned 8.19 points to 4,392.36.

TOKYO - Japanese stocks closed little changed after a day spent as the market awaited a raft of corporate earnings and key US data.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 9.02 points to 13,376.81.

HONG KONG - Hong Kong share rose modestly, reflecting cautious trade ahead of key US economic data and interim corporate results.
The benchmark Hang Seng Index rose 40.5 points to 22,731.1.

WELLINGTON - The benchmark NZSX-50 index advanced 48.52 points to 3336.28.

SYDNEY - The Australian stock market is expected to fall about one per cent after Wall St was rocked by disappointing US economic growth and job market figures.
On the Sydney Futures exchange, the September share price index futures contract fell 48 points, or 0.96 per cent, to 4,930.
Today, the Australian Industry Group/PricewaterhouseCoopers Australian Performance of Manufacturing Index for July is released.
So to the Securities/Melbourne Institute inflation gauge for July and the Reserve Bank of Australia commodity price index for July.
Australian shares closed firmly in the black yesterday for the second consecutive day, driven by a positive US lead and higher prices overnight for copper, nickel and oil.
The benchmark S&P/ASX200 index added 40.7 points, or 0.82 per cent, to 4,977.4 while the broader All Ordinaries gained 43.9 points to 5,052.6.

NYMEX
Oil prices ended lower, pulling back from the previous day’s rally, as disappointing data on the US economy signaled further cutbacks in energy demand for the world’s thirstiest consumer.
In another sign Americans are driving less, US filling stations hungry for business continued to ratchet down retail gas prices, with a gallon of regular falling on average 1.7 US cents to $US3.909, according auto club AAA, the Oil Price Information Service and Wright Express.
Light, sweet crude for September delivery fell $US2.69 to settle at $US124.08 a barrel on the New York Mercantile Exchange, a day after the contract soared more than $US4 in the biggest one-day jump in two weeks.

COMEX
Gold strengthened as fear about a slowing US economy stimulated more interest in the perceived safe haven investment.
Gold for August delivery rose $US11.00 to settle at $US913.90 an ounce on the New York Mercantile Exchange.
September silver gained 32.5 US cents to settle at $US17.79 an ounce
Copper for September delivery firmed $US1.55 cents to $US366.15 a pound on the New York Mercantile Exchange.

NEW YORK - US stocks extended their rally to a second day after an upbeat employment report from payroll company ADP made investors cautiously optimistic about the government’s upcoming
July employment report.
Automatic Data Processing said private sector employment rose by 9,000 this month. After seeing jobs disappear by the thousands in recent months, the stock market is eager for any insights into the Labor Department’s take on the job market on Friday.
The Federal Reserve also announced it will extend its emergency borrowing program for Wall Street banks, which reassured the market that investment banks won’t suffer from liquidity problems.
The Dow Jones Industrial Average jumped 186.13 points, or 1.63 per cent, to 11,583.69 and the Standard & Poor’s 500 broad-market index added 21.06 points to 1,284.26.
The tech-heavy Nasdaq composite advanced 10.10 points to 2,329.72.
Bond prices declined as the yield on the 10-year US Treasury bond increased slightly to 4.048 per cent from 4.044 per cent Tuesday and that on the 30-year bond rose to 4.638 per cent from 4.622 per cent.

LONDON - European share markets posted sharp gains in response to better-than-expected US jobs data and positive corporate results.
In London the FTSE 100 index jumped 101.50 points to 5,420.70

FRANKFURT - The DAX gained 61.32 points to 6,460.12.

PARIS - The CAC 40 found 80.06 points to 4,400.55.

TOKYO - Japanese stocks rallied after a strong bounce on Wall Street and a slide in crude oil prices.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 208.34 points to 13,367.79.

HONG KONG - Hong Kong stocks rose after a strong US lead.
The benchmark Hang Seng Index added 432.6 points to 22,690.60.

WELLINGTON - The benchmark NZSX-50 index firmed 52.26 points to 3287.76.

SYDNEY - The Australian stock market is expected to rise for a second straight day after Wall St rallied on positive private sector employment data.
On the Sydney Futures exchange, the September share price index futures contract firmed 92 points, or 1.88 per cent, to 4,987.
Today, the Reserve Bank of Australia releases financial aggregates data for June.
Alumina Ltd and HBOS plc release their interim results and Just Group releases sales figures.
The Australian share market was boosted by banks yesterday after investor confidence returned following a rally overnight on Wall Street.
The benchmark S&P/ASX200 index rose 89.2 points, or 1.84 per cent, to 4936.7, while the broader All Ordinaries climbed 85.4 points, or 1.73 per cent, to 5008.7.

NYMEX
Oil prices shot up Wednesday, jumping as much as $US5 a barrel and halting a dramatic two-week slide after the government reported a surprise drop in gasoline supplies.
Also supporting prices was news that Israeli Prime Minister Ehud Olmert will step down in September, a move that raised doubts about progress for US-backed Middle East peace efforts in the oil-producing region.
The big advance raised questions whether crude’s steep decline was overblown, but also whether the pullback has now brought prices closer in line with flagging US demand.
Light, sweet crude for September delivery soared $US4.53 cents to $US126.72 a barrel in afternoon trading on the New York Mercantile Exchange.
Earlier, prices jumped more than $US5 a barrel, marking crude’s biggest one-day rally since July 10, when prices ended $US5.60 higher.
The contract had fallen below $US121 a barrel earlier in the day, and closed $US2.54 lower on Tuesday at $US122.19 a barrel.
In London, September Brent crude rose $US3.34 cents at $US126.05 a barrel on the ICE Futures exchange.

COMEX
Gold fell sharply after the US dollar strengthened against the euro.
Gold for August delivery dropped $US13.60 to settle at $US902.590 an ounce on the New York Mercantile Exchange.
September silver gained nine US cents to settle at $US17.465 an ounce
Copper for September delivery lost $US5.55 cents to $US364.60 a pound on the New York Mercantile Exchange.

NEW YORK - US stocks fell 2.1 per cent after an International Monetary Fund report predicting continuing problems in the credit and housing market put stress on financials.
The IMF said the bottom of the housing market was still not visible.
Sentiment was also soured by the weekend closure of two regional banks and a rise in oil prices.
The Dow Jones Industrial Average plunged 239.61 points, or 2.11 per cent, to 11,131.08 and the Standard & Poor’s 500 broad-market index lost 22.39 points to 1,234.37.
The tech-heavy Nasdaq composite slipped 46.31 points to 2,264.22.

LONDON - European stock exchanges fell on renewed financial sector fears following the failure of two US banks over the weekend.
In London the FTSE 100 index lost 40.00 points to 5,312.60

FRANKFURT - The Dax lost 30.45 points to 6,351.15

PARIS - The CAC 40 shed 52.73 points to 4,324.45

TOKYO - Japanese stocks rose slightly after a modest boost from gains on Wall Street in the wake of better-than-expected US economic data.
The benchmark Nikkei dropped 268.55 points to 13,334.76

HONG KONG - Stocks fell on profit-taking in property plays and ongoing concerns about credit markets.
The benchmark Hang Seng Index reversed 53.5 points to 22,687.21.

WELLINGTON - The New Zealand sharemarket made modest gains, helped by a rise in top stock Telecom.
The benchmark NZSX-50 index added 2.41 points to 3256.57

SYDNEY - The Australian stock market is expected to open sharply lower after Wall St fell two per cent on predictions the worst of the housing crisis was yet to come.
On the Sydney Futures exchange, the September share price index futures contract dropped 99 points, or 2.01 per cent, to 4,838.
Today, Alesco Corporation Ltd releases annual results, Harvey Norman Holdings Ltd releases annual sales results and Centennial Coal releases its fourth quarter production report.
The Australian share market continued its losing streak yesterday, falling almost one per cent after the financial sector fell on concerns about ANZ Bank’s increased debt provisions.
The benchmark S&P/ASX200 index shed 48.4 points, or 0.97 per cent, to 4922.1, while the broader All Ordinaries dipped 39 points to 4989.9.

NYMEX
Oil prices rose Monday, approaching $US125 a barrel after militants sabotaged two oil pipelines in Nigeria and Iran claimed that it had doubled the size of its nuclear program but signaled a willingness to work with the US.
The gains, however, were tempered by more evidence that high gas prices are causing Americans to keep their cars off the roads.
The US Transportation Department said Monday that US drivers logged 9.6 billion fewer vehicle miles (15.3 billion fewer vehicle kilometers) in May - or 3.7 per cent - compared to the same period last year, the biggest drop ever for the historically busy summer driving month.
Light, sweet crude for September delivery rose $US1.47 to settle at $US124.73 a barrel on the New York Mercantile Exchange.

COMEX
Precious metals rose as the sharemarket fell and the US dollar weakened against the euro, making them a more attractive investment.
Gold for August delivery rose $US3.30 to settle at $US940.20 an ounce on the New York Mercantile Exchange.
September silver rose 17.5 US cents to settle at $US17.55 an ounce
Copper for September delivery gained 70 US cents to $US361.20 a pound on the New York Mercantile Exchange.

NEW YORK - US stocks rose 0.2 per cent, boosted by better-than-expected reports on orders for durable manufactured goods and new home sales that eased fears about a sinking economy.
Orders for durable manufactured goods rose 0.8 per cent in June, confounding expectations of a drop of 0.3 per cent.
The Commerce Department said June sales of new single-family homes fell by 0.6 per cent to a seasonally adjusted annual rate of 530,000 units; the market expected sales to total 505,000.
Both reports helped offset concerns raised by a weak reading on existing home sales on Thursday.
The Dow Jones Industrial Average rose 21.41 points, or 0.19 per cent, to 11,370.69 and the Standard & Poor’s 500 broad-market index added 5.22 points to 1,257.76.
The tech-heavy Nasdaq composite gained 30.42 points, or 1.33 per cent, to 2,310.43.
The yield on the 10-year US Treasury bond increased to 4.111 per cent from 4.016 per cent and that on the 30-year bond rose to 4.696 per cent against 4.638 per cent.

LONDON - European stock exchanges ended the week with mixed fortunes but were generally boosted by better than expected economic news from the United States.
In London the FTSE 100 index shed 9.70 points to 5,352.60

FRANKFURT - The Dax lost 3.99 points to 6,436.71

PARIS - The CAC 40 advanced 29.19 points to 4,377.18

TOKYO - Japanese stocks fell two per cent as investors sold exporters such as Toyota Motor Corp on concerns about the health of the US economy and a stronger yen.
The benchmark Nikkei slipped 268.55 points to 13,334.76

HONG KONG - Shares fell as weaker-than-expected US economic data prompted investors to lock in profits.
The benchmark Hang Seng Index dropped 347.01 points to 22,740.71.

WELLINGTON - The benchmark NZSX-50 index dropped 33.07 points to 3254.16.

SYDNEY - The Australian stock market is expected to open higher after Wall St rose Friday on better-than-expected manufacturing and housing data.
At 0650 AEST on the Sydney Futures exchange, the September share price index futures contract rose 24 points to 5,006.
Today, Housing Industry Association (HIA) new home sales data for June is released along with the National Australia Bank second quarter business confidence survey.
Australand Property Group Ltd releases its interim results and Australian Foundation Investment Co Ltd its annual results.
The Australian share market fell over three per cent on Friday after troubling news from National Australia Bank (NAB) related to losses from investments in risky US mortgages, and a weak lead from Wall Street.
The benchmark S&P/ASX200 index finished down 173.6 points, or 3.37 per cent, to 4,970.5 while the broader All Ordinaries shed 157.4 points, or 3.03 per cent, to 5,031.

NYMEX
Oil prices sank to their lowest point in weeks Friday as investors questioned whether crude has cooled enough to reflect a serious deterioration in demand.
Light, sweet crude for September delivery fell $US2.23 to settle at $US123.26 a barrel in on the New York Mercantile Exchange. Earlier the contract dropped as far as $US122.50, its lowest point since June 5.
In London, September Brent crude fell 97 US cents to settle at $US124.52 a barrel on the ICE Futures exchange.
In the latest sign that Americans continue to struggle with soaring energy prices, filling station operators hungry for business ratcheted down the average price for a gallon (3.8 litres) of regular by two cents, according to auto club AAA, the Oil Price Information Service and Wright Express.

COMEX
Precious metals rose Friday as a fresh drop in the dollar and speculation that crude oil’s plunge may soon end fed safe-haven buying of gold, silver and copper.
Gold for August delivery rose $US3.50 to settle at $US926.80 an ounce on the New York Mercantile Exchange.
September silver rose 7.7 US cents to settle at $US17.375 an ounce
Copper for September delivery fell $US2.80 to $US360.50 tonne on the New York Mercantile Exchange.

NEW YORK - Wall Street tumbled Wednesday as investors grappled with renewed worries about the soundness of the financial sector. The major indexes fell more than two per cent, including the Dow Jones industrial average, which lost more than 230 points.
While many financial services companies logged steep declines during the session, government-sponsored lenders Freddie Mac and Fannie Mae were among those hardest hit. Investors are worried that the mortgage finance companies will have to sell more shares than anticipated to compensate for losses from the housing slump.
Merrill Lynch & Co. also dropped, after Fitch Ratings put its long-term credit default rating on watch for a possible downgrade.
With dismal bank and lender earnings expected in the coming weeks, investors were unable to keep buying a day after stocks, including financials, had logged sharp gains.
Selling accelerated amid light volumes, which tends to skew price moves.
The Dow fell 236.77, or 2.08 per cent, to 11,147.44.
The Standard & Poor’s 500 index fell 29.01, or 2.28 per cent, to 1,244.69, while the Nasdaq composite index fell 59.55, or 2.60 per cent, to 2,234.89.
The pullback left both the Dow and S&P 500 back in bear market territory, with both indexes having logged declines of more than 20 per cent since their October highs.
Bond prices edged higher Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.81 per cent from 3.89 per cent late Tuesday.

LONDON - European stock markets closed higher Wednesday in a rebound sparked by a sharp fall in oil prices and hopes the US Federal Reserve will continue to support banks hit by the US subprime home loan crisis.
Dealers said sharp gains on Wall Street on Tuesday, led by the banks on encouraging comments from Fed chairman Ben Bernanke, made for a solid day in Asia on Wednesday and set the stage for a European recovery too after very heavy losses.
They said the tone remained cautious however and the gains technical, with most markets down 20 percent or more since their late 2007 highs amid concerns there is more bad news to come for the banks on their subprime exposure.
In London, the FTSE 100 index closed up 89.1, or 1.64 per cent at 5,529.60.

FRANKFURT - The DAX index ended at 6,386.46 points, up 82.05, or 1.30 per cent.

PARIS - The CAC-40 index closed at 4,339.66 points, up 64.05, or 1.50 per cent.

TOKYO - Japanese shares closed 0.15 per cent higher Wednesday as Wall Street rallied on lower oil prices, but dealers said reports of an Iranian missile test could weigh on market sentiment.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index firmed 19.03 points to end at 13,052.13.

HONG KONG - The benchmark Hang Seng Index finished 585 points up, or 2.8 per cent, at 21,805.81.

WELLINGTON - New Zealand shares consolidated Tuesday’s rebound, mirroring positive Australian and US markets.
The benchmark NZSX-50 closed up 16.87 points, or 0.5 per cent, to 3177.46 on turnover worth $NZ103 million ($A81.42 million).

SYDNEY - The Australian share market is expected to open lower today after US equities fell as investors grappled with renewed worries about the soundness of the financial sector.
At 0819 AEST on the Sydney Futures exchange, the September share price index futures contract fell 65 points to 4,929.
In economic news, the Australian Bureau of Statistics releases its labour force data for June.
The Westpac/Melbourne Institute index of consumer inflation expectations for June is also due.
In company news, thermal coal company APAC Coal lists.
CSR Ltd holds its annual general meeting.
United Group Ltd managing director Richard Leupen addresses the American Chamber of Commerce in Australia on “The Tale of Two Booms - Resources and Infrastructure.”
The Bennelong Australian Equity Partners launch is expected.
Yesterday, the Australian share market lifted as investors snapped up stocks that now look cheap after being beaten down on the back of higher oil prices, the global credit crunch and fears of an economic slowdown.
The benchmark S&P/ASX200 index gained 79 points, or 1.6 per cent, to 5011.9, while the broader All Ordinaries added 67 points, or 1.33 per cent, to 5089.4.

NYMEX
Oil prices finished about where they began Wednesday after jumping more than $US2 earlier on reports of lower US oil stockpiles and an Iranian missile test.
Light, sweet crude for August delivery rose a penny to settle at $US136.05 a barrel on the New York Mercantile Exchange, but prices shifted between positive and negative territory as traders parsed details of the inventory report following its midmorning release. In aftermarket trading, oil prices fell 40 cents to $US135.64 a barrel.
The moves follow two days of steep declines that left prices 6.4 per cent below last week’s record high.
Figures from the Energy Information Administration showed US oil supplies fell by 5.9 million barrels last week, a decline of two per cent. That is far above the 1.9 million barrels forecast by analysts surveyed by the energy research firm Platts.
In addition, gasoline stockpiles rose more than expected, partly offsetting the decline in crude. Inventories of distillate fuel, which include diesel and heating oil, also rose, but less than analysts anticipated.
Prices rose as high as $US138.28 earlier in the day following reports that Iran’s elite Revolutionary Guards fired missiles during war games that officials said were meant to show that the key oil producer can retaliate against a US or Israeli attack, state television reported.
Iran is the world’s fourth-largest oil producer and OPEC’s second-largest exporter. Oil traders fear any military conflict could prompt Iran to block the Strait of Hormuz, a passageway that handles about 40 percent of the world’s tanker traffic.
In other Nymex trading, heating oil futures fell 3.14 cents to $US3.8516 a gallon while gasoline futures lost 1.77 cents to $US3.3808 a gallon. Natural gas futures dropped 36.2 cents to $US12.006 per 1,000 cubic feet.

COMEX
Corn futures fell for a fourth day Wednesday on expectations that record-high prices for the grain will cut into demand for animal feed and ethanol. Soybeans rose sharply.
Other futures traded mostly higher, with gold, silver and copper all rebounding after a big two-day sell-off in commodities. Crude oil inched higher by a penny.
Corn prices rose to a record near $US8 a bushel last month as severe flooding swallowed huge swaths of farmland in the Midwest. A dose of warm, dry weather has helped dry out waterlogged crops in recent days, sending prices sharply lower.
Still, traders are betting corn’s rally will lead to a drop in demand from livestock owners, who rely on the grain as the chief ingredient in animal feed. Ethanol producers are also planning to scale back production because of the high price of corn, the main feedstock for the alternative fuel produce in the US.
In precious metals, gold futures rose slightly after the dollar fell against the euro, boosting demand for the metal as an inflation hedge.
Gold for August delivery rose $US5.30 to settle at $928.60 on the Nymex, after earlier rising as high as $US930.50.
In other Nymex trading, September silver rose 22 cents to settle at $US18.175 an ounce while September copper gained 4.25 cents to settle at $US3.739 a pound.

NEW YORK - Wall Street stocks fell following hefty market swings as investors fretted about the opening of the second quarter earnings season, sensing major banks could unveil further losses.
The leading Dow Jones Industrial Average declined 56.58 points, or 0.50 points, to end at 11,231.96. The Dow recovered some ground after falling over 100 points in earlier trading, partly on worries that corporate earnings may disappoint.
The tech-heavy Nasdaq composite dropped 2.06 points, or 0.09 per cent, to 2,243.32 while the Standard & Poor’s 500 index fell 10.59 points, or 0.84 per cent, to 1,252.31.

LONDON - Britain’s leading share index ended up almost two per cent as energy companies rebounded after last week’s fall, while lower crude prices boosted travel and leisure companies.
The FTSE 100 closed at 5,512.7 points, up 99.9 or 1.85 per cent.

FRANKFURT - The DAX index ended at 6,395.75 points, up 123.54 or 1.97 per cent.

PARIS - The CAC-40 index closed at 4,342.59 points, up 76.59 or 1.80 per cent.

TOKYO - The Nikkei stock average climbed 0.92 per cent on a softer yen and gains in other Asian markets, breaking its longest losing streak in more than half a century.
The benchmark Nikkei ended up 122.15 points at 13,360.04, its first gain after 12 days of losses.

HONG KONG - Shares jumped 2.28 per cent in their biggest gain in 13 weeks, on the back of strong advances in Chinese financials after positive earnings estimates from three banks.
The Hang Seng Index closed up 489.24 points at 21,913.06 after opening slightly lower.

WELLINGTON - The sharemarket toppled back into negative territory, erasing half of Friday’s two per cent bounce.
The NZSX-50 benchmark index fell 1.15 per cent, or 36.47 points, to 3121.44 on a sluggish $69 million turnover.

SYDNEY - The Australian share market is expected to open lower today after US equities declined overnight as financial companies fell on concerns they may have to raise more capital.
At 0811 AEST on the Sydney Futures exchange, the September share price index futures contract fell 47 points to 4,984.
In economic reports today, Dun & Bradstreet releases its business expectations survey for the September quarter.
National Australia Bank Ltd releases its monthly business survey for June.
In company news, Telstra Corporation Ltd group managing director public policy and communication Phil Burgess will address the American Chamber of Commerce in Australia on “two cultures re-examined.”
The local market declined yesterday as investors continued to fret over an economic slowdown and were spooked by a profit downgrade from property trust GPT Group.
The benchmark S&P/ASX200 index fell 79.6 points, or 1.57 per cent, to 5002.5, while the broader All Ordinaries dropped 78.3 points, or 1.51 per cent, to 5091.7.

NYMEX
US crude futures fell sharply Monday on a stronger dollar, profit-taking after last week’s surge above $US145 a barrel, and some optimism that Iran and the West may show some flexibility in negotiations over Iran’s nuclear program.
The view that Hurricane Bertha will avoid damaging Gulf of Mexico energy operations also was cited by traders as a factor pressuring crude oil.
On the New York Mercantile Exchange, August crude closed down $US3.92 or 2.7 per cent at $US141.37 a barrel.
A NYMEX record high price of $US145.85 was hit on Thursday.
In London, August Brent crude was down $US2.15 at $US142.27 a barrel.
The dollar hit 1-1/2 week highs against a basket of major currencies on Monday. It was up against the euro.
Iran’s foreign minister on Sunday expressed optimism about what he said was a “new environment” for talks with major powers over its nuclear program.
Hurricane Bertha should remain out of the Gulf of Mexico for at least the next five days, the U.S. National Hurricane Center said in an advisory on Monday.
August RBOB was down 8.80 cents, or 2.46 per cent, at $US3.4830 per gallon. It reached a record $3.5927 on Thursday.
August heating oil fell 11.94 cents, or 2.91 per cent, to $US3.9866 a gallon. It also reached a record $4.1350 on Thursday.

COMEX
Gold prices slipped along with oil on Monday in response to a rising dollar, but the yellow metal later trimmed those declines when the US currency erased its gains on the euro.
The dollar retreated when US equity markets extended their losses, amid falling energy shares and renewed credit market concerns.
Gold pulled off early lows to $US926.00 an ounce, though was still lower than $US932.50 an ounce in London on Friday, when US markets were closed for the Independence Day holiday.
Earlier, it touched a session low of $US914.50 an ounce, nearly two per cent below the level it traded at on Friday.
In New York, the August gold contract finished $US4.80 lower at $US928.80 an ounce on the COMEX division of New York Mercantile Exchange after falling as low as $US916.30.
Platinum group metals prices also slid, with platinum shedding 1.5 per cent to a one-month low and palladium just under one per cent weaker, as investors took profits after the metals’ recent gains, amid fears demand may slacken.
Platinum is chiefly used to make autocatalysts. Investors fear that falling car sales could hit PGM consumption, as the US economy falters.
Spot platinum was trading at $US1,973.00, its weakest level since June 5, down from $US2,009.00 in London on Friday.
Platinum has lost 13 per cent in value since hitting a record of $US2,290 in March. The metal, also used in jewellery, had rallied after a power crisis in main producer South Africa disrupted mining and sparked fears of a supply deficit.
Spot palladium slipped to $US446.50 an ounce from $US452.50 an ounce, while silver dropped to $US17.60 an ounce from $US18.07 late in London — well below an 11-week high of $US18.46 hit last week.

LONDON METAL EXCHANGE
Aluminium rallied five per cent to a fresh record on Monday as investors bet on higher prices of the energy-intensive metal amid escalating worries over power problems in the world’s biggest producer, China.
The metal used widely in packaging, transport and power jumped to $US3,327 a tonne, exceeding a previous record high of $US3,310 per tonne in May 2006. Three-month aluminium closed at $US3,310 a tonne on the London Metal Exchange, up $US142 from Friday.
The rise was triggered by Aluminium Corp of China (Chalco), which said the firm’s two aluminium smelters — with combined capacity of 500,000 tonnes — in Shanxi province had tight power supplies.
China’s aluminium smelting capacity is expected to reach 15 million tonnes by the end of the year compared with about 12 million tonnes in January, analysts say.
Copper ended at $US8,412 a tonne from a session high of $US8,590 and compared with $US8,470 a tonne on Friday. The metal used in power and construction is down nearly six per cent since hitting a record high of $US8,940 last week.
In New York, copper for September delivery ended down 10.00 cents, or 2.5 percent, at $US3.8490 a pound on the the New York Mercantile Exchange’s COMEX division.
Last week, the COMEX September contract peaked at $US4.08, its highest level since the May 5 record at $US4.22.
In other metals, zinc was up at $US1,840 a tonne from $US1,780 on Friday. Last week the metal used for galvanising steel fell to $US1,750 a tonne, its lowest since December 2005 as funds sold on expectations of rising supplies and stocks.
Lead gained to $US1,630 from $US1,565, nickel was at $US21,000 a tonne from Friday’s last bid at $US20,550 and tin was at $22,750 compared with $US22,400.

INTERNATIONAL NEWS

WASHINGTON - Singapore has shown interest in possibly buying up to 100 of Lockheed Martin Corp’s F-35 Joint Strike Fighter aircraft over coming decades, matching Israel’s tentative plans, the general in charge of the program for the Pentagon said.

WASHINGTON - Large-scale government intervention in the US housing crisis would be counterproductive and prevent a “necessary” correction in home prices, according to a Federal Reserve study released Monday.

WASHINGTON - The US Federal Reserve and the Securities and Exchange Commission said Monday that they had agreed to deepen ties to better monitor cash-strapped banks which are reeling from a credit crunch.

NEW YORK - US beer giant Anheuser-Busch said Monday a move by Belgian-Brazilian rival InBev to oust the board of the American group was a “self-serving” effort that failed to alter an inadequate takeover bid.

SAN FRANCISCO - Microsoft said Monday it is willing to reopen talks on a “major transaction” with Yahoo if the Internet giant replaces its board of directors.

BRUSSELS - Eurozone finance ministers threw their support on Monday behind the European Central Bank after it raised interest rates last week, leaving France isolated in its criticism of the ECB.

BRUSSELS - Signs of an economic slowdown are on the rise in the 15 countries sharing the euro while oil prices are likely to remain high, the head of the Eurogroup of eurozone finance ministers warned Monday.

VIENNA - Austria’s troubled grand coalition of conservatives and Social Democrats called it quits, as the vice-chancellor pushed for early elections after months of bitter wrangling.

BAGHDAD - Iraqi Prime Minister Nuri al-Maliki said on Monday he is negotiating a deal with Washington that will for the first time set a timetable for a withdrawal of foreign forces as part of a framework for a US troop presence into next year.

LIMA - Peru’s Perupetro and India’s Reliance Industries have set up a partnership to drill for oil and gas in potential oilfields in Peru, the president of Peru’s state-owned oil company said Monday.

LOCAL NEWS

PERTH - Free permits will not be a regular feature of Australia’s carbon trading scheme, West Australian Premier Alan Carpenter says.

MELBOURNE - Murchison Metals Ltd has vowed to stifle Sinosteel Corp’s $1.36 billion takeover bid for Midwest Corporation after the Chinese commodity trader refused to support a merger of the two iron ore companies.

Stocks to watch on the Australian stock exchange today:

GPT - GPT GROUP - down 36 cents, or 14.63 per cent, to $2.10
The property trust cut full-year operating income guidance by 27 per cent, sending shares in the company to a 24-year low, with the credit crisis forcing the company to put off asset sales.
Operating income for the 12 months to December will be $464 million rather than the $633 million forecast, Sydney-based GPT said.
The company also revised its distribution guidance to 20 cents per share.

BHP - BHP BILLITON LTD - down 95 cents to $39.75
Australia’s biggest oil and gas producer, has started first production from the $1.16 billion Neptune oil operation in the Gulf of Mexico, more than six months later than originally scheduled.
The 50,000 barrel per day facility was originally expected to be in production by the end of December, but that date was deferred until the end of March.

BFG - BELL FINANCIAL GROUP LTD - up 19.5 cents to $1.12
Bell has agreed to buy Southern Cross Equities for an expected $150 million in cash and scrip to create Australia’s largest independent broker.
Bell also announced that its net profit for the six months to June 30, 2008, fell 46 per cent to $9.0 million on lower corporate fee income and a reduction in brokerage revenue.

ILU - ILUKA RESOURCES LTD - down three cents to $4.49
Iulka has been granted a mineral lease for the Jacinth-Ambrosia mineral sands deposit site in the Eucla Basin in South Australia by the South Australian government.
The $420 million project, located 200 kilometres northwest of Ceduna, is expected to produce about 300,000 tonnes of zircon per year from 2010.
The granting of the mineral lease allows Iluka to proceed with various approvals to start infrastructure work, including roads and the establishment of water and power supplies.

MIS - MIDWEST CORPORATION LTD - unchanged at $6.38
Sinosteel Corp, China’s second largest iron ore trader, is close to gaining control of Midwest after increasing its stake in the iron ore miner.
The Chinese trader, which is pursuing a $1.36 billion takeover of Midwest, has upped its stake from 43.62 per cent to 45.58 per cent.

NEW YORK - US stocks rose on Tuesday, after embattled automaker GM surprised Wall Street with stronger-than-expected June sales and financial shares reversed earlier losses as investors scoured for bargains, overshadowing concerns about record oil prices.
The Dow Jones industrial average rose 32.25 points, or 0.28 per cent, to 11,382.26. The Standard & Poor’s 500 Index gained 4.91 points, or 0.38 per cent, to 1,284.91.
The Nasdaq Composite Index advanced 11.99 points, or 0.52 per cent, to 2,304.97.

LONDON - UK stocks ended sharply lower, with banks, led by Royal Bank of Scotland, falling on worries about further losses in the sector, while oils and miners slipped after recent gains.
The FTSE 100 finished 146 points, or 2.6 per cent, down at 5,479.9.

FRANKFURT - The DAX index ended at 6,315.94 points, down 102.38 or 1.60 per cent.

PARIS - The CAC-40 index closed at 4,341.21 points, down 93.64 or 2.11 per cent.

TOKYO - The Nikkei stock average dipped 0.13 per cent to set its longest losing streak in nearly four years as exporters fell on a firmer yen, while worries about the economic outlook dampened investor appetite for risk.
The benchmark Nikkei average fell 18.18 points to 13,463.20.

HONG KONG - Hong Kong stock markets were closed for the anniversary of the territory’s handover to China from Britain. Markets open again on Wednesday.
On Monday the Hang Seng Index closed 59.66 points, or 0.27 per cent, higher at 22,102.01.

WELLINGTON - The sharemarket hit a three-year low on Tuesday, depressed by a 15-year low for top stock Telecom, investor caution, and continued selling by offshore investors.
The NZSX-50 benchmark index shed 19.3 points, or 0.6 per cent, to close at 3,175.3.

SYDNEY - The Australian share market is likely to open higher today tracking US markets which gained overnight.
At 0804 AEST on the Sydney Futures exchange, the September share price index was down eight points to 5,130.
In economic news today, the Australian Bureau of Statistics (ABS) retail trade data for May and the ABS building approvals data for May will be released.
The Department of Education, Employment and Workplace Relations skilled vacancies survey for June is due.
In equities, Insurance Australia Group Ltd holds a briefing for investors.
Fletcher Building Ltd chief executive Jonathan Ling addresses the Trans-Tasman Building Circle on `Fletcher Building - challenges ahead in tougher times’.
The Australian share market closed more than one per cent lower on Tuesday as banking losses overwhelmed gains in the resources sector.
The benchmark S&P/ASX200 index was down 76.4 points, or 1.46 per cent, to 5,138.9 while the broader All Ordinaries shed 71.8 points, or 1.35 per cent, to 5,261.1.

NYMEX
Oil prices rose on Tuesday on forecasts global supplies will struggle to keep pace with demand and concerns tensions between Israel and Iran could lead to a disruption of exports from the OPEC nation.
US crude settled up 97 cents at $US140.97 a barrel, after hitting an intraday record high of $US143.67 a barrel on Monday. London Brent crude gained 84 US cents to settle at $US140.67 a barrel.
Speculation has mounted that Israel plans to attack Iran’s nuclear facilities, which Tehran says are for purely peaceful purposes, following an Israeli air force exercise last month.
Iran’s Revolutionary Guards has said if Iran were attacked it would impose controls on shipping in the Strait of Hormuz. About 40 percent of all seaborne oil trade passes through the Strait of Hormuz, accoring to the EIA.

LONDON METAL EXCHANGE
Copper closed higher on Tuesday, boosted by worries about supply disruptions in Peru, while record high oil prices helped push up aluminium.
Copper for three-month delivery on the London Metal Exchange closed at $8,610 per tonne compared with $8,520 at the close on Monday.
Aluminium closed at $3,155 a tonne after hitting an intraday high of $3,165 - its highest level in more than a week - up from Monday’s close of $3,114.5.
Zinc closed unchanged at $1,930, while tin ended up at $23,600, up from Monday’s close of $23,450.
Nickel closed down at $21,550 a tonne from $21,950 and lead also ended down at $1,766 versus $1,790 on Monday.

COMEX
Gold ended sharply higher after surging to a 10-week high on Tuesday as rising oil prices fueled buying of the precious metal as an inflation hedge.
The US gold contract for August delivery on the COMEX division of the New York Mercantile Exchange settled up $US16.20, or 1.8 per cent, at $US944.50 an ounce.
Gold was at $US938.40/939.40 by New York’s last quote from $US925.95/927.15 in New York late on Monday.
Among other precious metals, spot platinum was little changed at $US2,069.00/2,089.00 an ounce from $US2,060.00/2,080.00 late in New York on Monday.
Spot palladium was slightly lower at $US464.00/472.00 an ounce against its Monday finish of $US459.00/467.00, while silver rose to $US18.09/18.14 an ounce from $SU17.38/17.43 late in New York on Monday.

INTERNATIONAL NEWS

WASHINGTON - Rocketing oil and food prices are being felt around the globe and the surging inflationary pressures could worsen poverty, the International Monetary Fund warned.

MADRID - The head of the International Energy Agency has declared the world is in the grip of an “oil shock” while the president of OPEC acknowledged he cannot say whether crude prices will flatten out or continue to soar.

MADRID - Supply and demand concerns are driving record oil prices as appetite for crude in developing nations is expected to soar over the coming years, the president of Chinese oil major CNOOC said.

DETROIT - US auto sales plunged in June, but a month-end clearance sale helped General Motors Corp retain its No 1 spot and steer clear of the wipeout many had feared, sending its shares climbing.

LOS ANGELES - Starbucks Corp said on Tuesday it plans to close another 500 underperforming stores and eliminate as many as 12,000 full and part-time positions, lifting shares nearly 6 per cent.

LIMA - A mining strike in Peru entered its second day on Tuesday, affecting production at some mines, while workers at others reported for duty and said they were still deciding whether or not to join the nationwide walkout.

PARIS - European Union trade chief Peter Mandelson has urged EU states to unite behind his push for a world trade deal, saying he is being undermined by repeated criticism from French President Nicolas Sarkozy.

SAN JOSE, California - Hackers broke into Citibank’s network of ATMs inside 7-Eleven stores in the United States this year and stole customers’ PIN codes, according to recent court filings that revealed a disturbing security hole in the most sensitive part of a banking record.

JAKARTA - Indonesia has grounded five airlines and given them three months to improve safety standards or face a ban, a transport ministry spokesman said.

STOCKS TO WATCH ON THE AUSTRALIAN STOCK EXCHANGE TODAY:

AFG - ALLCO FINANCE GROUP LTD - up 1.5 cents to 41.5 cents
Allco says its bankers have granted the investment firm an extension of a senior debt facility and talks with its bankers were continuing in a “positive manner.”
It has agreed an extension for a $250 million bridging facility and a related review period until July 31.
The extension comes as Allco continues to address an asset realisation program and meet its debt repayment schedule, aimed at reducing it senior debt to $400 million by September 2009.

QANTAS AIRWAY LTD - up 20 cents to $3.24
Qantas is considering a partial float of its Frequent Flyer program and expects to make a decision about the future ownership structure of the business in August.
Chief executive Geoff Dixon said the Qantas board will assess options for the program at its next meeting.

RIO - RIO TINTO LTD - up $2.00 to $137.50
The mining giant has reached further agreements with all of its customers for iron ore deliveries from its Hamersley Iron, Robe River and Hope Downs projects in Western Australia.
The agreements apply for the year beginning April 1, 2008.
The new settlements are in line with Hamersley Iron’s Baosteel settlement announced last week, with lump prices increasing by 96.5 per cent and fines prices increasing by 79.88 per cent.

MCC - MACARTHUR COAL LTD - in trading halt, last traded at l$16.87
The coal miner has suspended trading in its shares to determine whether Korean steelmaker Posco, Asia’s third largest, has become the coal miner’s latest major shareholder.
Posco has reportedly spent $424 million to acquire a 10 per cent stake in Macarthur from founder and former chief executive Ken Talbot at $20 per share.

BBW - BABCOCK & BROWN WIND PARTNERS LTD - up 1.5 cents to $1.66
The fund has acquired four wind farms in Germany.
The wind farms located in four separate German states have a combined total capacity of 19.6 megawatts.

TIM - TIMBERCORP LTD - up 2.5 cents to 79 cents
The agribusiness investment company said it expects a lower annual net profit following a lower level of sales from new projects.
Timbercorp chief executive Sol Rabinowicz said the company expects a net profit after tax for fiscal 2008 “in the range of $53 million to $57 million”.
Timbercorp reported a net profit of $65.7 million for 2006/07.

BPT - BEACH PETROLEUM LTD - down two cents to $1.32
Beach Petroleum Ltd has closed out a large portion of its oil hedge book to take advantage of an expected continuation of high oil prices over the next six months.

UNI - UNILIFE MEDICAL SOLUTIONS LTD - down seven cents to 39 cents
Unilife has entered into a five-year global licensing agreement with France’s Sanofi-Aventis for its syringe product.
In exchange for exclusive rights to the ready-to-fill syringe (RTFS) product, Sanofi-Aventis will pay Unilife a license fee of 10 million euros ($16.4 million) to be paid by July 31.

ABC - ADELAIDE BRIGHTON LTD - up seven cents to $3.82
Adelaide Brighton Ltd’s acquisition of concrete products business Hanson Building Products Pty Ltd will boost is earnings in the fast-growing Queensland market where HBP is mostly based.

SEV - SEVEN NETWORK LTD - up seven cents to $7.60
Seven Network Ltd will launch the Tivo digital video recorder this month, in an effort to stem the migration of free-to-air viewers to pay TV.

PRG - PROGRAMMED MAINTENANCE SERVICES LTD - up 20 cents to $3.55
Programmed Maintenance Services Ltd says it is on track to achieve its earnings forecasts for the 2009 financial year as it acquires engineering maintenance company SWG.

QGC - QUEENSLAND GAS COMPANY LTD - down 28 cents to $5.09
Queensland Gas Company Ltd (QGC) has defined more than a third of the required gas reserves it needs for a proposed $8 billion liquefied natural gas (LNG) development with BG Group Plc.