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In a bleak morning on the ASX the S&P/ASX200 index fell below 4000 points for the first time in almost two years. At midday the index was down 85 points, while the All Ordinaries fell 103.
In the US, Wall Street was battered overnight by growing fears of a worsening economic slump, and a brokerage warning that it was "not impossible" for vehicle manufacturer General Motors to fall into bankruptcy.
At the close the Dow Jones Industrial Average had lost 166 points, while the Nasdaq composite fell 53.
In Asian trading today Japan’s Nikkei was down eight points at midday, while Hong Kong’s Hang Seng slumped 314.
Meanwhile, a bright spot on the ASX this morning was media group Ten Network, whose shares rose more than six per cent on the news that it plans an on-market buyback of up to ten per cent of its shares over the next 12 months.
Ten, whose share price has fallen more than 50 per cent in the past year, said the buyback should deliver long-term value to its shareholders.
In other news, Wesfarmers chairman Trevor Eastwood announced today that he is to step down from his role at the company’s AGM in November.
Eastwood, who has chaired the company since 2002, said the timing was appropriate as the company proceeded through a significant era of opportunity and change. Current director Bob Every has been named as Eastwood’s successor, and will take up the role of deputy chairman in the interim.
Finally, in economic news, the Australian merchandise trade deficit for May came in at $965 million, according to figures released today by the Australian Bureau of Statistics.
However, more noteworthy was the ABS’s revised figure for April, which recorded a modest surplus of $12 million. It is the first time a surplus has been recorded since 2002, and came largely as a result of huge price increases in the country’s iron ore exports.
In individual share price movements on the ASX earlier today, mining stocks plunged on weaker sentiment. At midday BHP Billiton was down $2.26, Fortescue Metals fell 90 cents, Rio Tinto dropped $7.19 while Woodside Petroleum lost $1.90.
Financial stocks outperformed the market though. ANZ was up 20 cents at noon, Commonwealth Bank added 99, National Australia Bank slipped seven cents, while Westpac remained unchanged.
Other blue chips were fairly flat at midday. AMP was down six cents, News Corp added four, Telstra gained five cents, while Woolworths lost four.
In the US, Wall Street was battered overnight by growing fears of a worsening economic slump, and a brokerage warning that it was "not impossible" for vehicle manufacturer General Motors to fall into bankruptcy.
At the close the Dow Jones Industrial Average had lost 166 points, while the Nasdaq composite fell 53.
In Asian trading today Japan’s Nikkei was down eight points at midday, while Hong Kong’s Hang Seng slumped 314.
Meanwhile, a bright spot on the ASX this morning was media group Ten Network, whose shares rose more than six per cent on the news that it plans an on-market buyback of up to ten per cent of its shares over the next 12 months.
Ten, whose share price has fallen more than 50 per cent in the past year, said the buyback should deliver long-term value to its shareholders.
In other news, Wesfarmers chairman Trevor Eastwood announced today that he is to step down from his role at the company’s AGM in November.
Eastwood, who has chaired the company since 2002, said the timing was appropriate as the company proceeded through a significant era of opportunity and change. Current director Bob Every has been named as Eastwood’s successor, and will take up the role of deputy chairman in the interim.
Finally, in economic news, the Australian merchandise trade deficit for May came in at $965 million, according to figures released today by the Australian Bureau of Statistics.
However, more noteworthy was the ABS’s revised figure for April, which recorded a modest surplus of $12 million. It is the first time a surplus has been recorded since 2002, and came largely as a result of huge price increases in the country’s iron ore exports.
In individual share price movements on the ASX earlier today, mining stocks plunged on weaker sentiment. At midday BHP Billiton was down $2.26, Fortescue Metals fell 90 cents, Rio Tinto dropped $7.19 while Woodside Petroleum lost $1.90.
Financial stocks outperformed the market though. ANZ was up 20 cents at noon, Commonwealth Bank added 99, National Australia Bank slipped seven cents, while Westpac remained unchanged.
Other blue chips were fairly flat at midday. AMP was down six cents, News Corp added four, Telstra gained five cents, while Woolworths lost four.
