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By 1pm Sydney time, the S&P/ASX200 index had lost nearly 80 points, while the All Ordinaries was down 72 points.
US stocks dropped for a third straight session on Wednesday after a Federal Reserve official cast doubt on the outlook for more interest rate cuts.
The Dow Jones industrial average ended 65 points lower, while the tech-heavy Nasdaq closed 30 points down.
In Asian trading at 1pm Sydney time, Japan’s Nikkei index was down 104 points while Hong Kong’s market is closed for the Lunar New Year holidays.
On the ASX Rio Tinto’s board has rejected an enriched all-stock takeover bid from mining rival BHP Billiton.
The rebuff came less than a day after BHP formally sweetened its bid to 3.4 BHP shares for each Rio Tinto share, up from a three-for-one proposal floated in November.
Rio’s chairman, Paul Skinner, said the revised offer still fails to recognise the underlying value of Rio’s assets and prospects.
Brokers speculate that BHP may need to raise its offer to 3.7 shares.
In other news, National Australia Bank has maintained its profit outlook for the 2007 fiscal year, despite continuing market volatility.
At the company’s AGM today, chief executive John Stewart said the bank is still performing strongly amid volatile world markets.
Australian rural services and automotive group Futuris Corp has reported a 20 per cent rise in first-half net profit to $27.5 million.
The company says it has the best outlook it has had for many years, predicting further improvement in 2008.
A four cent per share interim dividend has been declared, in line with that of a year ago.
On the IPO front, resource explorer and developer Newport Mining is set to list on the ASX today after raising around $6 million.
Individual share prices of miners and banks generally fell on the ASX by 1pm today.
The resource sector slumped this morning, despite stronger base metals prices. BHP Billiton slipped 32 cents while target Rio Tinto lost $1.94. Fortescue Metals retracted six cents; Zinifex was down 49.
Banking stocks were also down at 1pm. ANZ had dropped 81 cents, Commonwealth fell 44, NAB tumbled 66 cents while Westpac fell 95.
Other majors were mixed. AMP slid 11 cents, News Corp added 55, Telstra edged up two cents while Woolworths lost 20.
US stocks dropped for a third straight session on Wednesday after a Federal Reserve official cast doubt on the outlook for more interest rate cuts.
The Dow Jones industrial average ended 65 points lower, while the tech-heavy Nasdaq closed 30 points down.
In Asian trading at 1pm Sydney time, Japan’s Nikkei index was down 104 points while Hong Kong’s market is closed for the Lunar New Year holidays.
On the ASX Rio Tinto’s board has rejected an enriched all-stock takeover bid from mining rival BHP Billiton.
The rebuff came less than a day after BHP formally sweetened its bid to 3.4 BHP shares for each Rio Tinto share, up from a three-for-one proposal floated in November.
Rio’s chairman, Paul Skinner, said the revised offer still fails to recognise the underlying value of Rio’s assets and prospects.
Brokers speculate that BHP may need to raise its offer to 3.7 shares.
In other news, National Australia Bank has maintained its profit outlook for the 2007 fiscal year, despite continuing market volatility.
At the company’s AGM today, chief executive John Stewart said the bank is still performing strongly amid volatile world markets.
Australian rural services and automotive group Futuris Corp has reported a 20 per cent rise in first-half net profit to $27.5 million.
The company says it has the best outlook it has had for many years, predicting further improvement in 2008.
A four cent per share interim dividend has been declared, in line with that of a year ago.
On the IPO front, resource explorer and developer Newport Mining is set to list on the ASX today after raising around $6 million.
Individual share prices of miners and banks generally fell on the ASX by 1pm today.
The resource sector slumped this morning, despite stronger base metals prices. BHP Billiton slipped 32 cents while target Rio Tinto lost $1.94. Fortescue Metals retracted six cents; Zinifex was down 49.
Banking stocks were also down at 1pm. ANZ had dropped 81 cents, Commonwealth fell 44, NAB tumbled 66 cents while Westpac fell 95.
Other majors were mixed. AMP slid 11 cents, News Corp added 55, Telstra edged up two cents while Woolworths lost 20.
