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At noon, both major Australian indices were down by 57 points, or almost one per cent.
In the US, stocks fell more than 1.5 per cent on Wednesday as the Federal Reserve cut economic growth forecasts but warned of higher inflation. The central bank also released minutes of its most recent policy meeting in which it signalled that interest rates are unlikely to be cut in the near future.
At close of trade, the Dow Jones Industrial Average was down 227 points, while the Nasdaq Composite slipped 43.
In Asian trading today, Japan’s Nikkei was down 164 points at midday, while Hong Kong’s Hang Seng fell 431.
Meanwhile in ASX news today, US-focussed building materials group James Hardie Industries this morning posted a net loss of $71 million US for the year ended March 31. The company blamed the losses on the downward spiral in the American housing market.
CEO Louis Gries said that the US housing market, which makes up about four-fifths of the company’s sales, had deteriorated throughout the fiscal year. He added that indicators suggested further weakness in the U.S. was expected. Shares in James Hardie fell more than 8 per cent this morning.
In other news, US energy giant ExxonMobil this morning said that it has signed an agreement with the Papua New Guinea government to allow it to proceed with the development of its proposed liquefied natural gas project in the country.
Exxon said that the agreement had set out the terms for the PNG government to take a stake in the project, which is targeting first gas delivery in 2014. ASX listed companies Oil Search, Santos and AGL Energy are partners in the proposed 6.3 million tonne a year LNG project.
Finally, Australian brewer Lion Nathan today said it was comfortable with analysts’ forecasts that it would post net profits in fiscal 2009 of between $295-$315 million.
Earlier this week, Lion Nathan reported a seven per cent increase in 2008 first half net profit, boosted by premium beer sales. The company said that its full year forecast for 2008 remained unchanged, but that it expects a significant step up in profits in 2009, helped by sales from James Boag.
In ASX share price movements this morning, resource stocks mostly fell on lower metal prices. At midday, BHP Billiton was down 13 cents, Fortescue Metals dropped 17 and Rio Tinto lost $1.82. Woodside Petroleum was the only winner, up $1.25 on surging oil prices.
Banking stocks also posted losses. At noon, ANZ was down 20 cents and Commonwealth Bank fell 49, while National Australia Bank and Westpac both dropped 67 cents.
Other blue chips reflected the market’s negative sentiment. At midday, AMP was down 15 cents, News Corp fell eight, Telstra dropped four cents, while Woolworths lost 60.
In the US, stocks fell more than 1.5 per cent on Wednesday as the Federal Reserve cut economic growth forecasts but warned of higher inflation. The central bank also released minutes of its most recent policy meeting in which it signalled that interest rates are unlikely to be cut in the near future.
At close of trade, the Dow Jones Industrial Average was down 227 points, while the Nasdaq Composite slipped 43.
In Asian trading today, Japan’s Nikkei was down 164 points at midday, while Hong Kong’s Hang Seng fell 431.
Meanwhile in ASX news today, US-focussed building materials group James Hardie Industries this morning posted a net loss of $71 million US for the year ended March 31. The company blamed the losses on the downward spiral in the American housing market.
CEO Louis Gries said that the US housing market, which makes up about four-fifths of the company’s sales, had deteriorated throughout the fiscal year. He added that indicators suggested further weakness in the U.S. was expected. Shares in James Hardie fell more than 8 per cent this morning.
In other news, US energy giant ExxonMobil this morning said that it has signed an agreement with the Papua New Guinea government to allow it to proceed with the development of its proposed liquefied natural gas project in the country.
Exxon said that the agreement had set out the terms for the PNG government to take a stake in the project, which is targeting first gas delivery in 2014. ASX listed companies Oil Search, Santos and AGL Energy are partners in the proposed 6.3 million tonne a year LNG project.
Finally, Australian brewer Lion Nathan today said it was comfortable with analysts’ forecasts that it would post net profits in fiscal 2009 of between $295-$315 million.
Earlier this week, Lion Nathan reported a seven per cent increase in 2008 first half net profit, boosted by premium beer sales. The company said that its full year forecast for 2008 remained unchanged, but that it expects a significant step up in profits in 2009, helped by sales from James Boag.
In ASX share price movements this morning, resource stocks mostly fell on lower metal prices. At midday, BHP Billiton was down 13 cents, Fortescue Metals dropped 17 and Rio Tinto lost $1.82. Woodside Petroleum was the only winner, up $1.25 on surging oil prices.
Banking stocks also posted losses. At noon, ANZ was down 20 cents and Commonwealth Bank fell 49, while National Australia Bank and Westpac both dropped 67 cents.
Other blue chips reflected the market’s negative sentiment. At midday, AMP was down 15 cents, News Corp fell eight, Telstra dropped four cents, while Woolworths lost 60.
