Australia Shares Look Set for Weak Open

In Australia, the <strong>marketstrong> on Monday lifted more than 1 per <strong>centstrong> on the back of a strong performance by the banks and a big merger in the telco sector.


The Australian share market has closed 3.6 percent lower after a classic market panic in resource stocks echoed through the broader market, stripping off nearly 60 billion Australian dollars in value. The Dow Jones Industrial Average rose 0.70 per cent on Friday, although the tech-rich Nasdaq fell one per cent.

Key commodities hit… The weak Chinese data hit prices of key commodities such as oil and copper, as well as shares of petroleum-linked companies.

Oil Search was down 12 cents to $7.44, Santos lost three cents at $4.62.

THE Australian share market has lost around $41 billion in early trade, as BHP Billiton shares tumble below $22 for the first time since the global financial crisis.

– The December share price index futures contract was down 2.94 per cent at 4,956 points, with 17,167 contracts traded.

The S&P/ASX 200 index tumbled 195.09 points to finish at 4,918.4, the lowest close since July 2013 and the biggest daily percentage drop since August. 24.

Qantas slipped 2.11 percent while Telstra dropped 4.36 percent.


National turnover was 331.20 million securities worth $483.48 million.

In London Glencore shed 29% amid a focus on its debt burden driving down other mine majors including BHP Billiton-6% and Rio Tinto-4.8