Wednesday, March 2, 2011

Stocks set to tumble as markets shudder

From the Sydney Morning Herald:

The Australian market has received poor leads from around this world overnight, with negative US data sending Wall Street sharply lower as oil prices rose on fresh concerns about the Middle East, this time Iran.

This morning on the ASX 24, the March share price index futures contract was 58 points lower at 4767. Yesterday, the major local indices finished marginally lower.

Gold stocks could benefit after the price rose more than 1 per cent to a record high above $US1432 an ounce as chaos in Libya and political turmoil in the Arab world prompted safe-haven buying and soaring oil prices boosted bullion's inflation hedge appeal......read on

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