DIGGING DEEPER: Australian Market Looks Like It Has Further To Fall

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Still reeling from a horror Thursday when more than $20 billion was wiped off, the Australian market looks set to open lower after a negative finish on Wall Street.

At 7.10 this morning the June share price index futures contract was 12 points lower at 4,920.

Overnight the Dow Jones Industrial Average fell 0.56 per cent to 14, 537.14 points. The S&P 500 was down 0.67 per cent to 1,541.61 points.

On the back of yesterdays falls on the stock market the Australian dollar is also down, with one AUD buying 1.0283 USD.

“We think the Australian dollar will be pretty stable today,” said Commonwealth Bank Joseph Capurso.

“There doesn’t appear to be any major news that is going to come out,” he said, though Treasurer Wayne Swan’s address to the G20 conference and Canadian CPI figures could have some affect.

Now read: Around $20 Billion Wiped Off Australian Market As Big Miners Get Smashed

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