FOLLOW THE MILA: Markets Face Soft Start

Australian shares look set for a soft start to the week after a spectacular 10-day winning streak for the Dow ended last Friday with the “Mila Kunis top”.

Photo: Jason Kempin/Getty Images

The Dow Jones was down 25.03 points at the close, with the fall-off coinciding with a declaration by the actress from That 70s that she was getting out of cash and into stocks.

Terry Ponick wrote at the Washington Times: “Next to New York cabbies, whenever movie stars, particularly those who are still wet behind the ears when it comes to finance, start doing market prognostications, it is absolutely time to take profits.”

European markets also had a nervous end to the week as ministers met to discuss the extraordinary bailout package for Cyprus, which will result in depositors with over 100,000 euros in a bank having to pay a 9.9 per cent levy.

On the ASX24, the SPI futures markets was 23 points down, with AMP Capital chief economist Shane Oliver saying there had “been a few occasions in the last few weeks where it looks like some sort of correction is starting up”. More at the SMH.

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