The big bellwethers of the current market sell off remained under pressure this morning with USDJPY trading at 107.21 and S&P Futures at 1,884, down -0.52%.
But the Australian share market staged a remarkable recovery after a weak start which saw it fall to a low of 5,122 just 15 minutes after the open.
It found some buying in the following 90 minutes but since then it has largely drifted sideways along with S&P 500 futures and stocks in Asia which also recovered from lows before drifting sideways.
At the close the ASX 200 finished -32.8 for a loss of 0.6% to 5,155.5.
It wasn’t all bad news though with Fortescue benefiting from the bounce in iron ore over the weekend and the positive – if somewhat rubbery – Chinese trade data today. FMG finished the day as the best performing stock up 6.13%. But it was all good news for the miners with BC Iron losing 5.67% of its value and embattled Arrium (-2.94%) giving up early gains to finish lower.
The heavy weights of the index BHP and the four major banks make up the top five turnover stocks by value but only BHP (+0.9%) was able to finish higher on the day with Westpac losing 1.15%.
All eyes are now on Europe with US markets quiet for the Columbus Day holiday.