ITR - Newsflash Ecomonic Downfall hits Australia - Reports AAP - InTouchRadio.net (UK & GLOBAL)

From Jan England South Australia ITR - for InTouchRadio.net (Glastonbury, UK & GLOBAL)

Hi Michael - I am attaching an article re the share market this morning after Congress refused to allow the American market to be boosted.

Michael I am sending you a hug via this note and yes I am thinking of you and hoping all will go well for you.

The housing market has dropped here prices are at a all time low, investors are hopping in fast re the real estate.
The aged pensioners who are relying on their own superannuation have lost an enormous amount of money since the American market fell.

Be strong my friend

Love Jan xx

Market Wrap - Morning

Tuesday, 30 September 2008 8:30am - Australia

Stocks listed on the Australian Securities Exchange could be in for a shellacking today, led down by the financial and resources sectors, after the US House of Representatives rejected a $US700 billion rescue package this morning.

At 0809 AEST, the December Share Price Index futures contract on the Sydney Futures Exchange was down 339 points to 4,510.

Economic releases today include the Reserve Bank of Australia's financial aggregates data for August.

The Australian Bureau of Statistics will release retail trade and building approvals data for August.

Fortescue Metals Group Ltd and Gleneagle Gold Ltd will hold general meetings, and Incremental Petroleum Ltd will hold its annual general meeting, all in Perth.

Ambri Ltd will hold its annual general meeting in Brisbane.

It is day two of the two-day Commodity Fundamentals conference in Sydney, and it's also day two of the three-day Coal Tech 2008 conference in Brisbane.

It is day one of the two-day Paydirt Asia Pacific Down Under conference in Perth.

Yesterday, the benchmark S&P/ASX200 index lost 97.4 points, or 1.9 per cent, to 4,807.35, while the broader All Ordinaries gave up 95.45 points, or 1.9 per cent to 4,839.18.

NEW YORK - Wall Street

NEW YORK - Wall Street has ended a stunning session with a huge fall, the Dow Jones Industrials Average plunging more than 770 points after the $US700 billion financial bailout plan was knocked back by Congress.

The Dow dropped 777.68 points, or 6.98 per cent to 10,365.45, but the broader S&P500 collapsed 106.59 points, or 8.79 per cent, to 1,106.42.

The NASDAQ, which carries tech and more recently listed heavyweights, fell even more, by 199.61 points, or 9.14 per cent, to 1,983.73.

LONDON - European stock markets plunged on Monday, as a series of US and European bank failures rattled investor hopes that the financial crisis might be contained.
Dealers said news of a series of US and European bank failures and rescues - Wachovia, Fortis, Bradford & Bingley, Hypo Real Estate - rocked the markets amid growing doubts about passage of the $US700 billion US rescue package.

In England the benchmark FTSE 100 index fell 269.7 points, or 5.3 per cent, to close at 4,818.8.

FRANKFURT - In Germany, the benchmark DAX 30 index slid 256.42 points, or 4.23 per cent, to close at 5,807.08.

PARIS - In France, the benchmark CAC 40 index shed 209.9 points, or 5.04 per cent, to 3,953.48.

TOKYO - Japan shares ended down on Monday as global financial turmoil claimed fresh victims in Europe, and investors waited nervously for the US Congress to pass a huge Wall Street bailout package.
The benchmark Nikkei 225 fell 149.55 points, or 1.26 per cent, to close at 11,743.61.

HONG KONG - The benchmark Hang Seng Index plummeted 801.41 points, or 4.29 per cent, to 17,880.68.
WELLINGTON - In New Zealand, the benchmark NZX 50 index closed barely changed on Monday amid continuing uncertainty over global financial stability.

The benchmark NZX-50 index rose 0.95 points to 3,188.54 on light turnover.
In early trade today, the NZ market plummeted by over four per cent following the turmoil in New York, falling -135.8 points to 3,052.7.

AAP

From Jan England InTouchRadio.net - Australia for InTouchRadio.net (Glastonbury, UK & GLOBAL)