MARKET COMMENT: S&P/ASX 200 Down 0.8% Before China Data, US Sequester
01 March 2013 - 11:30AM
Dow Jones News
0000 GMT [Dow Jones] Australia's S&P/ASX 200 is down 0.8% at
5066 after a late reversal of strength on Wall Street Thursday
raised concern of a potential negative market reaction to the US$85
billion U.S. sequester, due to take effect Friday. "Portfolio
rebalancing contributed to Australian share market strength
Thursday and we are now seeing some caution before the U.S.
sequester, although a last minute deal cant' be ruled out," IG
market strategist Stan Shamu. President Barack Obama and
congressional leaders are scheduled to meet later Friday. Buyers
are also standing aside before China's official manufacturing PMI
data due shortly, after the pullback in HSBC's China flash PMI this
week. Major stocks including BHP (BHP.AU), Woolworths (WOW.AU),
Woodside (WPL.AU), Rio Tinto (RIO.AU), QBE (QBE.AU) and Fortescue
(FMG.AU) are down 1.3%-2.2% after strong month-end gains
contributed to a 1.3% rise in the S&P/ASX 200 Thursday, its
biggest rise since July. Westfield Retail Trust (WRT.AU) is down
3.3% after the Lowy Family sold its stake in the real estate
investment trust for A$6645 million Thursday. Major banks are
holding up relatively well, helped by upgrades from J.P. Morgan.
(david.rogers1@wsj.com)
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