I accept official diagnosis as Teminator by NSW Govt -- jotter

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Date Posted: 18:48:28 10/21/08 Tue
Author: at 7.57 7.60 more precisely--listed reasons are below
Subject:

I accept official diagnosis as Teminator by NSW Govt
In reply to: a person who believes he;s the terminator 's message, "I accept my official diagnosis off the NSW Govt" on 04:10:23 10/20/08 Mon

World Market Report Help

Weak Corporate Outlook Weighs Down Stocks

US stocks fell Tuesday, giving back more than half of Monday's gains, as corporations from industrial giant DuPont to mining company Freeport-McMoRan Copper & Gold to technology companies Texas Instruments and Sun Microsystems warned that weakening economies had crimped their profit outlooks.

The storm conditions that typified the stock market throughout October - with indexes often pitching up and falling by several percentage points in a matter of minutes - subsided to an ebb and flow Tuesday. The Chicago Board Options Exchange volatility index closed more or less flat, indicating that traders are no longer scrambling to insure their positions in the options market.

A litany of government data and corporate outlooks suggests consumer and business spending slowdowns in the world's economic engines, including the US and China. Traders bet against stocks most reliant on business expansion and consumer spending. For the second straight session, investors hewed to less recession-sensitive stocks like staples manufacturer 3M and health-care concern Quest Diagnostics.

The Dow Jones Industrial Average fell 231.77 points (2.5%) to 9,033.66, after a 411-point surge Monday. The broad Standard & Poor's 500 fell 30.35 (3.08%) to 955.05. The technology-heavy Nasdaq Composite took the brunt of the selling, falling 73.35 (4.14%) to 1,696.68. Like oil prices, tech stocks have come to act as a barometer of global economic growth expectations.

Some corporations with a bird's eye view of economies worldwide reported earnings.

DuPont cut its 2008 earnings target, and the chief executive of the chemicals giant described conditions in the US and Europe as "approaching recession." Shares of DuPont fell $2.89 (8%) to $33.28, the biggest percentage decliner on the Dow.

Freeport-McMoRan Copper & Gold fell $3.98 (11%) to $32.74. The world's largest publicly traded copper mining company cut its projection for 2008, warning of a rapid deterioration of economic conditions in recent weeks and likely further pressure on copper prices.

While some corporations were optimistic about their "long-term" position, none ventured a guess on when growth rates would pick up.

In the tech sector, Texas Instruments fell $1.13 (6.3%) to $16.85. The chief executive of the maker of chips for cellphones, digital televisions and other electronics warned a slowdown in business and consumer spending would hurt its fourth-quarter results.

Sun Microsystems fell $1.01 (18%) to $4.77 after the maker of servers and software warned it would swing to a fiscal first-quarter loss, blaming the economic backdrop.

After the closing bell, VMWare, which makes software that improves computer efficiency, topped analyst expectations. VMWare said commercial and government organisations were using the software to cut other costs. VMWare shares closed down $1.91 (9.3%) to $18.73.

Also after market hours, Apple projected fiscal first-quarter profit more or less in line with its fourth-quarter net income. The fourth-quarter profit topped the Wall Street estimate. Before the projection Apple shares closed down $6.95 (7.1%) to $91.49.

Among "defensive" stocks whose businesses are thought to withstand economic slowdowns, 3M rose $2.53 (4.4%) to $60.04. The manufacturer of a broad range of components and goods such as Post-It-Notes said overseas demand was holding strong.

Quest Diagnostics rose $2.33 (5.5%) to $44.93. The provider of blood-testing and other kits posted a 13% rise in third-quarter profit, helped by clinical-testing revenue.

For Australian ADRs listed on the NYSE, BHP Billiton shed $2.14 (5.43%) to $37.29, Rio Tinto Plc lost $11.46 (6.39%) to $167.75, News Corporation dipped 48 cents (4.83%) to $9.45, ResMed declined $1.35 (3.71%) to $35.07, Telecom Corporation of NZ slid 85 cents (10.68%) to $7.11 and Westpac slipped $8.73 (10.49%) to $74.52.

The gradual stabilisation in short-term US debt markets continued Tuesday, helped by the announcement of yet another support program from the central bank. At 7:45 AM (AEST), the 10-year Treasury note was down 16 basis points to 3.73% and the five year note was down 17.5 basis points to yield 2.64%.

European shares ended lower on Tuesday, as pessimism about earnings trends offset a strong performance from French banks after a government recapitalisation plan.

The pan-European Dow Jones Stoxx 600 index declined 0.5% to 220.91, snapping a two-session win streak.

Cautious earnings reports in the telecom and technology sectors in the US weighed on European peers, with Vodafone Group falling 4.9% and Mobistar falling 4.8%. After the close, Mobistar reported a flat nine-month profit.

Shares in Swiss mouse maker Logitech International fell 8.8% on Tuesday after it lowered its outlook for 2009, citing economic uncertainty.

On a national level, the German DAX 30 index fell 1.1% to 4,784.41 and the UK FTSE 100 index dropped 1.2% to 4,229.73.

The French CAC-40 index rose 0.8% to 3,477.50, with banks performing well after the French government said that it would inject 10.5bn euros into the country's top six banks.

Credit Agricole led the way with a 15.1% rally as it is getting 3bn euros.

Shares of Societe Generale, which is raising 1.7bn euros, rose 11.4% and shares of BNP Paribas, which is raising 2.55bn euros, added 8.8%.

The gains in France also came amid a call by French President Nicolas Sarkozy for European governments to adopt sovereign wealth funds to prevent foreign takeovers.

Companies reporting results on Tuesday generally struggled.

Shares of Swiss drugmaker Roche Holding fell 5.6% after it reported a worse-than-expected 1.6% rise in third-quarter sales, hit by currency effects and a lack of Tamiflu sales to governments, which had boosted sales last year. Sales rose to 11.3bn Swiss francs in the quarter ended Sept. 30, from 11.12bn francs a year ago.

Shares in Norsk Hydro fell 12.3% as third-quarter net profit dropped to 202m Norwegian kroner, from 6.32bn kroner last year. Analysts had been expecting a profit of 1.18bn kroner.

Shares in reinsurer Hannover Re fell 13.3% after the firm said that it won't be able to maintain its full-year target of a return on equity above 15%, blaming a dramatic slump in equity prices and natural disasters.

On the FTSE 100, Rio Tinto added 15.00 pence (0.59%) to 2,560.00 pence and BHP Billiton weakened 7.50 pence (0.77%) to 967.00 pence.

Asian stocks ended mixed Tuesday, with Tokyo rallying on hopes for a second stimulus package in the US and a thawing in the credit markets.

Japanese share prices rebounded for a third day. The Nikkei-225 index climbed 300.66 points (3.34%) to 9,306.25. Despite the recent recovery, the Nikkei is still down 17% since the start of the month.

Hong Kong share prices closed down 1.8%. The benchmark Hang Seng Index closed down 281.84 points at 15,041.17.

Chinese shares closed down 0.78%. The benchmark Shanghai Composite Index, which covers A and B shares, was down 15.48 points at 1,958.53.

New Zealand shares ended higher Tuesday, bolstered by better sentiment and some light bargain hunting. The benchmark NZX-50 ended up 2.2%, or 62 points, at 2,952.02.

A stronger dollar, losses in US stock markets and weak sentiment dragged base metals lower Tuesday, with copper falling nearly 5%.

Base metals on the LME finished mixed. Aluminium fell $70 (3.26%) to $2,075 while copper weakened $250 (5.29%) to $4,480 and nickel rose $10 (0.09%) to $10,700. Zinc dropped $70 (5.65%) to $1,170 and lead shed $55 (3.85%) to $1,375. Comex copper was last quoted at 211.90 US cents per pound.

Continued strength in the US dollar pressured gold futures as some of the recent long liquidation continued, analysts said. Spot gold was last quoted at $770.10. Comex gold futures dipped $22.00 (2.78%) to $768.00. Spot silver was last quoted at $10.06.

Crude oil futures retreated from the previous day's gains as the market's attention shifted back to the weak economy. West Texas Intermediate was last quoted at US$70.89 per barrel.

The major European currencies declined to multiyear lows against the dollar and yen Tuesday afternoon following comments from Bank of England Governor Mervyn King that the UK pound could fall faster and more than expected.

At 08:02 a.m. (AET) the US dollar was quoted at 0.7660 euros, 100.15 yen and 59.89 pence.

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