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Article: Australian Market Report of May 18: Market Softened on US Economy Outlook
- Article from:
- abnnewswire.net
- Article date:
- May 18, 2009
- Author:
CopyrightCopyright 2009 ABN Newswire. (Hide copyright information)
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US stocks ended the week lower Friday with drops in financials and energy companies. Financial sector was hit by Fitch Ratings' warning that it is considering lowering credit ratings on nine U.S. financial companies. Falls in oil prices also weighed down the energy firms.
Australian shares gained 1.3% on Friday but still lost 4.3% for the week. The benchmark S&P/ASX200 index was 49.8 points, higher at 3773.2 and the broader All Ordinaries index was also up 1.3%, or 48.1 points, at 3758.9. The local market is expected to soften on jitters over the US economy.
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