Some pretty solid numbers from European and US markets overnight, unfortunately all negative; the Dow Jones closed down 2.5%, S&P 500 2.9%, Nasdaq 2.0%, FTSE 100 1.4%, Dax 2.5% and the CAC 1.6%. Asian markets are also down significantly at the time of writing. Something coming out of the US Federal Reserve meeting has not impressed markets it seems; possibly the new stimulus package announcement for the struggling US economy. It was always going to be a struggle for our market and the XJO ultimately joined the list of solid declines, down 2.6%, closing 106.9 points lower on increased volume. The Telecommunications sector closed flat and Information Technology bucked the trend, closing half a percent higher. The rest were all in the red – Material and Metals/Mining suffered most, down 4.4 and 4.7% respectively. Uncertainty continues to hang over the market as it looks to test the early August low.

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