MARKET TALK: S&P/ASX 200 Down 0.8% On US Leads, Macquarie Fall

30th Jul 2010 01:52

0051 GMT [Dow Jones] S&P/ASX 200 down 0.8% at 4488.7, as Macquarie's (MQG.AU) negative FY11 earnings guidance and disappointing Japanese industrial production add to downward pressure from modest falls on Wall Street and profit taking ahead of tonight's U.S. GDP and Sunday's China PMI. "Comments from (St. Louis Fed's) James Bullard weren't particularly inspiring," says IG Markets institutional dealer Chris Weston. "Asian markets are a bit weaker and we've had some pretty negative industrial production data from Japan. I think there's probably some hesitant trading before the U.S. GDP data, because the U.S. economy is still a huge worry." Says only a sharp rise in Shanghai today could buck the downdraft in Aussie equities, with investors also cautious after recent disappointing earnings guidance from the likes of QBE (QBE.AU), IAG (IAG.AU), Austar (AUN.AU). Major banks down 1.0%-1.5%. BHP (BHP.AU) down 0.8%. Rio Tinto (RIO.AU) down 1.2%. Macquarie down 4.8%. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 29, 2010 20:52 ET (00:52 GMT)