GLOBAL MARKETS ARE UNDER SELLING PRESSURE AFTER THE EUROZONE'S PROBLEMS WERE BROUGHT BACK INTO OVERNIGHT

THE ASX 200'S DOWN TWO THIRDS PER CENT

IN THE U-S OVERNIGHT WALL STREET SUFFERED ITS BIGGEST FALL SO FAR THIS YEAR.

THE DOW RETREATED ONE PER CENT

ACROSS THE ATLANTIC THERE WERE SHARP FALLS... WITH MOST INDEX'S SINKING TO QUARTERLY LOWS...

GOLDS HIGHER AS IT BECOMES MORE ATTRACTIVE IN THE FACE OF THE EQUITIES SELL-OFF

THE AUSTRALIAN DOLLAR IS SITTING AROUND 104 AND A HALF US CENTS.

THE RESERVE BANK IS EXPECTED TO LEAVE THE OFFICIAL INTEREST RATE STEADY AT THREE PER CENT WHEN IT MEETS THIS AFTERNOON.

THE CASH RATE WAS CUT FOUR TIMES BY THE RBA LAST YEAR... AND ECONOMISTS SAY THERE ARE SIGNS THOSE CUTS ARE HAVING AN IMPACT, ALONG WITH POSITIVE INDICATIONS COMING OUT OF CHINA, THE US AND EUROPE.

THEY BELIEVE THE NEXT CUT WON'T BE UNTIL MID THIS YEAR

THE RATE OF DECLINE IN AUSTRALIA'S SERVICES SECTOR EASED SLIGHTLY LAST MONTH

THE AUSTRALIAN INDUSTRY GROUP'S MONTHLY SERVICES INDEX SHOWS THE SECTORS CONTINUES TO DECLINE THOUGH.

PROPERTY, BUSINESS AND COMMUNICATIONS SERVICES WERE PARTICULARLY WEAK, WHILE CAFES AND RESTAURANTS SAW A JUMP IN ACTIVITY

 

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