The ASX was down 13.7pts, or .2 per cent, at 5946.6pts on Tuesday. Concerns over falling exports in China and expectations of waning earnings in the US have Australian investors taking a more cautious approach. Standard and Poor’s recently downgraded the credit position of eight Australian mining companies, including BHP Billiton and Rio Tinto. The Metals and Mining sector was down .86 per cent. The Energy sector received a boost on Tuesday after JP Morgan revised its projections for energy stocks. The Energy Sector was up .72 per cent.
International markets were also cautious after the release of weak data. The Dow Jones fell .45 per cent while the S&P 500 fell .46 per cent. In Europe, investors are waiting on the upcoming ECB meeting. The DAX fell .29 per cent while the FTSE 100 fell .36 per cent. Chinese markets have only increased marginal today, with the Shanghai Composite up .22 per cent and the Hang Seng down 1.18 per cent so far on Tuesday. The Nikkei 225 has been relatively flat in the past two trading days. It is up .02 per cent near closing on Tuesday.
Sirtex Medical (ASX:SRX) was up $1.69, or 6.86 per cent, at $26.34 per share. Shares of Sirtex plummeted over 50 per cent last month after its cancer treatment clinical trial failed to show results.
Qantas Airways (ASX:QAN) was up 11c, or 3.30 per cent, at $3.44 per share. Qantas recently received support from the Department of Infrastructure and Regional Development in its fight with the ACCC over anti-competition claims. Qantas also signed a deal to allow shoppers on Kogan.com to earn Qantas Frequent Flyer points while they shop.
BHP Billiton (ASX:BHP) was down 30c, or 1.02 per cent, at $29.12 per share. The US-based credit rating agency recently placed eight Australian mining companies on a list for potential credit downgrades. This list included BHP, Rio Tinto and Fortescue Metals.
Rio Tinto (ASX:RIO) was down 34c, or .62 per cent, at $54.96 per share.
Fortescue Metals (ASX:FMG) was up 6c, or 3.38 per cent, at $1.84 per share.