The local market lacked guidance today due to mixed data from overseas markets overnight. There are lingering global concerns including the downgrade of GDP growth in China and poor manufacturing data from the US. These factors did not lend any confidence among investors in the local market today.

Though the Dow Jones Index showed some resilience and recovered nearly 100 points at the close (during the US trading day overnight), our local market has spent most of the day (so far) in negative territory, with volume remaining low.

The US dollar was sold off heavily against the Euro on the back of lower GDP growth in US and weaker than expected US manufacturing data in US. The Euro has touched its two month high against the green back. There is increasing speculation among investors that the US Federal Reserve will keep interest at near zero on the back of weak economic performance.

Provided by www.cityindex.com.au