The Australian equity market is pointing to a weak open after the US stocks started the fourth quarter on a negative note.
The Dow (see above chart) was down 258.08 points to finish the session at near its lows at 10655.30 while the S&P500 fell 32.19 points to close at 1099.23, led by financial stocks.
The selling picked up towards the end of the session as worries over Greece as well as Europe's sovereign-debt woes offset better than expected readings on manufacturing and construction spending in the U.S.
Over the weekend Greece announced that it would miss its deficit targets this year. The acknowledgment raises concerns that the country may not get necessary bailout funds to avoid a default.
The EURPY fell to more than a decade low of 100.76 as European finance ministers clashed about expanding the capacity of the European Financial Stability, at time of writing this report it was sitting at 101.15.
The AUDUSD traded down from yesterday highs of 0.9700 to recent lows of 0.9510 as investors dump the higher yielding currencies on the back of Greece's debt woes and the lack of clear leadership in resolving the crisis.
Gold traded up from yesterday lows of 1632.50 to one-week high of 1662.00 as investors sought a safe place to park their money amid worries that Greece was slipping closer to a default that could rattle world financial markets.
WTI Oil settled at 77.61 per barrel which is its lowest level in a year overnight as investor sell out on negative economic outlook reducing the need for the commodity.
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