\n\tTrade was cautious early on before selling gained momentum and dragged the market substantially lower later in the afternoon. The XJO<\/span> finished on its lows and deep in the red down 59 points or 1.32% to 4457. After the surprise upside move yesterday, the index fell the most in two months following weak European earnings data and little traction from the US market overnight. Investors remain skittish as we fail to get any useful leads from trading floors or any decisive economic data and have a backup generator powered Wall Street far from back in business.<\/p>\n

\n\t\tChinese PMI data out at midday showed a read of 50.2 which puts it in slightly expansionary territory, up from 49.8 last month and smack in line with the consensus estimate, but was hardly anything to get excited about.<\/p>\n

\n\t\tNational Australia Bank ((NAB)) was a huge drag on the index all day, falling deeper into the red in the afternoon after Morgan Stanley cut its rating of the stock from neutral to underweight. NAB’s disappointing result on Wednesday had showed its disastrous UK division had been a drag on profits and wasn’t going to look much rosier anytime soon. All eyes are now on Westpac ((WBC)) due to report on Monday which analysts are tipping to follow suit with NAB and show a rise in bad debts as debtors struggle to keep their heads above water given the poor trading climate. NAB closed down 77 cents or 3% to $25.02. WBC closed down 37 cents or 1.45% to $25.14.<\/p>\n

\n\t\tAustralian export earnings fell 6.4% in Q3<\/span> and were down 13.4% from a year earlier a report from the ABS showed today, signalling the economy may be stalling a lot quicker than was initially thought. It is no secret that we are enormously reliant on China’s appetite for our raw materials namely, coal and iron ore which for the past few years have accounted for 1\/3 of our total exports.<\/p>\n

\n\t\tWe have some important market moving events in the coming week and it is expected leads will be muted ahead of these. Non-farm payroll data out of the US tomorrow night followed by the US Presidential election and an unveiling of the next generation of Chinese leaders are set steal the spotlight away from other news.<\/p>\n

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\n\t\tThis article produced at the request of and is published by FNArena<\/span> with the expressed permission of 708 Capital.<\/em><\/em><\/p>\n<\/div>\n

\n\t708 Capital is a full service stockbroking<\/span> and investment advisory firm. 708 offers investment and market advice to high-net-worth Private and Institutional clients in Australia and across the globe. 708's extensive network of contacts gives its clients exclusive access to ground-level fundraising opportunities and new company listings in a variety of small and large cap ASX<\/span> listed companies. 708 has a longstanding track record of generating exceptional returns for its clients. Click here 708capital.com.au\/contact-us\/<\/a> <\/a>for a no cost consultation and portfolio review or to learn more visit www.708capital.com.au<\/a>. Note: 708 Capital offers wealth management services for Sophisticated and Wholesale Investors only. Unfortunately we cannot assist investors who aren’t classified as Sophisticated Investors<\/em> or have verified assets over AUD$2.5m.<\/em><\/em><\/p>\n

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\n\t708capital<\/span> is a holder of AFSL<\/span>. No. 386279<\/em><\/p>\n

\n\tIMPORTANT DISCLAIMER – THIS MAY AFFECT YOUR LEGAL RIGHTS:<\/em><\/p>\n

\n\tThis document is intended to provide general securities advice only, and has been prepared without taking account of your objectives, financial situation or needs and therefore <\/em>
\n\tbefore acting on advice contained in this document you should consider its appropriateness having regard to your objectives, financial situation and needs. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.<\/em><\/p>\n

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