\n\tBy Stephen Hogan, Senior Private Client Adviser, Equities\/Derivatives<\/p>\n
\tAustralian Market<\/strong><\/p>\n \tThe Australian market (XJO) closed down -103 points or -1.99% to 5062.4 today. The market took a large and steep move down in the morning till around 1pm when there was a small sign of people buying back into the market but it was short lived as we continued moving down, finishing the day 3 points off the low. The Information Technology sector was the only one to gain today, rising 1.79%, while all the rest fell, the Telecommunications sector fell the hardest, slipping -3.84%. Overnight the Dow Jones dropped -80.41 points or -0.52% to 15,307.20 after Federal Reserve Chairman Ben Bernanke has stated that the central bank will continue its stimulus program.<\/p>\n \n\tChina's PMI was released today, the preliminary reading of 49.6 for a purchasing managers' index. The number was also below the 50.4 median estimate. A reading below 50 indicates a slowdown. China's manufacturing growth is slowing for the first time in seven months.<\/p>\n \n\tQBE's<\/span> credit outlook was raised from "negative" to "stable" by Standard & Poor's, which has revamped its rating criteria for insurance companies.<\/p>\n \n\tCar company Ford has announced this morning that they will abandon Australian manufacturing in 2016 with 1200 job losses to follow after losing $141 million in Australia in the current financial year.<\/p>\n \n\tAUD is currently trading at $0.9607, down -$0.0089 against the USD<\/p>\n \tTop Performers<\/strong><\/p>\n \tSundance Resources Limited ((SDL<\/span>)) up $0.015 or 23.08% to $0.08<\/p>\n \n\tDiscovery Metals Limited ((DML<\/span>)) up $0.042 or 22.70% to $0.227<\/p>\n \n\tHorizon Oil Limited ((HZN<\/span>)) up $0.04 or 10.00% to $0.44<\/p>\n \n\tQBE<\/span> Insurance Group Limited ((QBE<\/span>)) up $0.96 or 6.30% to $16.19<\/p>\n \n\tNRW<\/span> Holdings Limited ((NWH<\/span>)) up $0.055 or 5.31% to $1.09 \tM2<\/span> Telecommunications Group Limited ((MTU<\/span>)) down -$0.64 or -10.34% to $5.55<\/p>\n \n\tIINET<\/span> Limited ((IIN<\/span>)) down -$0.65 or -9.70% to $6.05<\/p>\n \n\tLynas<\/span> Corporation Limited ((LYC<\/span>)) down -$0.05 or -8.33% to $0.55<\/p>\n \n\tMyer Holdings Limited ((MYR<\/span>)) down -$0.19 or -7.09% to $2.49<\/p>\n \n\tFlight Centre Limited ((FLT<\/span>)) down -$2.83 or -6.94% to $37.92<\/p>\n \tOur Comments<\/strong><\/p>\n \n\tNo Comment Today<\/p>\n \n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.) \n\tRe-published with permission. Views expressed are not by association FNArena's<\/span> (see our disclaimer).<\/em><\/p>\n
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\n\tBottom Performers<\/strong><\/p>\n
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