1 Jun 2012

Offshore markets down

8:46 am on 1 June 2012

Markets in the United States were under a cloud of sluggish growth and eurozone troubles on Thursday.

Sellers took their cue from the Commerce Department cutting its estimate for first-quarter economic growth to 1.9% from 2.2%, confirming the sluggish pace of the economic recovery and raising questions about how much of a rebound could be expected in the current quarter.

Facebook rebounded from an early loss of 4.5% to finish the day 5% higher.

The Dow Jones Index fell 26 points to close at twelve thousand 393

The Nasdaq Composite fell down 10 points at 2827

The FSTE 100 in London was down just before the close, but managed to end 10 points, or 0.18%, higher at 5307 points.

It finished the month 7.5% weaker - the third consecutive month of losses and the worst performance since February 2009.

The Australian 200 Index fell 18 points, or 0.4%, to 4076 on Thursday and the NZX 50 rose 7 points, or 0.2%, to close at 3488.

At 8.26am on Friday, the New Zealand dollar was trading at 75.26 US cents, 77.37 Australian cents, 48.90 pence, 59.04 yen and 0.6092 euro. The Trade Weighted Index was at 68.97.

Brent crude oil was trading at $US103.51 per barrel and gold was trading at $US1560.69 per ounce.