Monday, May 7, 2012

Australia Shares End Down 2.2% As Global Risks Weigh

SYDNEY (Dow Jones)--The Australian share market suffered its biggest drop in four-and-a-half months as investors weighed the risk to global growth from the latest European elections and disappointing U.S. jobs data.

Cyclicals including BHP Billiton, Rio Tinto, Fortescue Metals, Santos and Macquarie dived 4.1%-6% after U.S. jobs rose 115,000 in April versus 168,000 expected by economists, and election results in France and Greece threatened to unravel austerity measures designed to tackle Europe's debt crisis. Stronger-than-expected domestic retail-sales data failed to arrest Monday's declines,

The benchmark S&P/ASX 200 closed down 2.2% at 4301.3, hitting an intraday three-week low of 4299, Read More