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30 November -0001 12:00 AM
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US sharemarkets lifted from lows over Wednesday's session. Recession fears gripped markets in response to lower bond yields. And the energy sector weakened in response to a slump in oil prices. Shares in Walt Disney fell 5% in response to earnings news. After being down 589 points, the Dow Jones finished lower by 22 points or 0.1%. But the S&P500 was up 0.1%, while the Nasdaq lifted almost 30 points or 0.4%. 

Global oil prices fell by over 4.5% to 7-month lows on Wednesday. Central banks across the globe have cut interest rates, causing traders to worry about the outlook for crude oil demand. In addition US crude oil inventories rose by 2.4 million barrels in the past week, rather than falling by 2.8 million barrels as traders expected. Gasoline stocks rose 4.4 million barrels with distillates up 1.5 million barrels. The Brent crude price fell by US$2.71 or 4.6% to US$56.23 a barrel. And the US Nymex price fell by US$2.54 or 4.7% to US$51.09 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Wednesday. Copper and lead rose 0.3-0.4%. Other metals fell by between 0.9-2.2% with zinc down the most. 

The gold futures price rose by US$35.40 or 2.4% to a 6-year high of US$1,519.60 an ounce. The spot gold price was trading near US$1,497 an ounce in late US trade. Iron ore fell by US$5.10 or 5.2% to US$92.80 a tonne.

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Australian Market ReportCurrent
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Australian Market Report

Wednesday 7 August - close. The Australian share market has closed higher following two days of monster losses after being thrown a lifeline by central bankers across the Tasman. The benchmark S&P/ASX200 closed up 41.4 points, or 0.64 per cent, to 6,519.5 points, while while the broader All Ordinaries was up 42 points, or 0.64 per cent, to 6,588.5 points. The gains came mostly after the Reserve Bank of New Zealand cut interest rates by 50 basis points, which was double what traders had been expecting and led many to assume the Reserve Bank of Australia was more likely to cut rates next month.

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