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At midday, the S&P/ASX200 index was down 123 points, while the All Ordinaries fell 119.
Wall Street plunged to a near two-year low on Thursday as oil prices surged over $US140 a barrel, and warnings of trouble in the key financial, automotive and high-tech industries spread gloom across the market.
At the closing bell the Dow Jones Industrial Average had lost more than three per cent, finishing down 358 points, while the Nasdaq Composite fell 79.
Asian markets didn’t escape the global downturn either. At midday today Japan’s Nikkei had lost 307 points, while Hong Kong’s Hang Seng fell 554.
In ASX news, oil refiner Caltex Australia said today that it expected first half operating profit to fall by up to 40 per cent year on year due to lower refining margins, unplanned maintenance and flat petrol sales.
Caltex said it expected first half net operating profit of up to $195 million, compared to $294 million last year. The company also trimmed its full-year production forecast to between 10.4 and 10.6 billion litres, down from 10.9 billion litres in 2007.
In other news, troubled investment company City Pacific said today that it would not pay a final dividend because of the sustained deterioration in market conditions over the second half of the year.
The company also said it expected full year operating earnings of between $30-35 million, down almost two-thirds from last year.
Shares in City Pacific have plummeted more than 90 per cent this year due to concerns over its debt position. At midday today its stock was trading down more than 15 per cent.
Finally, New Zealand’s ASX-listed retailer The Warehouse Group today slashed its full year earning forecast by up to 10 per cent following a downturn in consumer spending.
In a statement, the group said it now expects after-tax earnings to July 27 to be between $66 and $69 million, down from a previous guidance of $74 to 77 million. Warehouse said that a downturn in consumer spending in May had reduced sales considerably.
Individual share price movements on the ASX were mostly downward this morning.
Mining stocks fell along with the rest of the market. BHP Billiton was down $1.32 at midday, Fortescue Metals lost 40 cents, Rio Tinto dropped $4.82, while Woodside Petroleum was one of the few to make gains this morning, up 72 cents.
Financial stocks were the biggest casualties today. ANZ was down 66 cents at noon, Commonwealth Bank lost 88, National Australia Bank plunged $1.41, while Westpac shed 84 cents.
Other blue chips mostly followed the rest of the market lower. AMP was down 17 cents at noon, News Corp fell 64, Telstra lost five cents, while Woolworths added one.
Wall Street plunged to a near two-year low on Thursday as oil prices surged over $US140 a barrel, and warnings of trouble in the key financial, automotive and high-tech industries spread gloom across the market.
At the closing bell the Dow Jones Industrial Average had lost more than three per cent, finishing down 358 points, while the Nasdaq Composite fell 79.
Asian markets didn’t escape the global downturn either. At midday today Japan’s Nikkei had lost 307 points, while Hong Kong’s Hang Seng fell 554.
In ASX news, oil refiner Caltex Australia said today that it expected first half operating profit to fall by up to 40 per cent year on year due to lower refining margins, unplanned maintenance and flat petrol sales.
Caltex said it expected first half net operating profit of up to $195 million, compared to $294 million last year. The company also trimmed its full-year production forecast to between 10.4 and 10.6 billion litres, down from 10.9 billion litres in 2007.
In other news, troubled investment company City Pacific said today that it would not pay a final dividend because of the sustained deterioration in market conditions over the second half of the year.
The company also said it expected full year operating earnings of between $30-35 million, down almost two-thirds from last year.
Shares in City Pacific have plummeted more than 90 per cent this year due to concerns over its debt position. At midday today its stock was trading down more than 15 per cent.
Finally, New Zealand’s ASX-listed retailer The Warehouse Group today slashed its full year earning forecast by up to 10 per cent following a downturn in consumer spending.
In a statement, the group said it now expects after-tax earnings to July 27 to be between $66 and $69 million, down from a previous guidance of $74 to 77 million. Warehouse said that a downturn in consumer spending in May had reduced sales considerably.
Individual share price movements on the ASX were mostly downward this morning.
Mining stocks fell along with the rest of the market. BHP Billiton was down $1.32 at midday, Fortescue Metals lost 40 cents, Rio Tinto dropped $4.82, while Woodside Petroleum was one of the few to make gains this morning, up 72 cents.
Financial stocks were the biggest casualties today. ANZ was down 66 cents at noon, Commonwealth Bank lost 88, National Australia Bank plunged $1.41, while Westpac shed 84 cents.
Other blue chips mostly followed the rest of the market lower. AMP was down 17 cents at noon, News Corp fell 64, Telstra lost five cents, while Woolworths added one.
