US concerns weigh heavily on markets

The Australian sharemarket is expected to fall further today, following the lead of heavy falls on Wall Street on Friday. The US Treasury Secretary Henry Paulson had warned that growth in US economy had slowed “rather materially” at the end of last year, causing the Dow Jones Industrial Average to shed 2 per cent of its value. Investors are anxious that there could be more bad news as the US profit reporting season gets into gear this week. American Express has already posted its first quarter results which were below market expectations, while warning that it could see signs of a weakening economy.

By The Australian