At 10:30am the ASX was trading 83 points down on yesterday’s close as nervous investors digested the news that Greece and Portugal’s debt had been downgraded.
Aussie stocks were a sea of red with BHP Billiton (ASX:BHP) down $1.06 to $40.94 and Rio Tinto (ASX:RIO) down $2.15. The banks were also down with the Commonwealth Bank (ASX:CBA) down $1.12 and the National Australia Bank (ASX:NAB) down $0.40
In the bloodbath, ironically one of the few increases was plasma and vaccine giant, CSL Limited (ASX:CSL) which was up $0.58 to $33.08
Fears that the so-called PIGS (Portugal, Italy, Greece and Spain) could torpedo the global economic recovery also weighed heavily on Wall Street yesterday, with the Dow Jones dropping over 200 points.