Aussie shares to fall after global dive

Tuesday October 7, 2008, 7:32 am The Australian share market is set to fall at the open after world stock markets plummeted on Monday as panic-stricken investors doubted whether a Wall Street bailout package would stem the global financial crisis. At 0714 AEDT, the December Share Price Index futures contract on the Sydney Futures Exchange was down 178 points at 4,388. On Tuesday, the Reserve Bank of Australia (RBA) is expected to announce a half a percentage point cut in official interest rates, following its monthly board meeting. Economists have forecast the RBA will cut official interest rates by up to 50 basis points in response to global financial turmoil, lowering its benchmark rate to 6.5 per cent. Other economic data out Tuesday includes the SAI Global/ACCI quarterly... [read full story]