QBE QBE Insurance Group Limited

0026 GMT [Dow Jones] Australia's S&P/ASX 200 is down 0.3% at 5135.4 after hitting a five-week low of 5118.9 in broad-based declines after sharp falls on Wall Street as the U.S. budget and debt ceiling impasse continues. BHP (BHP.AU), Westpac (WBC.AU), Telstra (TLS.AU), Woodside (WPL.AU) and Fortescue (FMG.AU) are holding ground but ANZ (ANZ.AU), NAB (NAB.AU), CSL (CSL.AU), Rio Tinto (RIO.AU) and QBE (QBE.AU) are down 0.3%-1.5%. "It's really turning off investors at the moment," Anson Rosewall, BBY's U.S. based director of Australian research sales said of the U.S. debt crisis. "The most concerning thing is that one-month U.S. Treasury bill yields have hit their highest level since 2008." But Mr. Rosewall says Australian shares could benefit from the change of government last month. Despite a reduction in Westpac's consumer sentiment index this month consumer and business confidence remain relatively high. "The picture has changed now that we have a pro-business and pro-economy government in power," Mr. Rosewall says. He also points to signs of private-equity interest in the resources sector as positive for Australian shares. (david.rogers1@wsj.com)

 
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com 
 
 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires