The Australian market had a good start to the day, as resource stocks rallied Friday following a rebound in iron ore and oil prices. However, local shares gave up all of early gains due to a late reversal in the big banks, to close slightly below the red line. There were mixed results from the sectors; health care gained most significantly while consumer staples lagged behind the rest. The Australian dollar gained against most major currencies.

Stocks were lower across Asia as China's Shanghai Composite fell into bear-market territory. European markets slumped as energy companies were clobbered by declining oil prices.

US stocks cratered on Friday, closing out the worst-ever two-week start to a calendar year after steep drops in oil prices and renewed Chinese market volatility heightened investor anxiety. Investors fled stocks and rushed into assets perceived as safe, sending the 10-year Treasury yield briefly below 2% and gold sharply higher.

The Australian market looks set to open lower with the SPI Futures down 87 points after Wall Street fell sharply with the S&P 500 sinking to its lowest since October 2014 as oil prices sank below $30 per barrel and fears grew about economic trouble in China.

Crowe Horwath Australasia Ltd. issued this content on 2016-01-18 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-18 00:54:01 UTC

Original Document: http://www.crowehorwath.net/AU/news/daily-market-summary.aspx