Weak GDP figures unnerve investors

The sharemarket finished weaker yesterday as softer-than-expected economic growth data sparked fears of a significant economic slowdown.
Shaw Stockbroking research director Scott Marshall said the release of the June quarter gross domestic product struck a blow to market confidence.
"If you were to exclude the resources boom - that is the states of Western Australia and Queensland - the rest of Australia really seems to be struggling and falling fairly quickly," he said.
"Some people may be concerned that there's further falling from this position - it indicates that maintaining a defensive investment strategy is probably the right way to go."
The ASX 200 index closed 36.8 points lower at 5113.8, and the All Ordinaries finished 33 points weaker at 5078.7.
At the close of day trading on the Sydney Futures Exchange, the September share price index contract was down 36 points to 5116, on a volume of 15,944.
The Australian Bureau of Statistics said GDP rose 0.3 per cent in the June quarter and 1.9 per cent in the year. This was well below market expectations of 0.7 per cent for the quarter and 2.6 per cent annually.
Market leader BHP Billiton fell 25c to $27.75 and rival miner Rio Tinto gained 15c to $74.80.
The big banks were all softer, with ANZ sliding 27c to $27.09, and Commonwealth Bank down 29c to $45.81, National Australia Bank 30c to $36.20 and Westpac 11c to $23.19. St George Bank was 30c lower at $29.94. Macquarie Bank eased 57c to $64.90.
Woodside fell 17c to $40.91, Santos found 8c to $11.42 and Oil Search dipped 2c to $3.43.
Meanwhile, Coles Myer yesterday said after the market's close it had rejected a takeover proposal from a group of private equity companies. Its shares closed 13c lower at $13.71.
Other retailers were softer with Woolworths dropping 22c to $20.38, David Jones 7c to $3.52 and Harvey Norman 4c to $3.47.
Media stocks were lower with John Fairfax down 5c to $3.95, PBL 22c to $18.33 and News Corp 25c to $25.82.
Its non-voting scrip dropped 24c to $24.81.
The price of gold ended Sydney trading at $US637.90 an ounce, up $US8.90 on Tuesday's close.
Gold stocks firmed with Newcrest Mining up 36c to $21.55, Newmont Mining rising 3c to $6.78 and Lihir Gold 1c to $3.12.