New claims for unemployment insurance in the US rose by 5,000 to 417,000 in the latest week, above forecasts for a result near 405,000. But on-going claims for unemployment insurance fell from 3.721 million to 3.641 million - the lowest result since September 2008 - and below forecasts for a result near 3.7 million.

European shares fell on Thursday as rumours swept the market - all of them refuted. Some speculated about a possible ban on short-selling in Germany. And others speculated that Germany´s credit rating was under threat - denied by all credit rating agencies. Mining companies were mixed with BHP Billiton up 0.6pct in London trade but Rio Tinto lost 0.2pct. The FTSEurofirst index fell by 1.3pct, the German Dax fell 1.7pct and the UK FTSE lost 1.4pct.

US sharemarkets fell on Thursday with investors taking profits on the previous day´s gains ahead of a key speech by the Federal Reserve chairman. Insurers also fell as Hurricane Irene continued to move its way up the east coast. Shares in Apple fell just 0.65pct despite the resignation of CEO Steve Jobs. Shares in Bank of America rose 9.4pct after Warren Buffet took a US$5 billion stake in the company. The Dow Jones fell by 170pts or 1.5pc with the S&P 500 down by 1.6pct and the Nasdaq lost 48pts or 2.0pct.

US long-term treasury prices rose on Thursday (yields lower) as financial markets sought to reverse the previous day´s movements ahead of the speech by Ben Bernanke. US 2yr yields were down 2pts to 0.21pct after rising 1pt the day before. And US 10yr yields fell by 5pts to 2.234pct after rising 12.5pts on Wednesday

The Euro and commodity currencies rose against the greenback in European trade before giving back gains in US trade. But the Japanese yen was softer. The Euro fell from highs near US$1.4475 to around US$1.4330, ending the US session at US$1.4380. The Aussie dollar fell from highs near US105.05c to US104.20c, ending US trade near US104.35c. And the Japanese yen eased from 77.00 yen per US dollar to JPY77.70, ending US trade near JPY77.50.

Global crude oil prices rose on Thursday. Traders were worried about disruptions to oil supplies on the US east coast caused by Hurricane Irene. And on-going fighting in Libya reduced the likelihood of a quick lift in oil production in the country. US Nymex crude oil rose by US14c or 0.2pct to US$85.30 a barrel but London Brent crude rose by US47c to US$110.62 a barrel. US gasoline futures prices rose by 3.1pct

Base metal prices rose on the London Metal Exchange on Thursday with prices rising up to 2.4pct with zinc and lead doing the best. And the gold price stabilised with the December Comex gold price up by US$5.90 an ounce or 0.3pct to US$1,763.20.

Ahead: In Australia, the Reserve Bank Governor delivers testimony to the House of Representatives Economics Committee.

In the US, Federal Reserve policymakers meet in Jackson Hole with Fed chief Ben Bernanke scheduled to give a speech. Economic growth figures are released.