BUSINESS

Despite closing 0.4 per cent softer this afternoon, the local sharemarket ate away at the more substantial 0.6 per cent low hit at 3.30pm (AEST). The banks accounted for around a third of the losses while weaker iron ore prices kept the miners under pressure.

Apple has yet to officially unwrap its newest iPhone 6, but this early, preorders in China for the much coveted gadget has already reached to over 30,000 units.

Where do the rich live in Australia?

Markets are softer at lunch, with the All Ordinaries Index (XAO) down 0.3 per cent. Despite the weakness local shares are still only 0.6 per cent below six-year highs. US markets finished mixed overnight, but the moves across all major American markets were modest.

The photos of a so-called 20th hijacker in the Sept 11, 2001 terror attacks against the United States will remain classified, a federal appeals court ruled on Tuesday.

Good news for those who can't part with their gadgets, Australia's Qantas and Virgin Airlines have modified their policies on electronic devices.

The European Union is mulling to slap Russia a sporting ban on top of the prevailing economic sanctions it had given Ukraine's aggressor.

There is lots to be made of the cease-fire deal coming out of Ukraine overnight.

Australia's mid-tier miners suffered another blow as the price of iron ore in the international market dipped 1.2 per cent on Thursday and went down to a five-year low of $85.70 per tonne.

In US economic data, auto sales were estimated at a 17.4 million annual rate in August, well above forecasts for 16.6m annualised sales. Factory orders rose by 10.5% in July, just below forecasts for an 11% gain. Chain store sales in the latest week were up 4.9% on a year ago, above the 4.0% gain recorded last week. The ISM New York index rose from 644.4 to 648.0 in August.

Australian grocery giant Coles said on Wednesday that it would axe more than 400 jobs from its head office in Melbourne. At the same time, it would open more outlets.

The early progress evident in the market this morning had been stymied by lunchtime and the balance of power had swung back to the sellers. The reversal of fortunes reflects the gains seen in the market over the course of the last 24 hours where the ASX 200 has gained about 1 per cent since the low s of the previous day. One of the factors supporting Asian markets as a whole over the afternoon was the improvement in S&P 500 futures over the course of the afternoon.

The chief commercial officer (CCO) of Dubai-based Airline Emirates has flatly denied it has ambitions to invest in the international operations of Australia's Qantas Airways.

BlackBerry has announced that it is going to host events in London, Dubai and Toronto. The invite-only proceedings, which will apparently help invitees “See The Bigger Picture,” is going to be held on Sep 24.

Although the chances of a 'QE' program being implemented in Frankfurt on Thursday are remote at best, the chances of a program being implemented in the coming six months are above 50%.

In US economic data, the ISM manufacturing index rose from 57.1 to a 3½ year high of 59.0 in August, well above forecasts of 56.8. And construction spending rose by 1.8% in July, above forecasts for a 1.0% gain and to a 5½ year high.

Latest market data reveal that Austin has topped the list of real estate markets where homes stay shortest in the market, according to a report on Kxan.com.

Like other telcos, Telstra is looking forward to the official launch of Apple's iPhone 6 on Sept 9 and its shipment to Australia. The latest flagship of the Cupertino-based tech giant is expected to boost Telstra's income by $500 million, Morgan Stanley Research analysts estimate.

The Australian market improved this afternoon to finish at the best levels of the day and at a fresh six-year high. Volume was light due to the Labor day holiday yesterday in the US.

The Australian Communications and Media Authority has ordered smaller telcos in the country to implement a provision in the Telecommunications Consumer Protection Code.

Market volumes remain well below average across the globe.

Addiction rehabilitation company BioCorRx, Inc. (OTCQB: BICX) has joined more than 50 exhibitors in the eMoneyShow, which provided investors instant access to top stocks, options and ETFs that global firms are adding to their portfolios, the company said in a statement.

The Australian sharemarket edged higher, making up for part of last week's 0.3 per cent slide. The All Ordinaries Index (XAO) rose by just 0.1 per cent and volume was light ahead of market closures in both the US and Canada (Labor Day) tonight. Slightly weaker than forecast readings on the health of China's manufacturing sector held back the miners this afternoon while the Australian dollar remained firm. The XAO is only 0.7 per cent away from re-visiting six-year highs.

At least a family and a group of three friends have struck rich after finding gold bars on Folkestone beach as part of the coastal town's third triennial arts festival.

The WHO has called on the government of Senegal to consider "a top priority emergency" efforts.

The local share market has started the week on a positive footing, gravitating towards the 5650 area for the ASX 200. Sentiment was helped by US share markets which ended modestly higher on Friday. Investors remained wary as they monitored both the situation in Ukraine and mixed economic data in addition to a wariness about taking on new positions ahead of a holiday weekend. Domestic sellers remain wary of the underlying strength of US stocks with the S&P 500 index closing at record highs; while...

Global markets are in for a big week on the central bank front, with the RBA, BoE, BoJ, BoC and ECB all set to meet. In the background will be the threat of Russia/Ukraine tension derailing the recovery. EU leaders are likely to impose further sanctions on Russia this week if no resolution is reached. As a result, while investors will be optimistic about potential central bank action, particularly from the ECB, there is likely to be a degree of caution exercised.

In US economic data, the Chicago purchasing managers index rose from 52.6 to 64.3 in August - the biggest monthly point gain since July 1983. US personal income rose by 0.2% in July with spending down by 0.1% - both results fell short of forecasts. And consumer sentiment rose from 79.2 to 82.5 in August, above forecasts for a result near 80.1.

British mum Theresa Cox blames the mobile phone game Clash of Clans for almost emptying her bank account of £7,000 which was automatically debited from her funds.