U.S. stocks solidified their Federal Reserve inspired gains Tuesday as Wall Street embraced the latest indication that further monetary easing is ahead.
The minutes of the September FOMC meeting highlighted that Federal Reserve policymakers have the left the door open to a further round of stimulus in the near term. Interestingly the Fed viewed recent incoming data on the economy as better-than-expected.
The Australian Dollar has opened at USD 0.9855 this morning after announcements overnight by the US Federal Reserve that it was ready to provide more stimulus to the US economy "before long".
The Australian Dollar opens higher against the greenback today at 0.9860, recovering from a low of 0.9785 during yesterday's domestic session after a fall in business confidence.
The Australian dollar is still outperforming its peers as investors bet on higher yielding instruments and the U.S. equities are believed to boost Asian stocks.
Investments in gas-fired power plants may double and reach close to $15 billion in the near term if Australia starts to implement a stiff price on carbon emissions, Fitch Ratings said.
Australia's S&P/ASX 200 is expected to ease from its early rally this week, as investors are wary of China's economic performance. Analysts said though there will be a positive push from the turn of events in the US with the Federal Reserve's decision to temper its fiscal policy, this will not easily avert the dampened mood that may set in today.
Local stocks eased from five month highs today, due to a flat lead from Wall Street and selling in the Asian region.
The Australian share market closed lower after little direction from Wall Street where trading was thin due to a public holiday.
Mineral explorer Conquest Mining Ltd (ASX: CQT) entered trading halt on Tuesday and would remain in such state until Thursday pending the announcement of the $100 million capital raising that would finance the development of the company’s Mt Carlton gold, silver and copper project in Queensland.
Australian house prices are set to rise as much as 20 per cent over the next three years, thanks to strong economic growth and an ongoing shortage of supply, according to a housing report commissioned by QBE.
The Australian share market fell out of bed today, in line with the Asian region, all sold off hard despite a lack of obvious triggers.
Across Asia, regional markets were mostly lower following flat US leads where trading volumes were very light due to the Columbus Day holiday.
Australia's economic growth may be eroded by local banks' preference toward household lending over business loans, a National Australia Bank Ltd. executive warned.
Following the announcement of its new debt facility on Monday, Fortescue Metals Group Ltd (ASX: FMG) drew mixed reviews from Deutsche Bank and Macquarie, with the latter offering a positive outlook for the iron ore miner it now calls as the third force in the iron ore industry.
The Adelaide Airport had a brief security concern this morning when a man suddenly broke in with his car crashing into the tarmac. The man suspected of drunk-driving or mentally ill has been subdued by the airport police moments after the said incident.
The Australian share market is being sold off today, following a flat lead from Wall Street and general weakness in commodity prices.
The offer document of QR National float, the biggest public share offering since Telstra’s privatisation in 1997, has been made public on Tuesday where the Queensland government is anticipating a fund raise that could go beyond the $5 billion mark.
As the country struggles to retain its global competitiveness but retaining its current energy production levels to sustain local industries, the Australian Parliament has chosen to put a price on coal emissions.
The Beaconsfield gold mine of BCD Resources Ltd (ASX: BCD) could be in danger of entering receivership should it fail to repay a $5 million loan it acquired from Bendigo Mining Ltd (ASX: BDG).
With holidays in the US, Canada and Japan, overnight markets have had a very quiet trading session, with no major data was released.
China has lifted reserve requirements for six large commercial banks in order to slow the pace of the economy.
The Aussie''s parity push paused during local trade yesterday after the release of domestic home lending data.
Business confidence remains high albeit a very slight tinge of wariness in the country's business sector. This is according to the latest of the National Australia Bank's quarterly business survey published today.
The Adelaide Airport had a brief security concern this morning when a man suddenly broke in with his car crashing into the tarmac. The man suspected of drunk-driving or mentally ill has been subdued by the airport police moments after the said incident.
China has lifted reserve requirements for six large commercial banks in order to slow the pace of the economy. The 50-basis point lift in reserve requirements to 17.5 percent is a temporary measure, expected to be in place for just two months.
U.S. stocks turned lower ahead of the close of Monday's regular session, as industrial stocks lost ground. The Dow Jones Industrial Average recently fell 7 points to 11,000 and the S&P 500 Index fell 1 point to 1,164.
On the Sydney Futures Exchange this morning, the share price index futures contract was three points higher at 4718 points. Trading overseas lacked luster as Wall Street closed almost unchanged.
In overnight trade in the US, the major indices finished largely unchanged, with the Dow Jones Industrial Average climbing back above the 11,000 point level after falling early in very thin Columbus Day trade and ahead of a busy week of Q3 earnings.
The offshore session overnight was a bit of a non-event. Volumes were also down on Wall Street given the Columbus Day public holiday. The small amount of movement came from a lift in the US dollar Index. This contributed to a fall in both the price of copper and of oil.
