IG Markets Australian Market Wrap
The Australia 200 CFD Index closed 0.5% lower at 4254.6, with consumer discretionary, financial and energy names detracting most of the points.
BlueScope welcomes scheduled federal court hearing against CKI
BlueScope Steel Ltd said today that it is amenable to a Federal Court decision to hear its abuse of process claims against Cheung Kong Infrastructure Holdings (CKI), where the steel maker is accused of misleading CKI when it sought to acquire an iron sands mine subsidiary of the company in 2008 worth $190 million.
Volkswagen’s North American expansion gets underway
In accordance with its expansion plans in the region, Volkswagen said on Tuesday that it is looking to establish a new motor plant in North America where the company plans to invest up to $US1 billion which should commence by 2013.
Resource Sector Valuations Under The New Tax Proposal
Analysts compare the impact of the new MRRT and PRRT tax proposals to the previous RSPT proposal.
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Australian Stock Market Report - Midday
The Australian share market started the day off in promising fashion after gains from both US and European shares overnight.
Sydney office market shows signs of recovery
The Sydney office leasing market is showing signs of recovery as white-collar employment strengthens and new construction continues to shrink.
AACL nails harvest contract
Australia’s largest grain growing corporation, AACL, has struck a pre-purchase deal with dealer Glencore for the upcoming harvest.
Chevron finds gas deposits at WA
Chevron Asia Pacific Exploration and Production Co said it had found deepwater natural gas deposits off the coast of Western Australia, putting in a new potential to the company’s Clio development.
Sigma to consider lower Aspen offer
Sigma Pharmaceuticals Ltd is considering an updated acquisition offer of 55 cents cash per share, from South African bidder Aspen Pharmacare Holdings Ltd.
Builders’ activity drops in June
A widely monitored construction activity private index takes a turn for the worse this June, ending three straight months of progress.
AgBank raises $22 billion in largest IPO ever
AgBank, the last of China's big four state-owned banks to go public, is selling 25.41 billion shares in Hong Kong and 22.24 billion shares in Shanghai.
Telstra focuses on new revenue channels
After a year of NBN talks with the Government, Telstra chief executive David Thodey says he now has its sights set on diversifying the business and satisfying unhappy customers.
Xstrata mining projects resume
Xstrata Coal's $186 million of investment in early works and exploration in Queensland, including the $6 billion Wandoan coal project, has resumed after the announcement of a revised resource rent tax, according to the company.
The Overnight Report: Are We At The Bottom Of The Tide?
Wall Street opened strongly last night, failed, and then kicked at the close. There is now a clear battle between buyers and sellers. Dow up 57.
IG Markets Morning Prices
On Wall St overnight, stocks opened sharply higher after a three day break, with the S&P 500 rising from a 10-month low amid speculation earnings growth in the upcoming reporting season will help equities rebound from their cheapest valuations since the March 2009 bear market low.
Australian Stock Market Report
The US ISM services index eased from 55.4 to 53.8 in June, below forecasts centred on a result near 55.0.
World Market Overview
U.S. stocks closed higher Tuesday, with Microsoft, Alcoa and Bank of America among the gainers, although continued concerns about global growth sapped some of the market's earlier gains.
Employers now confident to hire more personnel
Employers are getting more confident with the economic upturn and are intending to hire more personnel in the coming months, according to a recent Hudson survey.
The Economy: RBA On Hold
As expected, no rate rise from the Reserve Bank yesterday and indeed, rates could be on hold for an indeterminate time i...
Trade: Surplus Soars In May
The other side of the current economic paradox, referred to in yesterday's story on car sales, was shown in the May trad...
The Market: Big Float Pulled As Weakness Dominates
It was hardly the most ringing endorsement for the outlook for the Australian sharemarket.But in the end, the main obje...
Building: Boral's Revamp, Fund Raising
Building materials group, Boral, aims to raise about $490 million to fund investments, reduce debt and pay for asset wri...
Corporates: Macarthur Coal, Sigma
Macarthur Coal yesterday raised its full-year profit forecast by about 10% after revealing a late surge in exports in ...
$55M cheque to setle Harvey Norman-Clive Peeters deal
Harvey Norman Holdings is set to deliver a cheque for more than $55 million today to seal the deal involving its takeover of more than 30 branches in the Clive Peeters retail chain.
Queensland farm seedlings get sabotaged
North Queensland authorities are investigating a case of what seems to be a mass vegetable and fruit sabotage.
Central bank maintains rates
As economists predicted, the Reserve Bank of Australia has kept cash rates on hold, giving debtors another month of regular payment costs amid rising inflation pressure.
EFSA invites NGOs to discuss welcomed draft GMO Environmental Risk Assessment Guidelines
As part of its on-going consultation with stakeholders, the European Food Safety Authority (EFSA) today announced its intention to call a meeting in September 2010 with environmental NGOs on its guidelines for the Environmental Risk Assessment (ERA) of Genetically Modified Organisms (GMO).The revise...
International experts limit Melamine levels in food
The maximum amount of melamine allowed in powdered infant formula is 1 mg/kg and the amount of the chemical allowed in other foods and animal feed is 2.5 mg/kg, according to new rulings from the United Nations' food standards body, Codex Alimentarius Commission.Melamine is a chemical used in a varie...
Unsuccessful Valemus sale slams IPO market
The life of public floats for the rest of the year has been cast into uncertainty after volatile equity markets claimed the $1.3 billion offer of Bilfinger Berger's Valemus, Australia's second-biggest civil construction company.
Copper Prices Not Reflecting Positive Medium-Term Outlook
Copper prices have been relatively resilient in recent months but positive market fundamentals suggest upside for those with a longer-term view on the market.
NAB Chief Says Open To Debate Over Bank Super Tax
Cameron Clyne, chief executive of Australian banking major NABsays he is not opposed to having a debate on whether the government imposing a super-profits tax on Australian lenders.Speaking at a business lunch, Mr. Clyne said that banks suffered perception of "large numbers". Australian banks posted...
Financial Planning Associations Rail Against Cooper Review Proposals
Financial planners are fiercely opposing the proposal by the Cooper Review, which would ban commissions on insurance in superannuation, fearing that many clients will not be able to afford a fee which is charged upfront. The Association of Financial Advisers has leveled the accusation against many o...
IG Markets Australian Market Wrap
The Australia 200 CFD Index closed 1.3% firmer at 4276.1, with financial, energy and industrial names adding most of the points.
IG Markets - Afternoon thoughts
Across the region, Asian markets are mixed following a complete lack of leads overnight and in very thin, holiday-affected trade.
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