BUSINESS

Local shares posted one of their better gains of the year today with the All Ordinaries Index (XAO) rising by 1 per cent or 50.9pts to 5204. Despite the improvement, the market's downtrend remains firmly in place with losses of over 8 per cent recorded since the start of September. The next support level for the ASX 200 is around 5070.0.

Caltex Australia finally closed on Tuesday its 58-year-old oil refinery in Kurnell, Sydney. The oil and gas giant now runs the facility as a fuel import terminal. It spend $270 million over two years to convert the plant.

The new Apple Pay system will launch in at least 18 retail outlets on Saturday, said a leaked memo from Walgreens and posted by MacRumors.

US shares slumped overnight in thin holiday trade. The Dow Jones fell by 1.4 per cent while the broader S&P500 dropped by 1.7 per cent. Investors are holding their breath for a barrage of profit results from some of America's biggest banks this week. Citigroup, JP Morgan Chase and Wells Fargo are all scheduled to issue third quarter results tonight.

Gadgets designed specifically to connect computers and smartphones to the Internet may soon be a thing of the past as the technology world moves toward the Internet of Things.

A lack of macro news overnight meant markets were left to their own devices, which led to all sorts of indictors and moving averages being triggered.

In a move that seems like a slap on Malaysia Airlines, the widow of a New Zealander who is one of the passengers of the missing Flight MH 370 rejected a $50,000 compensation offer from the air carrier.

Despite the low price of coal in the international market, mining giant BHP Billiton (ASX: BHP) pushed through on Monday with the opening of its $3.4-billion Caval Ridge coal mine in Bowen Basin, Queensland.

In Chinese economic data released yesterday, the trade surplus narrowed from US$49.83 billion to US$31.0 billion in September with exports up 15.3% on a year ago with imports up 7%.

Twitter's CEO and employees have received death threats from the ISIS.

The Australian market has slumped for the fifth time in six days and remains near an eight-month low. The All Ordinaries (XAO) slipped by 0.6 per cent and local stocks have shed 9.5 per cent from the highs reached at the start of September. The strength in the US dollar and recent concerns of sluggish world growth have been two drivers.

Russia said it is ready to produce three Ebola vaccines in the next six months.

Local shares continue to fall and one of the most common exchanges between market participants at present turns around the level at which the ASX 200 will ultimately find some durable support with the index now down by more than 3 per cent year to date. European shares fell sharply to end last week, driven by continuing concerns about the health of the German, and broader European economy. US share markets were led lower by the technology stocks. Over the course of the week the Dow Jones lost 2....

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Residents advised to prepare against more flooding and landslides.

We have been saying since mid-May to be wary of the events that will occur in October (the end of the asset-purchase program). October remains the turning point of the year and we retain our key pick of being long the VIX.

Apple Inc has been named the world's most valuable brand at $119 billion ahead of Google and Coca-Cola. The company was ranked the highest in the list of Interbrand Best Global Brands.

Local shares extended their losses after lunch, falling for the fourthtime this week and hitting a fresh eight-month low. The All Ordinaries Index (XAO) slumped by 2 per cent, slipping below 5200.0 for the first time since February and making it the worst session of the year.

Microsoft CEO Satya Nadella apologised for discouraging women emplyoees against asking for raises.

Euthanasia or doctor-assisted suicide is no longer considered a taboo subject in Canada.

An accounting software provider in Australia, ironically named Xero, became number 1 when it topped the country's list of most innovative companies. Xero headed the 2014 BRW Most Innovative Companies list which was compiled by Inventium, an innovation consultancy.

Australia spent nearly $550,000 when the Duke and Duchess of Cambridge visited.

The local market is taking last night's tumble in the US seriously with Australian shares falling to an eight-month low. The All Ordinaries Index (XAO) is down 1.7 per cent, erasing all of Thursday's gains.

Billionaire investor Carl Icahn sent a letter to Apple CEO Tim Cook and proposed another round of stock buybacks. He said the company's current stock valuation is cheap as the stock should be worth $203 per share with a valuation of $1.2 trillion.

Only the price of iron ore has plummeted to a five-year low, but demand for the key steelmaking ingredient is still high, said mining giant Rio Tinto (ASX: RIO). While the miner expects 125 million tonnes of expensive iron ore supply to leave the market in 2014, Rio anticipates demand for iron ore will remain high as China's steel production would reach about 1 billion tonnes by 2030.

Despite the slowdown in its red-hot economy, China's growth story continues, threatening to dethrone the US as the world's largest economy in 2014 in terms of one indicator. This is the purchasing power parity, said the International Monetary Fund (IMF).

In the US, new claims for unemployment insurance fell by 1,000 in the latest week to 287,000, below forecasts for a result near 294,000. Wholesale sales fell 0.7% in August (forecast +0.7%) while inventories rose by 0.3% (forecast 0.3% gain).

Japan could experience waves as high as 50 feet when category 5 super typhoon Vongfong arrives.

No equity slide is ever linear, nor is a market rally, and I see the development from the central bank communication this week as a chance to break the eight-week down trend in global markets.