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It was another interesting session on the Australian share market, as investors reacted to fresh sovereign debt worries out of Europe and a surprise rise in the local unemployment rate. The All Ordinaries Index (XAO) fell 1.5pct on open, outperforming near 5pct losses witnessed on Wall Street overnight.

Supermarket chain Woolworths is taking grocery shopping to another level by launching an iPhone App that aims to make it easier to navigate through Woolies with an aisle ordered shopping list.

Australians campaigning for animal rights will rally across the country on Sunday, August 14, in support of legislation that will determine the future of the live export trade. This comes after the first shipment of cattle since the lifting of the live export ban to Indonesia left the Port of Darwin on Wednesday and the government announcing a new package of subsidised loans and grants to cattle producers affected by the suspension of trade.

Australia's economy generated more part-time jobs in the month of July rising 22,100 to 3.40 million, emphasizing the state of local firms that are not woven within the industries of the mining sector.

MARKET CLOSE (4.30pm AEST)Well after the strangest of days for the Australian market yesterday, shares locally improved strongly for the second consecutive day. The ASX 200 index (XJO) rose 2.6 pct or 106.5 pts to 4141.3 while the broader All Ordinaries index (XAO) jumped 2.7 pct or 110.7 pts to 4207.4. This takes the gains for the week to just under 1 pct so far.

MIDDAY REPORT (12.30pm AEST)The Australian sharemarket is gaining for the second straight day, with the All Ordinaries index up 2.9 pct or 117.1 pts to 4213.8. Almost all sectors are higher with the exception of the property trusts, which are slightly lower at lunch.

MARKET CLOSE (4.30pm AEST)The Australian sharemarket had a dramatic trading Tuesday as stocks staged an amazing comeback with the ASX 200 index (XJO) up 1.2 pct or 48.7 pts to 4034.8 while the broader All Ordinaries index (XAO) rose 1 pct or 40 pts to 4096.7.

MIDDAY REPORT (12.30pm AEST)The Australian sharemarket is currently trading at its lowest level since July 2009, with the All Ordinaries index (XAO) down 4.5 pct or 181.4 pts to 3875.3. The major U.S and European markets tumbled significantly overnight, leaving us with a negative lead too difficult to shrug off.

The Australian Bankers' Association (ABA) has criticized the planned initiative by the Greens Party to put a cap on ATM fees that can be charged by banks, which may result to pass on fees to customers if pursued by Parliament.

The National Australia Bank was able to deliver earnings in the June quarter as local and affiliate banks from offshore locations have contributed to business growth in spite the difficult conditions.

AFTERNOON REPORT (5.20pm AEST)Stocks around the Asian region fell further into the red today as investors reacted to the decision by ratings agency Standard and Poor's to downgrade the long-term credit rating of the United States from AAA to AA+. Investors and traders remained on edge despite the Group of Seven industrial nations pledging a coordinated effort to ensure financial markets have enough liquidity.

AFTERNOON REPORT- CLOSING (4.30pm AEST)The Australian share market fell to a two year low today, as global markets were heavily sold off on fears of a renewed global economic slowdown. US markets posted their biggest one day decline in two and a half years overnight while the local market had its worst one day fall since January 2009. The All Ordinaries Index (XAO) shed 183.2pts or 4.2pct to 4169.7. The All Ords closed at a level of 4097 on the 24th July 2009.

AFTERNOON REPORT (12pm AEST)The Australian share market has fallen to its lowest level since July 2009 in early trade. Overnight European share markets slumped to 11 month lows on continued worries about European sovereign debt, while US stocks recorded their biggest one day decline in two and a half years. At lunchtime in the East, the All Ordinaries Index (XAO) is down 187.8pts or 4.3pct to 4165.1.

AFTERNOON REPORT (4.30pm AEST)The local share market came under more selling pressure today, falling to 13 month lows as investors fretted over the health of the global economy and as a fall in tourism arrivals showed our strong dollar is continuing to have a negative impact on parts of our economy. Key US jobs data due out tomorrow night also kept many out of the market, with institutional buyers not willing to commit until it's clear how many jobs the world's biggest economy added i...

Australia has earned the new title "Next Golden State" for all the right reasons. However, is the mining sector boom benefiting all or just a few?

Australia's services sectors offering accommodation, cafes & restaurants, transport & storage, property & business and personal & recreational service have recorded gains in July, according to the latest services index survey from the Australia Industry Group in collaboration with the Commonwealth Bank.

One of Norway's largest retailers, Coop Norway announced last week that they will pull 51 games and toy brands from their stores after the Oslo and Utoya shootings killed 77 people in a government building and a youth camp.

Dairy Farmers are worried changes in Woolworths’ milk supply arrangements will negatively affect farmgate prices. Parmalat recently won the contract to supply Woolworths’ house brand milk products in NSW. This contract was previously held by Lion (formerly National Foods), which sourced around 100 million litres of milk from Dairy Farmers Milk Co-operative (DFMC) members in NSW to supply Woolworths.

US StocksU.S. stocks fell Friday and posted the biggest weekly decline in a year, as a blur of debt-ceiling developments left the market uncertain over the course of Washington's deadlocked negotiations. The Dow Jones Industrial Average closed down 96.87 points, or 0.79%, at 12143.24, in a volatile session that extended the index's losing streak to six straight sessions. All but two of the 30 Dow components finished in the red.

MORNING REPORT (7am AEST)The US economy grew at a 1.3pct annual pace in the June quarter, weaker than forecasts centred on a gain of 1.8pct. In addition March quarter GDP growth was revised down from 1.9pct to 0.4pct.

Nintendo, which released the 3DS only in February, will lower the 3DS to $169.99 starting Aug. 12, down 32 percent from $249.99.

E-Bay Australia will start charging its users double on some auction listings to push sellers away from second-hand auctions to list new items.

MIDDAY REPORT (11.45am AEST)The local share market is slightly weaker at lunchtime in the East, as the stalemate over the US debt crisis continues. A vote on the Republican plan to raise the US debt ceiling in the House of Representatives has been delayed. The All Ordinaries Index (XAO) is down 7.6pts or 0.2pct to 4531.6.

AFTERNOON REPORT (4.30pm AEST)Ongoing concerns about the US debt crisis saw markets around the Asian region heavily sold off again today. Investors remain concerned that even if US lawmakers come to an agreement over the raising of the debt ceiling, the US could still have its AAA credit rating downgraded. Japan's Nikkei index eased by 1.6pct today while the All Ordinaries Index (XAO) fell 73.4pts or 1.6pct to 4539.2 while the S&P/ASX 200 Index (XJO) eased by 73.6pts or 1.6pct to 4463.8....

MIDDAY REPORT (12.15pm AEST)Local stocks are under heavy selling pressure in early trade, following another slump in US equities overnight and falls on the commodities markets. Wall Street recorded its biggest one day fall in nearly two months as the stalemate over raising the US debt ceiling continues. At lunchtime in the East, the All Ordinaries Index (XAO) is down 50.6pts or 1.1pct to 4562.

Australian retail-to-coal conglomerate Wesfarmers today posted $11.7 billion sales across its retail chains, a 5.8 percent increase in the fourth quarter from a year earlier.

Owners and managers in Australia are warned of cyber security risks and are advised to take the necessary measure to protect their businesses from hacking.

AFTERNOON REPORT (4.30pm AEST)Higher than expected inflation data, coupled with the ongoing stalemate over the US debt crisis, saw local stocks lose ground today. White House officials are still confident a deal to raise the US government´s borrowing power will be agreed upon before the August 2nd deadline, however the worry now is that the US could still have its AAA credit rating downgraded.

Industry groups in Australia have expressed concern as the value of the local currency surges pass the usual parity against the U.S. dollar. Is the rising Australian dollar a blessing or a curse to the domestic economy?