Commodities-focused firms have reasons to worry as analysts were in agreement that China is headed this year to a soft landing, early on announcing to limit its growth by no more than 8.5 percent as expressed when the National People's Congress reconvened this month.
Boeing joined the chorus of opposition against the now controversial emission trading scheme of the European Union (EU) and called on Brussels to seriously reconsider the economic implications of its new regulation.
Qantas Airways has rejected a Senate proposal that would require the airline to first secure clearance with government regulators before it can implement fleet grounding like it did last year.
The $200 billion liquefied natural gas (LNG) fresh initiatives in Australia got another boost this week as Woodside Petroleum Ltd revealed the imminent shift to full production activity of its Pluto LNG processing facility in Western Australia.
The Australian economy saw its slowest growth pace in the last quarter of 2011, according to the latest Westpac-Melbourne Institute leading index of economic activity, which paved the way for a measly growth rate at the start of the current year.
Australia's mineral and energy exports will rise at a slower pace of 4.6% to $208.32 billion Australian in 2012-13, as demand for commodities slows in Asia and in China in particular.
Australian banks were aiming to preserve their profit margins when the decision was made to move up interest rates, breaking away from the cash rate set by the Reserve Bank of Australia (RBA) in recent months.
Emerging from the trading halt it sued for at the start of the week, David Jones laid out on Wednesday a new plan that hopefully would enable the country's second biggest department store to recover from the slumps it suffered lately.
LUNCHTIME REPORT
(12.40pm AEDT)The Australian share market is trading in the red at lunchtime in the East, following weakness in offshore markets. The US Dow Jones Index eased from four year highs overnight on news China has raised fuel prices for the second time in less than six weeks, raising concerns about overall economic growth. The Australian share market eased half a percent in early trade but has clawed back a little, and at 12.40pm AEDT is down 10.7pts or 0.2pct to 4354.9.
Global miners have agreed that economic slowdown set to be seen in China this year could temper demands for iron ore but insisted that their expansion goals will not be re-calibrated.
The Qantas Engineers Alliance has urged Qantas Airways on Monday to ensure that aircraft maintenance works will stay in Australia amidst plans by the company to consolidate its three engineering sites located in Avalon, Brisbane and Victoria.
New York gold finished with a tiny gain in after hours trading after losing ground in the normal trading session on Friday night, our time.
LUNCHTIME REPORT
(12.20pm AEDT)It has been a subdued start to the trading day, following a lacklustre offshore lead. European shares slipped from eight month highs overnight while US shares only recorded modest gains. At lunchtime in the East, the All Ordinaries Index (XAO) is down 6.4pts or 0.1pct to 4374.8.
The Australian economy is in generally healthy state, said Reserve Bank of Australia (RBA) governor Glenn Stevens downplaying some indicators that worry some investors.
A quick preview of the key economic events for the upcoming week.
The Macquarie group had its second credit downgrade in four days. The first was by Fitch on Tuesday and the second by Moody's Investors Service on Friday. Moody's cut Macquarie's credit rating by one notch to A3 from A2.
Jobs in Australia's retail sector appear to be in a worse situation compared to the banking sector. While a report in January warned of the loss of 7,500 banking jobs over the next two years, another study forecasts 118,000 retail jobs could be axed in the next three years across the country.
Fortescue Metals Group (ASX: FMG) announced on Thursday that it doubled its bond offerings to $2 billion from $1 billion. The amount raised will be used to pay for expansion plans.
Between February and March this year, petrol costs have risen by 3%, causing a downward drift in the Westpac-Melbourne Institute consumer sentiment index. This has many economists worrying, as the fear of recession looms and unemployment figures do not look too uplifting either.
The housing market retreated again in the first month of 2012 following its strong showing in December though economists have been upbeat that the rest of the year would witness some form of recovery as investors' confidence regain enough traction.
Australian stocks are once again posting solid gains, on the back of positive gains in the US and Europe overnight. Retail sales in the US came in higher than expected overnight boosting investor sentiment, while encouraging comments from the US Federal Reserve about moderate expansion in the American economy also helped. Results of the US Bank Stress tests were also revealed overnight, with only four of the 19 banks tested failing, although one of them was Citi. The overall banking sector rose ...
It's been a rough start to the day. It took us a record amount of time to get to Sydney Airport this morning. The rain was torrential. Roads were cut off. As a result, Sydney's already clogged main arteries got worse as the morning wore on.
Last Friday's strong jobs report for February and the revisions to December and January (producing nearly 290,000 new jobs in total) will mean the US Federal Reserve sits on its hands for another six weeks at least.
Business conditions improved a little in February, according to the latest monthly survey from the National Australia Bank, while business confidence fell.
The new ATM withdrawal fee is now $2.50 from $2, comparison Web site Mozo said, which would boost the income of ATM operators by $600 million.
Out of the $60 billion annual cost of workplace injuries across Australia, about half are due to overwork and stress.
China looks to Australia not only as a major source of its commodities needs but also as a key destination for thousands of Chinese tourists increasingly gravitating towards Australian cities as preferred leisure sites.
The local share market is posting solid gains in early trade, despite a subdued night on global share markets after China posted its largest trade deficit in more than two decades. At lunchtime in the East, the All Ordinaries Index (XAO) is up 40.8pts or 1pct to 4329.
China had its biggest monthly trade deficit 22 years in February: a massive $US31.5 billion as imports soared.
Fitch downgraded on Tuesday the credit rating of the Macquarie Group by two notches to A- from A. The cut was part of the rating agency's review of the largest financial institutions in the world.
