By Greg PeelRetail sales fell by 0.1% in June to be up 1.4% annually on a nominal basis. On a trend basis, sales are up 0.
The Australian Dollar has opened trading around the 1.0750 level after trading lower in the overnight session.
Blue-chip stocks reversed a steep morning drop to snap an eight-day losing streak. In a volatile session, the Dow Jones Industrial Average squeezed out a gain of 29.82 points, or 0.25%, to finish at 11896.44.
The US ADP survey of private payrolls showed that employers added 114,000 jobs in July, above forecasts for a 100,000 gain. The ISM services index eased from 53.3 to 52.7 in July, below expectations for a result near 53.6.
Come and say 'Hello' to Your Editor in the weeks aheadFNArena Editor Rudi Filapek-Vandyck will be presenting at the upcoming Trading and Investing Expo in Sydney, and you are all invited to attend and say 'Hello' and have a chat after scheduled presentations on Friday and Saturda...
- Australian house prices are among the most unaffordable in the world- the problem is nation-wide and not restricted to cities- AMP sees little relief in sightBy Greg PeelThe rule of thumb is that house prices cross over into "unaffordable" territory when the median house price exceeds five times t...
So there's an agreement on the US debt ceiling and spending cuts? Well, yes, but not until the Senate and the US House of Representatives approves it.
Yesterday outdoor adventure wear retailer Kathmandu Holdings again confirmed that it was doing much better than the rest of the sector with another solid trading update.
Building approvals slumped in June, the June quarter and the year to June while house prices for the year to June and the June quarter were also lower.
The US Senate has passed the bill to cut spending and raise the debt ceiling. President Obama has signed the debt bill into law.
Interest rates are now on hold for at least another quarter, pushing the most logical date for a Reserve Bank decision back to the Melbourne Cup meeting on the first Tuesday in November.
By Greg PeelThe Dow fell 265 points or 2.2% while the S&P lost 2.4% to and the Nasdaq dropped 2.8%.In June, personal incomes in the US rose by 0.
By Greg PeelAt first glance the RBA's August monetary policy statement appears very similar to July's until one looks a little closer.
By Greg PeelLast week saw seven transactions completed in the spot uranium market, notes industry consultant TradeTech, totalling 700,000lbs.
The prohibition of marijuana in the US has led to an "underground" cannabis industry in Mexico run primarily by violent gangster cartels like the ones wreaking havoc at the southern borders of Texas, Arizona, and California.
The pea and thimble trick in Washington to resolve the debt ceiling problem, or the two surveys of Chinese manufacturing that clearly confirm the most important economy for Australia isn't tanking?
So there's an agreement on the US debt ceiling and spending cuts?
The US ISM manufacturing index slumped to a 2-year low of 50.9 in July, down from 55.3 in June. All major components of the index were weaker expect exports. But US construction spending hit a six month high in June, rising 0.2pct.
U.S. stocks fell but finished above session lows, as weak manufacturing data and worries of potential downgrades to the U.S. credit rating overpowered investor relief over the weekend's debt-ceiling deal.
By Greg PeelThe Dow closed down 10 points or 0.1% while the S&P lost 0.4% to 1287 and the Nasdaq dropped 0.
(This story was originally published on Wednesday, July 27, 2011. It has now been re-published to make it available to non-paying members at FNArena and to readers elsewhere).
The dramas on raising the US debt ceiling continue to dominate the financial news but the poorer than expected USD GDP for Q2 released on Friday does not bode well for the immediate prospects of the US economy.
A report released this month in the US has found that retailers are not adequately responding to the rising trend of consumers using mobile phone technology while shopping in supermarkets and other retail stores.
The US debt debacle, central bank meetings in Australia, Japan, Europe and the UK, manufacturing surveys in all major economies starting later today with China and more corporate profits in Australia, the US, Europe and Asia.
If it's resolved, expect a sympathy rally that sees markets rally strongly in relief, but the rebound will peter out when investors realise that it's only a reprieve, not a solution for the most pressing problem, the lack of growth in the US economy.
Where Are The Politicians When You Need Them?The outlook for the Australian share market is bleak and politicians are to blame.
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.
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.
By Greg PeelThe economists at ANZ now expect the RBA will raise the cash rate from 4.75% to 5.00% next Tuesday.
