MARKETS

Glencore International Plc's debut in Hong Kong has been graded the world's biggest initial public offering this year that could lure other investors from its competitors with its size and market value, analysts said.

By Greg PeelAustralia's March quarter capital expenditure growth came in stronger than expected at 3.4%, above a consensus estimate of 2.

Grain exporter and bulk handler GrainCorp today posted its 2011 half‐year net profit after tax of $88 million, up $35 million or 66 per cent from the prior year.

The Aussie dollar bounced back overnight after producing a false break below the bullish wedge pattern we have discussed over the last couple of days. The market would see this false break as a bullish sign and the Aussie is now expected to move back to the top of the pattern. The 1.0700/20 level provides important resistance.

By Matthew Carr, Investment U Research Analyst Tuesday, May 24, 2011We’re all well aware by now that the world is facing a copper supply deficit.

It's well known that Greece is in trouble. Over the past several months, analysts and experts have been cautioning markets that Greece's fiscal problems are too overwhelming, to the point that debt restructuring is inevitable. Recently, officials from Greece and finance ministers from the Eurozone met to discuss their options and (finance ministers, at least) came to the same conclusion.

By Greg PeelThe Dow closed up 35 or 0.3% while the S&P gained 0.3% to 1320 and the Nasdaq added 0.6%.Wall Street was again in tune with the euro last night as the Dow opened down 40 points but then began to rally.

U.S. stocks snapped a three session losing skid, as investors rode a boost in commodities prices to snap up shares of energy, materials and industrial companies.

The Australian Dollar found some much needed support yesterday following on from an indifferent start to the week.

Australian stocks have closed lower for the fourth straight session as offshore worries prompted broad based selling on the local bourse. The benchmark S&P/ASX200 index was down 46.7 points, or 0.95 per cent, at 4,584.7 points, while the broader All Ordinaries index had fallen 46.7 points, or 0.99 per cent, to 4,661.6 points.

The US Federal Housing Finance Agency reported that home prices fell by 0.3pct in March to be down 5.8pct on a year ago. And US durable goods orders fell by 3.6pct in April after a 4.4pct lift in March. Economists had tipped a fall of 2.2pct.

U.S. stocks registered a third-straight day of losses after a mixed round of housing and manufacturing data combined with worries about Europe's debt-laden countries to weigh on investor sentiment. The Dow Jones Industrial Average finished down 25.05 points, or 0.20%, to 12356.21, its lowest close since April 19. General Electric led the blue-chip index lower, dropping 29 cents, or 1.5%, to $19.10, while American Express fell 56 cents, or 1.1% to 50.56.

The Australian sharemarket hit its lowest level since mid-March today; with the ASX 200 index (XJO) falling 1 pct or 44.1 pts to 4584.7 and the broader All Ordinaries index (XAO) dropping 1 pct or 46.7 pts to 4661.6. Aussie shares have now fallen for the fourth consecutive session.

The Australian sharemarket is pulling back once again, with the All Ordinaries index (XAO) down 0.7 pct or 30.8 pts to 4677.5. Almost all sectors are weaker now than they were at this time yesterday and the financials are the worst performers at lunch.

S&P will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices. Alpha Natural Resources Inc. (NYSE: ANR) will replace Massey Energy Corp. (NYSE: MEE) in the S&P 500 index after the close of trading on Wednesday, June 1. Alpha Natural Resources is acquiring Massey Energy in a deal expected to be completed on or about that date pending final approvals.

Advent Software, Inc., a leading provider of software and services for the global investment management industry, today unveiled a major new release of Geneva, Advent's award-winning global portfolio management and fund accounting solution.

Risk appetite continued to wane during the week ending May 18 as investors digested a fresh round of lukewarm-to-cold macroeconomic data, fresh speculation that Greek debt will be restructured and the fact that the official end to the US Federal Reserve's QE2 program is now less than eight weeks away.

The aftermath of the big wet in the central Queensland coal fields has again forced Wesfarmers to take the knife to its sales forecast for its rich Curragh coking coal mine.

Goldman Sachs now sees Chinese economic growth of 9.2% this year (10% previously) and 9.2% from 9.5% for 2012.

As expected Brisbane-based testing services group Campbell Brothers Ltd has produced a cracker of a full year result, and a very tasty final dividend.

Capital is continuing to move into emerging market bond funds, reducing the cost of borrowing for developing countries and reducing the significance of the Western financial system.

DotconBy Tim Price, Director of Investment PFP Wealth Management“We've all heard that a million monkeys banging on a million typewriters will eventually produce the entire works of Shakespeare.

The last week saw sharp declines in commodity prices and equity markets, with oil taking a big hit as Eurozone worries rose to the fore. After the drop in oil prices, which many analysts point out was merely correcting the speculative rise in prices, oil is once again trending upward.

The Australian Dollar is trading around the USD1.0550 level this morning after a relatively quiet night.

By Greg PeelThe Dow closed down 25 points or 0.2% while the S&P lost one point to 1316 and the Nasdaq fell 0.

The Australian share market closed slightly lower on Tuesday but bounced back from earlier lows caused by concerns about European sovereign debt.

Australia’s forest industry showed mixed signals in the 2009-10 financial year with softwood log harvest up, housing starts increasing, broadleaved plantation harvest remaining constant, and a further decline in broadleaved native log harvest and woodchips exports.

The Australian sharemarket is pulling back for the second time this week, with the All Ordinaries index (XAO) down 0.9 pct or 40.9 pts to 4682.

The Aussie fell sharply last night but found support at 1.0480/500 in what now appears to be a bullish wedge formation. While taking long positions is against the short-term trend, traders expect to see a small counter-trend rally in the near term. Traders will be looking to promptly take profits on any long positions, while a break of 1.0480 will be very bearish.