MARKETS

U.S. stocks sank Friday, ending a lackluster week as investors already on edge about global growth prospects became concerned that China could take steps to brake its economy's expansion

The University of Michigan preliminary reading on US consumer sentiment rose from 67.7 to 69.3 in November - marking the highest reading since June.

Local stocks moved backwards in afternoon trade, as futures markets suggested a negative night on Wall Street due to investor jitters over the outcome of the G20 summit.

Mining stocks are helping to lift the Australian share market, which is trading flat at lunchtime in the East following a negative start in the wake of a weak lead from Wall Street.

Fairfax Media intends to cash it on its popular news websites The Age and The Sydney Morning Herald to further propel revenues in the near term.

Australia's mining giant BHP Billiton is seen targeting oil and gas producer Woodside Petroleum Ltd. to make up for its failed bid for Canada's Potash Corp., a report by Morgan Stanley said.

U.S. stocks declined Thursday, led by the technology sector, after a dismal outlook from Cisco Systems prompted a broad market selloff.

The group of G20 nations may agree on steps to introduce quantitative targets for macroeconomic policy targets according to Russian Finance Minster Alexei Kurdin. Targets are expected to help transition to more flexible global exchange rates.

Australian stocks made a recovery today as robust Chinese economic data spurred investor sentiment around the region.

XStrata Plc was able to secure a controlling stake equivalent to 51.12 percent in Sphere Minerals, while remaining rival China-backed Sin-Tang continues to tighten its grip in its shares in the company top up its holding.

Australian mining firms Brockman Resources Ltd. and Ferraus Ltd. have been offered A$929 million by Hong Kong firm Wah Nam International Holdings Ltd. to increase its shareholdings in the company.

Australian stocks are showing signs of a rebound today, with energy players leading the way after the price of crude oil hit a fresh two year high in New York overnight.

Employers in Australia employers hired new workers in October. This would be the eighth month that more companies hired additional people to boost their work force.

U.S. stocks erased their morning losses Wednesday, moving tepidly into positive territory in afternoon trading, though global concerns continued to weigh on sentiment ahead of a meeting of world leaders.

New claims for unemployment insurance in the US fell by 24,000 to 435,000 in the latest week - below expectations of 450,000. The four-week average of claims is at 26-month lows.

Australian stocks were sold off heavily in afternoon trade, as news out of China pulled down many markets around the region.

Bega Cheese has bought a $22 million or equivalent to 15 percent stake in the Victorian dairy company Warrnambool Cheese and Butter (WCB).

Australia's biggest wheat producer AWB Limited (ASX: AWB) has posted a net loss of more than $55 million for fiscal year 2010 as the drought affected the quality of the grains produced and the nearing merger with the Canadian firm Agrium Ltd (TSX and NYSE: AGU).

The Australian Dollar is slightly lower this morning, trading just above parity against the US Dollar as we head towards the G20 leader's summit in Seoul this week.

U.S. stocks declined slightly Tuesday while commodities rallied as inflation fears increased as investors continued to digest the Federal Reserve's stimulus plans.

Volatility continues across currency markets and the Aussie is caught up in the maelstrom with a US2-cent range over the last 24 hours and a low just beneath parity.

US wholesale inventories rose by 1.5pct in September ahead of expectations for a 0.7pct rise.

The Australian sharemarket has pulled back for the second day this week with the energy sector by far the market's biggest drag.

Australian stocks are giving back a little today, after profit takers moved in on Wall Street overnight, sending the Dow Jones Index off two year highs.

The AUD has opened relatively unchanged this morning after a fairly non-eventful night.

U.S. stocks slipped Monday as returning concerns over European sovereign debt added to worries about the effects of the Federal Reserve's recent actions.

A brief US Dollar rally saw the Aussie lose ground during onshore trade yesterday with a minor increase in October Job Advertisements failing to provide any support.

Russia has echoed China's comments ahead of the G20 summit, saying the US should consult other countries before pumping cash into its economy.

The Australian sharemarket mirrored the U.S markets today after finishing relatively unchanged for the first day of the week. The All Ordinaries Index (XAO) closed down by 0.4pct or 17.6pts to 4855.3.