MARKETS

The Australian share market has rebounded from yesterday's sell-off, thanks to a positive lead from Wall Street and generally firmer commodity prices.

U.S. stocks climbed Monday, boosted by earnings from Citigroup and a measure of home builder confidence that topped expectations. The Dow Jones Industrial Average rose 71 points, or 0.6%, to 11134.

US industrial production fell by 0.2pct in September after rising by 0.2pct in August. Analysts had tipped a 0.2pct gain.

Australian copper and gold mining firm OZ Minerals Ltd. said annual gold production will exceed earlier forecast by 10 percent based on third-quarter output rose to 51,451 ounces as of end-September.

The Australian Dollar slid to 0.9800 against the US Dollar as investors continued to buy back the Greenback in a wave of profit taking.

The AUD has opened this morning higher after weak sentiment towards the USD continued overnight; currently just trading around USD0.9900.

Overnight, US markets posted convincing gains on the back of better-than-expected earnings from Citigroup and a subsiding of fears over a foreclosure crisis, with financial stocks leading the market higher.

The Australian share market closed weaker on Monday, dragged lower by banks and miners, as investors remain cautious about the US economic outlook.

Local stocks closed in the red today, weighed down by concerns about foreclosures for US financial companies and the scrapping of a major joint venture by Australia's two largest listed mining companies.

The market failed to find any inspiration today. A mixed lead from Wall Street and softer commodities markets saw investors retreat at the open. The market made a second dip around 1pm AEDT - coinciding with a fall in the Dow futures and a weaker Hang Seng.

Reacting to the acquisition bid tossed on its German parent company, Hochtief AG, Leighton Holdings Ltd (ASX: LEI) moved on Monday to protect its minority shareholders as the construction firm requested the Australian regulator to intervene on the buyout transaction.

Popular social networking site Facebook recently imposed charges of up to $US2500 on company employees for divesting their private stock in an apparent attempt to capitalise on the burgeoning market that trains the attention of investors on similar start-up companies such as Twitter and LinkedIn.

The speculations circulating as early as last week proved true as giant mining firms Rio Tinto Ltd and BHP Billiton Ltd finally admitted on Monday that the planned merger of their Western Australian iron ore operations has been ditched, with the proposal being shot down by foreign regulators.

History was made late Friday night in our Financial Markets when the Australian Dollar traded ever so briefly and in very thin conditions, above Parity with the US Dollar, for the first time since the currency was floated in December 1983.

A rally across technology companies following strong earnings from Google led the Standard & Poor's 500 index higher Friday.

US retail sales rose by 0.6pct in September, exceeding forecasts for a gain of 0.4pct.

The Australian Dollar hit parity for the first time since it was floated in 1983 following the US Federal Reserve announcing the commencement of its second round of quantitative easing will start in November.

The Australia Post plans to take advantage of the digital mailing craze and in 2011 targets to open an online retail store.

The Australian share market closed lower on Friday on profit-taking following Thursday's rally.

The Australian Dollar traded to another new high overnight of USD0.9990 before falling victim to some profit taking, with the currency pair back to around USD0.9900 this morning.

Following years and billions of development investments, the new Ford Ranger makes its debut on Friday in a Sydney motor show that Ford Australia said has captured the attention of journalists, dealers and executives alike from across the Asia-Pacific.

US producer prices rose by 0.4pct in September, above expectations for a 0.2pct gain.

The Aussie came within a whisker of parity during overnight trade hitting a high of 0.9993, its highest level against the US Dollar since the currency floated in 1983.

US producer prices rose by 0.4pct in September, above expectations for a 0.2pct gain. But the core rate rose just 0.1pct, in line with expectations.

U.S. stocks dropped Thursday, dragged lower by financial shares as investors' concerns ramped higher regarding banks' foreclosure practices.

The Australian share market closed higher on Thursday as demand for resources and banks lifted the local bourse, while the local currency approached parity with the US dollar.

Local stocks rallied today, buoyed by strength in the Asian region and the Australian dollar.

Global mining giant Rio Tinto Ltd (ASX: RIO) heralded a breakthrough September quarter for its mining operations as the company revealed on Thursday that its resources sites delivered record yields of iron ore, alumina and coking coal in the three months leading to September 30.

Their 69-days of being trapped in a mining shaft sandwiched by tonnes of rocks and sand 2000 feet below, ended on a triumphant rescue operation on Thursday as all 33 miners ascended one by one riding through an escape capsule.