US-based global aluminium producer Alcoa Inc revealed on Friday that it saw dipping net income in the third quarter of the current year as volatile foreign exchange and strong energy costs were cited by the company as main contributor to its 21 percent profit slide.
On the Sydney Futures Exchange this morning, the share price index futures contract was 17 points down at 4684 points. Trading is expected to be cautious before the release of the U.S. non-farm payrolls report later today.
The Australian stock market has closed flat after an up and down Thursday where a rally in response to unexpectedly strong jobs data petered out in afternoon trade.
The local share market managed a slight gain today, as strong employment data pushed the Aussie dollar to a 27 month high. The All Ordinaries Index (XAO) gained 8.2pts or 0.2pct to 4746.2 while the S&P/ASX 200 Index (XJO) added 4.5pts or 0.1pct to 4691.3.
The strong performance of the Australian dollar will continue and even inched higher than the US dollar in the next few days if the global economic data due tonight sets a good pace.
The Rio Tinto (ASX: RIO) Board of Directors have not made any final decisions whether to pursue or not their planned iron ore venture with BHP Billiton (ASX: BHP) in Western Australia seen to earn and save the companies billions of dollars.
The Australian stockmarket was slightly higher at Thursday noon, after a strong employment figures from the Australia Bureau of Statistics overshot expectations, boosting banks and retailers.
On the Sydney Futures Exchange this morning, the share price index futures contract was 12.7 points down at 4674.1 points. The All Ordinaries was off 11.3 points at 4726.7 points.
The AUD continued its relentless push higher overnight, with the next major level of resistance of USD0.9850 now firmly in its sights.
Stocks seesawed between small gains and losses Wednesday as investors awaited further signals on the labor market that could force the Federal Reserve to act more decisively to prop up the economy.
US private sector payrolls fell by 39,000 in September - against expectations for a rise of 24,000.
The Australian Dollar took a break yesterday, moving in a very quiet 30 pip range against the USD after recent volatile trade.
Australian stocks touched a one week high on Wednesday, with the mining and financial sector leading the broader market.
Local stocks soared today, as investor sentiment was boosted by a strong offshore lead and positive momentum in the Asian region.
Australian stocks rallied 1.7 percent on Wednesday, the biggest gain in five weeks, joining offshore markets in bets that central banks will turn on the cash spigots to boost flagging economic growth worldwide.
Construction giant Leighton Holdings Ltd (ASX: LEI) said on Wednesday that its Asian subsidiary would be taking part in a joint venture that is set to develop Hong Kong’s new $660 million sewerage sludge treatment facility.
The blockbuster $120 billion merger deal between BHP Billiton Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) to fuse their Pilbara iron ore operations in Western Australia could be fizzling out even before its actual realisation as Fairfax dailies carried stories of a crumbling agreement between the two giant resource firms.
U.S. stocks rallied to a five month high Tuesday, boosted by encouraging services sector data and hopes that global central banks will follow Japan's lead in stimulating economic growth.
The US ISM services index rose from 51.5 to 53.2 in September.
The recent rally of the Australian Dollar took a major hit yesterday as the RBA announced its decision to keep interest rates on hold at 4.5%.
What a rollercoaster ride the past 24hrs have been for currency markets, starting yesterday with the RBA leaving the official cash rate unchanged at 4.50%.
Wall Street saw record gains overnight, its highest climb in the past five months, spurring a new round of weaker opening for Australian bonds on Wednesday as analysts said that safe-haven assets like bonds almost naturally go on a spiral down direction when equities gallop on their way up.
On the Sydney Futures Exchange this morning, the share price index futures contract was 63 points higher at 4691 points.
The Australian currency continued to fall against the greenback after the Reserve Bank of Australia (RBA) decided to leave its cash rate steady at 4.5 per cent at its Oct 5 board meeting.
The Australian stock market hardly reacted to the Reserve Bank of Australia's surprise move to keep interest rates on hold for the fifth straight month, and are still trading lower, after US and European equities ended weaker.
Australia's biggest wheat producer down AWB Limited (ASX: AWB) is now very close to be acquired by Canadian firm Agrium Inc. ((TSX and NYSE: AGU) as the Foreign Investment Review Board (FIRB) gave its nod to the deal.
The Australian dollar plunged more than one US cent after the Reserve Bank of Australia (RBA) surprised markets by leaving the cash rate on hold.
The Australian stock market staged a late-session recovery on Tuesday to finish 0.4 per cent lower as the Reserve Bank of Australia's unexpected move to hold official rates steady helped shares move out of their hole.
The outlook for Australian corporate bonds over the next few years could be promising as global rating agency Standards & Poor’s said on Tuesday that bond growths would be experienced soon as the sector sets out to ramp up its presence in the financial market.
Australia posted another trade surplus in August, which would be on its fifth consecutive month on the back of higher exports of coal and lower imports of industrial machines and aircraft.
