Local shares slumped by 0.9 per cent today, comfortably wiping out the previous two sessions of gains. The falls were partly due to the Organisation for Economic Cooperation and Development (OECD) cutting growth forecasts for the global economy overnight.
Australian stocks have hit a 5 week low in early trade following weakness on Wall Street overnight and a cut to global growth forecasts from the OECD.
By Alexander Green, Investment U Chief Investment StrategistNo one likes to hear an investment analyst say, "I told you so.
By Jonathan BarrattGlobal Markets ? Japan comes back into focus?"When in May stay away" is the normal catch-cry for traders this time of the year, although so far you would wonder given record highs in the US equity markets.
By Greg PeelThe Dow closed down 106 points, or 0.7%, while the S&P lost 0.7% to 1648 and the Nasdaq fell 0.
The Australian share market closed modestly higher on Wednesday, as gains from mining players offset weakness in the financial sector.
The Australian sharemarket was up by 0.25 per cent in early trade, making it two straight days of gains. The improvement was short lived however, with stocks down a few points at lunch. The ASX200 Index has remained below 5000.0pts since late last week.
The annihilation of UK High Streets nears, according to the newest report. According to estimates, one in five stores in the UK would close by 2018, leaving more than 300,000 jobless. This alarming tendency, which has been already observed on High Streets, is driven by not only harsh economic conditions but also the growing popularity of online shopping.
Chevron Corp., the US's second largest oil company, stays rather optimistic on its LNG projects located in Australia as the Gorgon LNG development is in 60 percent finished.
By Greg PeelThe sharp sell-off in Australian and other global equity markets in the past few days has highlighted the vulnerability of equities, notes Citi, to a tapering off of liquidity being provided by the Fed.
New 17-months lows of USD 0.9570, AUD breaks stop and drops below 0.9600 within minutes this morning.
Looking at the graph of the ASX 200 from the last two weeks, the term 'don't catch a falling knife' certainly springs to mind.
In US economic news the S&P Case/Shiller home price 20-index posted a 1.1pct gain in March taking annual growth up to 10.9pct, back at a double-digit pace for the first time since 2006.
Australia registered a $367 million trade surplus in the first quarter of 2013, indicating that the country is entering the third phase of the resources boom. The figure means exports are shifting to mining exports from mining investments as imports of construction machinery dipped 44 per cent.
By Greg PeelThe Dow closed up 106 points, or 0.7%, while the S&P gained 0.6% to 1660 and the Nasdaq added 0.
Investors have pushed the market slightly higher for the first time in six sessions, with the All Ordinaries Index (XAO) up by a modest 0.2 per cent or 12 pts to 4950.6.The moves have been indecisive so far this week, with the closure of US and UK markets due to holidays overnight.
China saw its industrial profit climb in April as the energy and automotive sectors visibly accelerated. Yet the Chinese officials pour cold water on hopes that the economy will recover at the faster pace.
The Australian share market is making gains in early trade, following five sessions of losses and a lacklustre offshore lead.
Green investments are gaining traction in the business world. Find out more about green investments and learn about the 4 factors you need to consider before investing.
By Peter Switzer, Switzer Super ReportNewspapers can't help themselves ? they're running a scare campaign using headlines like "markets in turmoil".
Woodside Petroleum is set to announce that it will pursue a floating liquefied natural gas (LNG) plant for its Browse project. By selecting that option, Woodside and its partners, Shell and BHP Billiton, are abandoning initial plans to construct an offshore plant at James Price Point which would have cost the company at least $50 billion.
By Andrew NelsonLast week was a slightly busier one in terms of the deals concluded and the amount of stock shipped on the global spot uranium market.
By Greg PeelThe Australian market opened yesterday the same way it had closed last week ? weak. The foreign exit continued in the morning and provided for another 1% fall before the market finally rediscovered some buying interest, ensuring a less dramatic 0.
By Greg PeelThe Australian market opened yesterday the same way it had closed last week ? weak. The foreign exit continued in the morning and provided for another 1% fall before the market finally rediscovered some buying interest, ensuring a less dramatic 0.
Investors are having second thoughts about parking their funds in Australia's gas sector because of the escalating cost of doing business in the country. At risk are $100 billion worth of investments.
The new week has started the same way the last one finished, with sellers on the front foot. The debate about the US Federal Reserve exiting its quantitative easing program continues to dominate the bigger picture. At a local level the earnings picture is creating concerns with profit downgrades figuring prominently in recent weeks.
The Australian government plans to increase its food exports by $13.5 billion or by boosting the value of agriculture and food-related product by 45 per cent. The aim is to help feed China's non-stop booming population.
Apparently, signs of the China's economic recovery are weakening as the latest flash manufacturing PMI showed that factory activity slumped significantly in May. Data released by HSBC Holdings Plc indicated that the economic growth of the world's second economy was visibly slackening in the second quarter of the year. It seems that bad days are gathering over China's manufacturing.
Yesterday we wondered whether Federal Reserve Chairman Ben Bernanke, in his speech to Congress, would come out in support of his colleagues (and the banks) or whether he'd speak with one eye on his legacy. Turns out he's managed to do both!
Despite a slight rise on the open, local shares are falling by 1.3 per cent, taking the losses for the week so far to more than 3.5 per cent. If markets continue in this direction for the rest of the session, we're set to have the worst week in a year.
