POLITICS & POLICY

Bell FX Currency Outlook: Commodity currencies were driven lower again overnight due to the ongoing uncertainty over the outlook for the euro zone.

The Malaysian High Court has scheduled to hear in mid June the injunction application filed by Australian miner Lynas Corp. and its subsidiary Lynas Malaysia Sdn Bhd against independent media outlet Free Malaysia Today (FMT) and protest group Save Malaysia Stop Lynas (SMSL) group.

MORNING REPORT (7am AEST)U.S. wholesale inventories rose 0.3pct in March to $480.4 billion, while wholesale sales rose 0.5pct to $411.1 billion. The inventories-to-sales ratio was unchanged at 1.17. Inventories of durable goods rose 1pct in March, while inventories of nondurables decreased 0.6pct. In February, total inventories grew 0.9pct, while sales rose 1.1pct.

The Australian sharemarket lost ground for the second time this week and for the fourth time in five sessions. The All Ordinaries Index (XAO) slumped by 1 pct or 43.7 pts to 4332.2. Despite the delivery of the Federal Budget last night, investors were more concerned with the situation in Europe and in particular in Greece. The Greek sharemarket is trading at its worst level in around 20 years and its eventual exit from the Eurozone has become more likely.

The ingenuity of the Chinese in do-it-yourself projects can be quite fascinating.

Jindal Steel & Power Ltd., a company of Indian parliamentarian and businessman Naveen Jindal, has acquired for A$1 million a 9.25 per cent stake in Australian iron-ore miner Apollo Minerals Ltd.

Even if Australia's federal budget registered only a small surplus, ratings agency Moody's said it would still keep Canberra's credit rating to the valued AAA.

Varied railway freight duties, coupled with high export taxes and the continued mining ban in India's major iron ore areas will all the more affect the country's exports of the key steelmaking ingredient in 2012 to 2013.

Embattled MP Craig Thomson has survived attempts by the Coalition on Tuesday to force him into a two-week leave even as Prime Minister Julia Gillard dismissed suggestions that she initiate the former Labor MP's dismissal from the Parliament.

In spite of the promise of Opposition leader Tony Abbott to repeal the carbon tax if he wins the election and becomes prime minister, the repeal would take a minimum of two years, according to a report by Deutsche Bank released on Tuesday.

Federal Treasurer Wayne Swan has insisted that the budget he presented Tuesday was forward-looking, which means the provisions embodied in the budget plan were to ensure Australia's economic competitiveness in the years and decades ahead.

The Australian Office of Financial Management has recommended an increase of the government debt ceiling to between $300 billion and $320 billion from the current $235 billion.

The Australian share market improved slightly yesterday, with the All Ordinaries Index (XAO) rising by 14.3 points to 4,375 points. But the gains were short lived as more concerns over Greece and Spain hit European markets overnight and pushed euro and US stocks lower. Once again the likely hood of Greece leaving the Euro is front page news and the Spanish government overnight saying it would most likely have to bail out the 4th largest listed bank in Spain Bankia, to stop it for going under. Ba...

Australian Foreign Minister Bob Carr announced on Wednesday the launch of a Comprehensive Aid Policy Framework that will serve as guide to the growth of Canberra's foreign aid budget over the next four years. The launch is timely because of the increase of Australia's foreign aid budget to $7.7 billion in 2015-16 from the current $4.9 billion.

One-time tax-related charges instituted in the first three months of the year have affected the profit of Canadian miner Kinross Gold Corp., falling by as much as 57 per cent in the first quarter.

Bell FX Currency Outlook: The Aussie has opened lower across the board this morning following a drop in the Euro, Oil and Stock markets as worries intensify over Greece.

Ahead of the open, we are calling the Aussie market down 0.8% at 4281. This leaves the market back where it was at the beginning of April, with the next key support at 4250. What are the factors that could trigger this slide?

The Dow industrials fell a fifth straight day as jitters over political uncertainty in Greece outweighed a rise in U.S. small-business confidence. The Dow Jones Industrial Average slid 76.44 points, or 0.6%, to 12932.09, extending its retreat from last week's four-year closing high

The Australian sharemarket improved slightly today, with the All Ordinaries Index (XAO) rising by 0.3 pct or 14.3 pts to 4375.9. Stocks were up by as much as 0.6 pct, but pulled back following some worse than expected economic data issued after 1.5 hours of trade. Yesterday was the biggest daily pullback for the local market in almost five months.

Australia has its first female chief executive in Prime Minister Julia Gillard and U.S. Secretary of State Hillary Rodham Clinton remains hopeful that America will soon elect its first woman head of state.

Australia will realise a modest budget surplus next year and enjoy at the same time a lifestyle that remains at par with major economies across the globe, Federal Treasurer Wayne Swan said on Tuesday.

Yesterday, what a day on the market, the Australian share market slumped to a 3-week low, with the All Ordinaries Index (XAO) falling 97.8 points to 4361 points, its biggest one day slide since mid-December 2011. Markets in the Asian region also finishing in the red, the Japanese Nikkei 225 index off 2.7% to 9,119 and Hang Seng index ended 2.6% lower.

Nepal was plagued,last May 6, 2012 by a sudden flash flood where dozens of villagers were killed and rendered homeless.

Former Labor MP Craig Thomson had illegally used up about $500,000 of Health Services Union (HSU) funds, according to the Fair Work Australia (FWA) report, which should be enough reason for him to cease from any active participation in the Parliament.

The three large Australian banks - ANZ, Commonwealth Bank of Australia (CBA) and Westpac - are no longer pursuing their application with Fair Work Australia (FWA) to remove weekend penalty rates.

Now that Japan is totally without nuclear power, having shut down its last working nuclear reactor over the weekend, producers of liquefied natural gas (LNG) ought to brace themselves as the country shifts to import more of the said commodity to fuel its energy needs.

In a brief break from the Reserve Bank of Australia (RBA) overnight cash rate cut of 50 basis points, Commonwealth Bank of Australia (CBA) was again in the headlines not for the less than 50 basis points cut it made on variable mortgage rates but for the resignation of one of the lender's key officials.

Bell FX Currency Outlook: The AUD is almost a cent higher from this time yesterday, currently trading around USD1.0210, as markets digest the results from the elections in Europe over the weekend.

The Dow industrials lost ground for the fourth session in a row amid concerns that elections in France and Greece could impede Europe's ability to deal with its sovereign debt problems.