POLITICS & POLICY

Bell FX Currency Outlook: A disappointing non-farm payroll number from the US for April saw major equity markets move lower on Friday and take the Australia dollar with it to the mid 1.0100 level this morning.

U.K.'s Defence Secretary Philip Hammond has called on Germany to play a more active role in global military affairs.

A flat reading from the U.S. jobs market sank stocks and plunged the Nasdaq to its biggest single-session drop since November. Stocks shot lower at the open and remained pinned down for the duration of Friday's trading.

The Australian market fell for the second straight day today, with the All Ordinaries Index (XAO) down 0.8 pct or 35.1 pts to 4459.4. Despite the losses, local shares still ended around 0.5 pct higher for the week.

Ahead of the budget surplus that Prime Minister Julia Gillard said she will adhere to in the May 8 budget presentation, the Reserve Bank of Australia (RBA) painted a subdued pace of the domestic economy for much of 2012 on its quarterly policy advisory.

Canadian miner Gabriel Resources Ltd., whose Rosia Montana gold mine project in Romania continues to get delayed due to the absence of a key environmental permit, said Romania stands to lose some $30 billion in earnings as the project gets stalled.

For years now, almost all the countries in the world have an army of its own, which is committed to protecting the national interests of the country against enemies.

KazAtomProm, Kazakhstan's national nuclear company, as part of a number of signed agreements between Kazakhstan and Japan earlier in the week, said on Thursday it wants to begin exporting nuclear fuel components to Japan by as early as 2013.

KazAtomProm, Kazakhstan's national nuclear company is determined to begin exporting nuclear fuel components to Japan by as early as 2013. KazAtomProm said on Thursday after a number of signed agreements between Kazakhstan and Japan earlier in the week.

The Australian share market lost ground yesterday, with the All Ordinaries Index (XAO) easing by 10.3 points to 4,494 points.

Higher gold prices, which rose 22 per cent from a year ago, have helped boost the profit earnings of Canadian miner Eldorado Gold Corp. by 29 per cent in the first quarter of 2012.

The Australian government has assured on Friday that the announced defence spending cuts in the upcoming 2012-2013 budget will not weaken the ability of the military to safeguard the country's interest in the Asia-Pacific region.

Westpac Banking Corporation reported on Thursday first-half net profit of $3.07 billion for the six months to March 31. While it is a 25 per cent decline compared to the same period a year ago, the slump was mainly due to a one-off tax consolidation following Westpac's purchase of St George.

Bell FX Currency Outlook: Weaker commodity prices pushed the Australian dollar lower overnight with commodity currencies under immense pressure as gold, copper and oil all ended the session significantly lower.

International credit rating agencies are expected to maintain Australia's AAA status following the anticipated budget surplus that the federal government is set to present on May 8, likely pulling down banks and consumers borrowing costs for much of the current year.

The Australian sharemarket lost ground today for the first time in four sessions, with the All Ordinaries Index (XAO) easing by 0.2 pct or 10.3 pts to 4494.5. The mining, energy and industrial sectors all ended lower which put downward pressure on the broader market. Those three sectors make up around 37 pct of the Australian sharemarket.

The Australian share market rose for the third consecutive day yesterday, with the All Ordinaries Index (XAO) edging higher by 7 points to 4,504 points. Overnight the markets were held back by the news that 11 European countries had now fallen back into recession, and the Eurozone unemployment rate had hit a record high of 10.9 pct.

Unlike their US and Western counterparts whose economies have been largely saddled by the global fiscal uncertainty, China and India, along with members of the ASEAN (Association of Southeast Asian Nations) group, have been forecast to continue their growth of momentum well beyond year 2030.

Prime Minister Julia Gillard vowed on Thursday to beef up Australia's defence capabilities amidst pressures to reduce government spending in the May 8 budget presentation.

1st Fleet, an Australian trucking company that operates in Queensland, New South Wales, Victoria and South Australia, locked out about 1,000 workers and ceased trading overnight without any warning on Wednesday night.

Two of Australia's big 4 banks have yielded to pressure from Treasurer Wayne Swan for them to reduce their mortgage interest rates following the May 1 decision by the Reserve Bank of Australia (RBA) to cut the overnight cash rate by 50 basis points to 3.75 per cent.

Bell FX Currency Outlook: The Australian dollar continues to hold up relatively well as buying interest emerges just below USD1.0300.

U.S. stocks finished mostly lower Wednesday after a weak reading on U.S. private-sector hiring added to concerns over a worsening European economy. The Dow Jones Industrial Average lost 10.75 points, or 0.08%, to 13268.57 after declining as many as 87 points in early trading. The Standard Poor's 500-stock index gave up 3.51 points, or 0.25%, to 1402.31, while the Nasdaq Composite edged up 9.41 points, or 0.31%, to 3059.85.

The Australian sharemarket rose for the third consecutive day today, with the All Ordinaries Index (XAO) edging higher by 0.2 pct or 7.5 pts to 4504.8. The XAO is one of the most popular ways to measure Aussie market performance. The index is comprised of the 500 largest listed companies locally, which make up over 95 pct of the Australian market. We hit the high of the day around the open, with shares up more 0.35 pct and shares were at their worst at midday.

The New South Wales (NSW) Business Chamber is pushing to limit weekend penalties for employees who work on Saturdays and Sundays which ups the rates of workers higher than ordinary employees.

The Australian share market improved for the second straight day yesterday, with the All Ordinaries Index (XAO) up 30 points to 4,497 points. The market held up well after the bigger than expected rate cut from the Reserve Bank of Australia's (RBA), cutting the cash rate by 50 basis points to 3.75 pct.

Australian borrowers need to profit too from the significant interest rate reduction implemented on Tuesday by the country's central bank, according to Federal Treasurer Wayne Swan, as he called on the Big Four to pass on the cut to their customers.

Former Prime Minister Kevin Rudd could be resurrected as the new headliner for the beleaguered Labor Party, according to emerging reports, following the release of an exit poll that all but confirmed voters' disdain for Prime Minister Julia Gillard.

Australia would commit serious mistakes in anchoring its future to boxed policies, according to former Prime Minister John Howard, stressing that the country's economic programs and international relations must be attuned to reality.