Last week the Australian share market ended lower closing out a hard week for investors. However this morning the market seems a bit brighter thanks to higher commodity prices over the weekend and no negative news hitting the screens. At lunchtime in the East, the All Ordinaries Index (XAO) is higher by 4pts to 4,364.
General Electric backed the Australian carbon tax, which the government will start to collect on July 1. GE said on Monday that it would allocate more funds to pursue carbon reduction technologies.
The positive leads from global markets led by the rise in the U.S. equities Friday have not provided enough boost to prop up the sentiment in the Australian stock market early on Monday.
MORNING REPORT
(6am AEDT)US new home sales eased from a 318,000 annual rate in January to 313,000 in February, below expectations for a result near 325,000. But the weekly Economic Cycle Research Institute index rose from 125.1 to 125.7.European shares recorded small gains on Friday. But key indices ended the week sharply l
Bell FX Currency Outlook: The Australian dollar has started the week in the mid 1.0400's after its tumble last week to a monthly low below 1.0350.
Companies including drugstore operator Walgreen Co. (WAG) and electronics retailer Best Buy Co. (BBY) are scheduled to report their latest quarterly results this week. A former MF Global Holdings Ltd. (MFGLQ) employee is expected to appear before a U.S. House subcommittee this week to answer questions about the transfers of millions of dollars before the failed broker-dealer's bankruptcy filing.
A panel set up by Treasurer Wayne Swan has recommended possible tax cuts for research and development by big business in the government's efforts to plug holes in the country's business tax system.
In the spirit of election season political posturing, the Obama White House has announced that it is filing a trade lawsuit against China for restricting exports on rare earth metals and other materials used in the production of touchscreen mobile phones, military weapons, laptop computers, and various other high-tech devices.
Australia's tax legislation is, according to urban legend, the longest piece of legislation in the world. One of our law professors reportedly has an entire room devoted to books of Australia's extensive tax law. Part of the story is that Australia has several tax Acts.
Fortescue Metals Group (FMG) owner Andrew Forrest called on the federal government Thursday night to simply make good on its earlier economic promises instead of attacking certain personalities.
Global miners Rio Tinto Group, BHP Billiton Ltd. and Vale SA, in a testament to China's global influence in the supply and price movements of iron ore, have decided to link hands with Beijing and join the Asian country's new spot trading platform for the raw commodity.
In an apparent firm demonstration of its commitment to reduce its gas emissions contribution, China has announced it will start controlling domestic production and corresponding usage of coal in the next five years through 2015.
Australia has signed a A$30 billion currency exchange deal with the world's second largest economy, China, to foster bilateral trade and investment, in what could also be seen as a confirming testament to the yuan's increasing buying power and global market reach.
Bell FX Currency Outlook: The Australian dollar has continued its tumble overnight as shrinking manufacturing data in China and Europe bolstered safe haven demand for the US dollar.
Stocks traded lower following weak economic signals from the euro zone and fresh concerns from China about slowing global growth. After rising to multiyear highs in recent days, major benchmarks extended their retreat into a third session Thursday. Sectors especially exposed to global growth, such as energy, materials and industrials, were the session's biggest decliners.
MORNING REPORT
(7am AEDT)Flash PMIs dropped surprisingly in Germany, France and for the Euro-zone composite. The biggest surprise was the German manufacturing PMI which fell from 50.2 to 48.0. The French manufacturing PMI fell even more sharply, from 50.0 to 47.6.
Soft orders and oversupply could drive down the global market price of commodities but Australia's earnings from shipments of the products will continue climbing, according to the latest estimates provided Wednesday by the Bureau of Resources and Energy Economics (BREE).
On Sunday, March 25th, thousands of pro-democracy campaigners will show their protest by marching down the streets of Hong Kong.
Holden will continue assembling its flagship vehicles within Australia through the next decade on the strength of the $275 million assistance that the carmaker has secured from both the national and state governments.
The scheduled deployment of U.S. Marines in Australia will commence next month, reports said, with the initial 10 percent of the announced number of troops set to be shipped to Darwin.
Despite sales of automobiles in China seen to lose its spark this year owing to economic cuts and rising fuel costs, domestic car manufacturer Chery announced on Wednesday it has reached an agreement with Indian-owned luxury carmaker Jaguar Land Rover (JLR) to create and set-up a joint venture project in China.
Australia, the world's largest shipper of the raw commodity iron ore, has earmarked an iron ore export projection of 473 million tonnes in the year to June 2012, up by nearly 3 per cent from an earlier forecast of 460 million tonnes, even as it forecast that prices of the raw commodity used to make steel will decline 8.5 per cent this year.
With rare earths getting more controversial, what with last week's gung ho complaint filing of economic leaders U.S., the European Union and Japan against China before the World Trade Organization (WTO) because of its supply restrictions of the precious metal, Canadian-based rare earths miner Pacific Wildcat Resources Corp. could just be in the nick of time as it announced of a potential second mine in Kenya this year.
The Australian stock market is off to a subdued trading Thursday as investors cautiously stay at the sidelines observing how China will try to ease its economic challenges that could have a direct impact Australia's economy.
Bell FX Currency Outlook: The Australian dollar was sold back down through USD1.0500 overnight as another round of USD buying emerged.
Morning Report.US existing home sales continued the run of soft US housing market news this week. Sales fell by 0.9pct to a seasonally adjusted pace of 4.59 million units in February.
The Dow Jones Industrial Average headed towards a second consecutive loss as sagging energy stocks and the latest housing news weighed on investors. The blue-chip Dow slipped 27 points, or 0.2%, to 13143 in late trading. The Standard & Poor's 500-stock index traded roughly flat at 1406, while the Nasdaq Composite gained 12 points, or 0.4%, to 3086.
In a recent report by the Associated Press, New York City statistician Justin Bassett had just finished answering a few character questions when the interviewer turned to her computer to search for his Facebook page. Why should companies require an 'acceptable' Facebook page from applicants today, when recruitment had worked fine without Facebook in the past?
In a recent report by the Associated Press, New York City statistician Justin Bassett had just finished answering a few character questions when the interviewer turned to her computer to search for his Facebook page. Why should companies require an 'acceptable' Facebook page from applicants today, when recruitment had worked fine without Facebook in the past?
The exodus of Kiwis for Australia has reached a new high, with departures accelerating to a record 53,000 last month, Businessdesk reports.
