The Australian stock market is off to a positive start on Tuesday's trading day, as overnight leads from the European and U.S. stocks markets were taken, though lightly by investors still wary how the recent jump in oil prices will curb potential earnings.
U.S. stocks pushed higher on the heels of firm readings on the domestic economy, putting the Dow industrials on course for the first close above 13000 since May 2008. The Dow Jones Industrial Average, which at one point Monday had fallen 100 points, climbed 24 points, or 0.2%, to 13006 in afternoon trade.
Bell FX Currency Outlook: The AUD is stronger this morning, currently trading around USD1.0750 after looking markedly weaker during our local trading
session yesterday.
The Australian sharmarket lost ground for only the second time in five sessions, with the All Ordinaries Index (XAO) falling by 0.8 pct or 34.5 pts to 4354.5. The good news is that last week was the best week of 2012 to date with shares improving by 2.7 pct.
The almost complete $200-million rare earths processing plant in Malaysia of Lynas Corp. continues to wrangle protests, even as a nuke expert had said the plant is very much safe.
The national Labor Leadership ballot has revealed Julia Gillard being the winner. She has gained 71 votes compared to Mr. Rudd's 31 votes according to the announcement made by Chris Hayes, party returning officer.
Complicated adjustments and the ongoing Labor leadership row should convince the federal government to give some breather to the financial services industry and delay its scheduled revamp July this year.
Russian-Canadian miner Rusoro Mining's loss has become the Citic Group of China's gain as the Chinese state investment company on Friday sealed with Venezuelan President Hugo Chavez an accord to develop the Las Cristinas gold project, along with other oil and mining projects.
After a flat start, the Australian share market is trading lower at lunchtime in the East, following a vote on the Australia Labor Party leadership. Julia Gillard remains Australia's Prime Minister, beating former Prime Minister Kevin Rudd 71 votes to 31 in a Caucus room vote this morning. The All Ordinaries Index (XAO) is down 24.5pts or 0.6pct to 4364.5.
It was a lopsided victory for Julia Gillard who handily beat Kevin Rudd 71 to 31 for the leadership post in the Australian Labor Party on Monday morning. With the votes, Ms Gillard would also retain her position as Australian Prime Minister.
The Australian stock market has begun with a heady, flat start this morning as the country watches the voting caucus among Labor Party leaders. Although analysts expect Julia Gillard to win, Australians and observers are still disappointed at the cracks in the leadership foundation of the party and confidence among voters will be difficult to rein.
Bell FX Currency Outlook: The Australian Dollar has opened around 1.0700 and is little changed from Friday's close as the leadership vote in the Australian Labour Party caucus commences at 10 am today.
The Standard & Poor's 500-stock index squeaked out its highest close since 2008, as most stocks traded higher after better-than-expected reports on home sales and consumer sentiment. The Dow Jones Industrial Average fell 1.74 points, or 0.01%, to 12982.95, after reaching above the 13000 mark earlier in the session.
Amidst a global financial pandemonium, the group collectively known as BRIC - the countries of Brazil, Russia, India and China - in a show of collective strength is contemplating pooling resources and funds together to create a multilateral bank, but only by and for the exclusive use of developing nations such as theirs.
Resigned Foreign Minister Kevin Rudd said on Friday in a Brisbane press conference that he will challenge Australian Prime Minister Julia Gillard for the leadership of the Australia Labor Party (ALP).He arrived earlier on the same day from Washington.
Ethiopia, Africa's second-most populous nation, wants to sell portions of its state-owned tantalum rare earth mine to foreign countries, and it wants investors from China, Sweden, Germany or South Korea to make a bid on it.
Both the Reserve Bank of Australia (RBA) and the ANZ Bank are apparently sending mixed signals to the public when it comes to interest rate setting. While RBA Governor Glenn Stevens said on one hand that the large Australian banks are not too profitable, he maintained on the other hand that the overnight cash rate of 4.25 per cent is where it should be even if the big four have lifted their lending rates.
The National Broadband Network nears its full realisation as Telstra Corporation submitted on Thursday its revised plan that will pave the way for NBN Co to assume control of the giant telco's national communication network.
Kevin Rudd was impossible as a boss, according to Attorney General Nicola Roxon, who served as head of the Health Ministry until the former prime minister was booted out in a party coup in 2010.
A day after he resigned from his post, former Foreign Affairs Minister Kevin Rudd is back in Australia. In a press briefing on Friday morning upon his arrival at Brisbane Airport, Mr Rudd said he would make a statement later within the day on his plans about the Australian Labor Party leadership ballot on Monday.
Unconfirmed media reports on Thursday circulated that Vale, the world's second largest metals and mining company and global leader in iron ore production, is reportedly eyeing to buy into Australian iron ore resources to strategize its shipment schemes to the Asian market.
The Adani Group of India has allotted a $6 billion worth of funds for projected coal mine-related expenditures as it pushes through with its overseas expansion plans in Australia and Indonesia by 2015.
The Australian stock market is bound to benefit from the overnight gains posted by markets in the U.S. and Europe. The S&P 500 traded near 10-month highs and the Dow once again flirted within the 13,000 level.
U.S. stocks overcame early losses, as a new round of economic data supported the market and strong performance from individual stocks pulled up two of the major indexes.
The Australian sharemarket lost ground for the first time in five sessions today, with the All Ordinaries Index (XAO) down 0.1 pct or 4.6 pts to 4367.5. The energy sector performed strongly; however weakness from both the miners and big banks dragged the market slightly into the red.
China's loss may well be very much the U.S.' gain as American rare earths producer Molycorp, Inc. on Wednesday announced the sequential start-up of its $895-million worth new Project Phoenix rare earth manufacturing facility at its flagship Mountain Pass, California operation, ahead of an April 1 target schedule.
The raging battle in Syria claimed the lives of two international journalists covering the siege on Wednesday being staged by Syrian security forces on the city of Homs, where hundreds of civilians have reportedly been killed so far more than two weeks of military assault.
Just when it committed last year to lessen, if not totally eradicate, its dependency on coal to fuel its energy requirements via a sworn participation into the Kyoto Protocol, China's energy use, and parallel coal consumption usage, has risen by 7 percent over a year ago, based on preliminary calculations by the National Bureau of Statistics released on Wednesday.
China has outlined a five-year plan meant to fast-track the development of its domestic downstream industries that use rare earths, the Ministry of Industry and Information Technology said on Wednesday.
Amidst the existing threats to her government, Prime Minister Julia Gillard has assured South Australia that the Murray River will be protected even as the controversial Murray Darling Basin Plan is set to be finalised before the end of 2012.
