Bell FX Currency Outlook: The Australian dollar followed US equities higher overnight after better than expected company earnings and US housing data pushed markets higher.
Investors shrugged off disappointing readings on the job market and euro-zone economic confidence, sending the Dow Jones Industrial Average more than 100 points higher for the third time this month.
The Australian sharemarket edged higher for the second time this week, with the All Ordinaries Index (XAO) ending 0.3 pct or 11.1 pts stronger to 4445.0. In the first 15 minutes of trade this morning, the market hit a high of 4466.2 (0.75 pct rise) only to gradually give back most of those gains throughout the session.
Rio Tinto and Chinalco's listed subsidiary, Chalco, have completed the formation of their joint venture (JV) to develop and operate the Simandou iron ore project in Guinea, following the completion of all Chinese regulatory approvals. As a result, a consortium led by Chalco has made an earn-in payment of US$1.35 billion, in line with an agreement reached with Rio Tinto in March 2010.
Prices of safe haven precious yellow metal gold may do a seesaw every once in a while, but there is no doubting that it will sustain a bull market with much higher prices in the years to come, primarily anchored and supported by the acquisition of central banks.
On Tuesday, afternoon before the Anzac Day public holiday, The Australian share market rose 3.6 points to 4,433 points. The Australian share market jumped on the back of the solid leads from the overseas markets over the last 2 days. US and European markets higher overnight, helped by positive earnings result from key European banks and consumer product companies and outstanding numbers from Apple and Boeing in the US.
The odds are building up against on-leave House Speaker Peter Slipper, with a key MP urging him to stay out of the picture at least until he clears his name while the Coalition may field a likely successor to his post.
Beleaguered Australian miner Lynas Corp., whose Lynas Advanced Materials Plant (LAMP) in Malaysia continues to be embroiled in a nasty game of domestic politicking and misinformed public, has been given a thumbs up for safety and low radiation emission no less than by a Malaysian radiology expert.
Claiming adherence to the rule of law, lawyers for Labor MP Craig Thomson asked the Australian Senate on Thursday to keep the Fair Work Australia (FWA) report on the alleged wrongdoings committed by Thomson while serving as top-ranking Health Services Union (HSU) official private.
Bell FX Currency Outlook: The AUD has rallied back towards USD1.0350 following last night's FOMC statement release.
Surging shares of Apple and dovish words from the Federal Reserve chairman drove U.S. stocks higher for a second day and propelled the Nasdaq Composite to its biggest gain this year. The Dow Jones Industrial Average advanced 89.16 points, or 0.69%, to 13090.72.
MORNING REPORT
(7am AEST)The Federal Reserve has kept the policy target range for the federal funds rate at zero to 0.25 basis points. The Fed said the economy has been expanding moderately but vowed to keep rates at exceptionally low rates to 2014. Fed chief Ben Bernanke said that ´´we think monetary policy is in the right place´´ but that ´´doesn´t mean we won´t take further action´´ to stimulate growth.
Australian Prime Minister Julia Gillard said on Wednesday that because of the values that Anzac Day represents, the day has become more significant than Australia Day.
Prime Minister Julia Gillard flatly denied accusations from the Coalition that she was making light of the sexual harassment accusations hurled against embattled House Speaker Peter Slipper.
The Australian sharemarket rose for the first time this week, with the All Ordinaries Index (XAO) edging higher by 0.1 pct or 3.6 pts to 4433.9. Yesterday was the second quietest day for the Aussie market however today was a little busier. The Australian and New Zealand markets will be closed tomorrow due to the ANZAC day holiday.
As many as 1,800 Ford workers could be forced to temporarily stand aside as the carmaker admitted on Tuesday that parts supply shortages will soon hit its Geelong production lines due to problems encountered by the company's main supplier, CMI.
The assets of former public servant Hohepa Morehu-Barlow will now be up for sale with the Queensland State Government after a Brisbane Supreme Court judge has completed the process of approval. Barlow, 36, originally from New Zealand, has lost all his properties to the Public Trustee of Queensland after he was formally charged with fraud in January. He was accused of plundering $16 million from Queensland Health.
Gold and copper mining firm Anglo Asian Mining PLC, after two years of exploration work, on Monday announced it has discovered gold at the Ordubad mine in Azerbaijan.
Singaporean Prime Minister Lee Hsien Loon committed in a dinner with Australian Prime Minister Julia Gillard to support Canberra's bid to gain a seat in the UN Security Council.
Royal Philips Electronics has started working on a technology that will significantly reduce its dependence on rare earth minerals for creating its light-emitting diode (LED) lighting products.
The Labor-led government appears to enjoy the 'confidence' of key Parliament members following the temporary exit of House Speaker Peter Slipper on Sunday amidst accusations of corruption and sexual misconduct.
The crucial inflation (CPI) numbers to be released on Tuesday will determine the monetary policy of the Reserve Bank, which analysts and investors are anticipating an undelying inflation rate within 2% could spell rate reductions. However, the RBA will consider the tension exerted by the budgetary allocations of the Federal government as well as the European recession fears.
The euro-zone private sector slowed in April according to latest data. The ´´flash´´ composite purchasing managers index fell from 49.1 to 47.4 in April with services down from 49.2 to 47.9 and manufacturing down from 47.7 to 46.0.
U.S. stocks joined a global selloff as weak euro-zone economic data and French and Dutch political uncertainty underscored worries about the region's debts. The Dow Jones Industrial Average slid 102.09 points, or 0.78%, to 12927.17.
Bell FX Currency Outlook: The Australian Dollar is slightly lower this morning, currently trading just above USD1.0300, after weaker than expected local PPI figures yesterday, and renewed fears regarding the state of Europe's economy continued the weaker tone overnight.
Victoria is launching on Tuesday the $1.2-billion Webb Dock container port project. The new port is the Australian state's first major venture under the administration of Premier Ted Baillieu.
There is sufficient room for the Reserve Bank of Australia (RBA) to reduce the overnight cash rate when the central bank's monetary board meets in May, economists and analysts said on Tuesday.
The Australian sharemarket ended in negative territory for the first time in four sessions today. The All Ordinaries Index (XAO) fell 0.3 pct or 14.1 pts to 4430.3. Today was also one of the quietest starts to a new trading week this year. Local shares attempted a comeback at lunch, following a report in China showing a slight improvement in China's manufacturing sector.
Hundreds of new teachers in New Zealand are facing challenges in finding teaching opportunities, with some opting to teach overseas, as more teachers hold on to their jobs and few become available.
A former Iraqi soldier has pleaded guilty to murdering his wife at their Wellington home in September 2011. Najeeb Dawood, 52, appeared at the High Court at Wellington Monday and pleaded guilty to the charge of murdering Eman Hurmiz, 41.
