POLITICS & POLICY

Earth-hour was celebrated on the 31st of March. Millions of people turned off their lights across the globe.

Polls indicate a Coalition victory if elections were held now. The Nielsen poll said the Opposition got 57 per cent of votes compared to Labor's 43 per cent in a two-party vote.

The Australian sharemarket ended slightly weaker today, however ended the month and the quarter in positive territory. Shares rose by around 0.8 pct in March however jumped by 7.7 pct this quarter (January to March 2012). In fact, we have had the best start to a new year since 2006.

Appetite for gold, already sidetracked by a rising and improving dollar, will all the more get relegated to the background as investors turn to palladium and other industrial metals in a bid to diversify portfolio holdings.

Going ahead with the carbon tax July this year could leave the Australian economy in ruins, according to outgoing Future Fund chair David Murray.

Over the last few day global markets have been hit by more concern over the global slowdown and European debt problems. Overnight the US markets finished mixed with the DOW Jones climbing higher in the last few minutes of trade but the NASDAQ still finishing in the red. Today is the last day of the quarter and the ASX 200 index looks set to close the quarter up over 7pct. By lunch the All Ordinaries Index (XAO) had risen by 16points or 0.38pct to 4,438 points.

Swiss bank UBS AG on Thursday slashed by 18 per cent its earlier gold price forecast for 2012 to $1,680 an ounce from $2,050 an ounce spurred by positive observations of a slowly improving fiscal health in most major economies.

Australia will meet its promised budget surplus by reducing spending and cancelling tax measures, according to Opposition Leader Tony Abbott.

Australia's decision to exclude China's Huawei Technologies from its $36-billion national broadband roll out will stay, according to Prime Minister Julia Gillard amidst the appeals made by the Chinese.

Bell FX Currency Outlook: The Australian Dollar continues to be pressured this morning and is trading at new session lows against the US Dollar and major currencies.

The Dow Jones Industrial Average erased losses in late Thursday trade, with the benchmark index trading up 12.95 points, or 0.1%, at 13,139. Trading tends to be volatile at the end of the quarter, as fund managers adjust their trading books.

Yesterday Australian stocks closed at their highest levels in almost five months but today investors are selling. Overall the Australian market is still performing a lot better than expected. Overnight end of quarter and end of month trading along with weak economic data out from the UK and US sent stocks lower. The All Ordinaries Index (XAO) is currently only down by 2pts to 4,433 points.

China assailed Australia's decision this week of banning a major Chinese firm from participating into the $36-billion roll out of the national broadband network (NBN), labelling the move as discriminatory and unfair trade practices.

Since 2008, the global financial crisis has wiped out more than $70,000 from the value of assets by the average Australian household. In 2011 alone, about $40,000 were lost from the average household assets value, a report by the Reserve Bank of Australia released on Thursday said.

In US trade, markets retreated on the back of disappointing durable goods orders and a plunge in oil prices. Risk appetite was generally subdued with commodities and risk currencies losing ground. Stocks were choppy through most of the European session, until the durable-goods orders data triggered the sharp move lower.

Treasurer Wayne Swan warned on Thursday of spending cuts and programme cancellations for the Australian government to achieve in May the budget surplus it promised. Money would also be redirected where it is needed most, he told the Australian Business Economists breakfast in Sydney.

At least 16 oil offshore blocks in East African Tanzania will be put up for oil exploration licensing beginning September, according to a geologist at state-run Tanzania Petroleum Development Corporation.

While asylum seekers globally are on the rise, in Australia their numbers went down by 9 per cent in 2011, a report by the UN Refugee Agency released on Wednesday said.

Mexico City is close to approving a bill that would ban bullfights.

Adelaide, South Australia based oil and gas producer Beach Energy will be undertaking a convertible bond rights offer to generate a total of A$345 million or $364 million to fund its various project initiatives in the next two to three years, including a fully underwritten 1 for 8 entitlement offer to raise A$195 million and an offer of senior unsecured convertible notes to raise about A$150 million.

Global energy giant Chevron Corp.,announced on Wednesday construction works at its $29-billion Wheatstone liquefied natural gas (LNG) in Western Australia is well underway, with more than half of the gas already committed to Japanese companies.

After a quiet night on the overseas markets the Australian market opened a few points higher and has extended its rally throughout the morning. The U.S. markets were held back by weaker than expected home price data, a fall in consumer confidence for March and profit taking after Monday's big rally. Yesterday on the Australian Stock Exchange (ASX) key banks, health care as well as food and beverage retail stocks moved higher. Today most sectors are holding on to gains into the afternoon sessi...

Thailand is wooing struggling automotive companies in Australia to move their operations to the former. Visiting Thai Deputy Secretary General Duangjai Asawacintachit, who heads the Board of Investment, said Thailand's solid economic growth and free trade links to other Asian nations offered wide opportunities for Aussie firms.

The Australian government has confirmed reports that the United States eyes a territory of the country for its spy plane operations but clarified that the plan will not be implemented soon enough.

Cooper Brewery Chairman Glenn Cooper called for new laws to stop the duopoly in the supermarket industry and protect local owners of farmlands. He specifically blamed Woolworths and Coles, which have engaged in a price war to the detriment of Australian farmers

U.S. stocks erased a little bit of Monday's sharp run-up in a late-day drop led by declines in energy and financial stocks. While Monday's action had the look of end-of-quarter/month window dressing, Tuesday looked a little more like investors taking some money off the table after a strong run in the aforementioned sectors.

Treasurer Wayne Swan gave Australians a glimpse into the Gillard government's new policy direction on Asia in a speech he delivered on Wednesday at the Australia China Business Council in Melbourne. Mr Swan called on Australia's business community to make an inspired decision and create greater links with Asia.

Bell FX Currency Outlook: The Australian Dollar has opened lower this morning following a fall in Chinese Industrial Profits yesterday, which was the first drop in profits since 2009.

Fresh from his landslide win, new Queensland Premier Campbell Newman has indicated his firm commitment to steer the Sunshine state away from the red column by first divesting its interests on QR National Ltd.