From Stan Shamu, Markets Strategist, IG MarketsGlobal markets extended their losses overnight on deepening concerns about the European debt crisis, after a poorly-received German debt sale. Germany failed to find buyers for 35% of the bonds it offered at an auction. There was also a swathe of disappointing economic data, with European services and manufacturing output shrinking for a third month, US durable goods orders falling and unemployment claims topping forecasts.
Everyone has their own version of a Thanksgiving feast. For some it's Turkey and stuffed cheesy potatoes, others its sweet potato mash and fixings, a lot go for both.
China's think tanks are on it again. Long before the 20th century fiscal crisis happened, the country's brilliant economists and analysts had long prepared the Asian country to counter possible ill effects of a slowing down economy. Proof of that had shown China's continuing resilience compared to the Eurozone's impending financial crash.
Shares locally could not recover throughout the day and the daily chart for the market resembled the downward slope of a relatively large hill. The All Ordinaries index (XAO) was down by 0.16 pct at the start of trade only to extend its losses by market close to 1.9 pct or 78.4 pts to 4125.8.
A preliminary survey by HSBC into China's manufacturing activity indicated the sector posted a fall in output in November, and that it could be its sharpest since March 2009.
Afghanistan's much touted abundant mineral deposits and reserves, it seems, could pose more as a problem than a solution to address its long-standing political and economic woes.
Polar ice sheets have accelerated their retreat while global temperatures added up 1.4 degrees Fahrenheit since the onset of frenetic industrial activities, prompting scientists to suggest that time may be running out to arrest the ill-effects of climate change.
Australian miner Northern Minerals had announced the discovery of heavy rare earth elements (HREE) at all four prospects of its Browns Range Project in northern Western Australia. It said its Wolverine prospect yielded the most outstanding HREE discovery.
Nisio Gomes, a 59-year-old Indian chief and shaman of the Guarani Kaiowa tribe, was murdered by a group of heavily armed men in front of his community last Friday.
While the Australian Industry Group (AiG) recognizes the importance of road safety, the group opposes the planned establishment of a Road Safety Remuneration Tribunal.
Could the plans of China Nonferrous Metal Mining (Group) Co Ltd (CNMC) to increase its investment plans in Zambia assuage the mindset of the locals that the Asian country violates labor rights and laws?
It seems that the Australian government will most likely win the legal battle filed against it by Philip Morris as experts predict they have the legal edge because intellectual property rights agreements give governments the right to pass laws to protect public health, reports said.
The Australian sharemarket is losing ground for the fourth straight day with the All Ordinaries index (XAO) down 0.7 pct or 29 pts to 4175.2. Almost all sectors are lower with the utilities managing to rise a touch at lunch.
Queensland mines are poaching workers from the banking and retail sectors in a bid to fill up vacancies in the state's thriving mining industry.
Aussie business owners' dissatisfaction with the Federal Government has soared to a three year high with the majority of Aussie SMEs (56%) now dissatisfied, up from 31% in August 2010. This is the highest dissatisfaction level recorded by the Business Monitor since June 2008, accprding to the latest research from the MYOB Business Monitor Special Report released on Wednesday.
Russia's third-largest steel producer Magnitogorsk Iron & Steel Works (MMK) is eyeing to acquire Australian iron miner Flinders Mines in a bid to expand its iron ore mining operations to secure supplies and hedge against rising prices.
Australia has indicated that any joint military exercises with both China and the United States were not remote possibilities following suggestions floated recently by the Indonesian President.
Three American exchange students are detained in Cairo for allegedly throwing Molotov cocktails at security forces from the roof of a university building near Tahrir Square, where thousands of protesters demanding a civilian government were clashing with riot police trying to disperse them.
More investments are expected to come from India once Australia decides to officially include the country as one of its uranium buyers, according to political and business leaders from New Delhi.
Prime Minister Yingluck Shinawatra has assured the public the name of her brother Thaksin is not on the list to be endorsed for pardon this year.
Australian miner Hastings Rare Metals' Heavy Rare Earth Project in Western Australia could rank as one of the world's top heavy rare earth projects after a scoping study underlined the project's massive rare earths content as well as potential economic returns for the company.
An opposition lawmaker threw a tear gas inside the South Korea's parliament Tuesday in protest to a plenary session to ratify a controversial bill establishing a free trade agreement (FTA) with the U.S.
Following months of intense lobbying and backdoor concessions, Prime Minister Julia Gillard finally won the support of her House colleagues as the Parliament’s lower chamber voted on Wednesday morning to approve the Minerals Resource Rent Tax Bill 2011.
Bell FX Currency Outlook:
The Australian Dollar has fallen further and is trading at USD 0.9835 as persistent concerns about the Euro Zone's sovereign debt crisis create more uncertainty in global financial markets.
From Craig James, Commsec Chief EconomistMORNING REPORT (8am AEDT) The second estimate of US GDP was revised down from 2.5pct to 2.0pct. The downward revision reflected a cut in inventories and lower investment spending. US ICSC chain store sales rose 2.8pct last week compared with a year ago. ICSC research expects same store sales to rise 3.5pct-4pct in November. The Richmond Fed manufacturing index improved from -6 to 0 in November.
From Stan Shamu, Market Strategist ( IG Markets)Global markets extended their losses overnight on concerns that European leaders are running out of options to solve the debt crisis. This sent French and Italian yields higher yet again. In the US, market weakness was triggered by slower-than-expected GDP data in the third quarter. The revised number came in at 2% after an initial estimate of 2.5%. However, losses were pared on news that the Federal Reserve and International Monetary Fund may...
The $11-billion Mineral Resource Rental Tax (MRRT) was passed Wednesday morning because of the Labor government's $100 million pay-off deal with the Greens.
The Australian sharemarket unfortunately fell for the third straight day today with the All Ordinaries index (XAO) down 0.7 pct or 29.4 pts to 4204.2. Although today was not an ideal session, keep in mind that shares in the U.S fell by over 2 pct while the European markets fell by as much as 3.5 pct.
The Australian government has assured mining companies and opposing sectors their demands will be met in the final version of the proposed mining tax bill.
Barring any more glitches, Prime Minister Julia Gillard is virtually assured of sailing her proposed minerals resource rent tax (MRRT) though the Parliament’s lower chamber this week, paving the way for a near-certain approval by the Senate early next year.
