Christine Gaylican

Leads from Friday's session are going to have a very limited impact on markets today as they don't capture the breakdown in US debt ceiling talks over the weekend. As it stands, the leaders worked tirelessly over the weekend to try and have some sort of solution in place before Asian markets reopened, however this hasn't proved possible.

MarketsThe Dow industrials' decline came as most major market indexes around the world finished with gains. Even so, the blue-chip index finished with a strong weekly advance after several days dominated by concerns over debt negotiations in Washington and Brussels. The Dow added 1.6% during the week, and is up 2.2% for July, falling just short of a multiyear high. Hurting stocks on Friday was a belief that U.S. debt talks would fail to come to a quick conclusion.

The Japanese manufacturer did not imagine sales to be this brisk but because of the power crisis now being experienced throughout Japan, sales had been up this month.

The success of American retail giant Costco in the suburbs of Sydney's Auburn has prompted the warehouse store chain to explore opening a second shop in Canberra.

AFTERNOON REPORT (4.30pm AEST)Local stocks rallied once again today, after Eurozone leaders agreed on a second bailout package for Greece, sending markets around the globe higher. Hopes are also rising that a deal to lift the US government's maximum borrowing power, or so-called "debt ceiling" will also be reached by the August 2nd deadline.

MIDDAY REPORT (12pm AEST)Local stocks are posting solid gains in early trade, following an upbeat session in European and US markets after Eurozone leaders agreed on a new bail-out package for Greece. The All Ordinaries Index (XAO) is firmer by 42.2pts in early trade or 0.9pct to 4668.4.

Do not be spooked by gloomy economic forecasts: right now there are great bargains to be had for the canny property investor. A slowing of the Australian economy and a decrease in demand for housing has created a once in a lifetime opportunity for buying solid investments in areas with strong growth drivers.

Ralph Norris will step down as CEO of Australia's key financial institutions Commonwealth Bank in November and he will be replaced by Ian Narev.

MORNING REPORT (7am AEST)The Philadelphia Fed business activity index rose from -7.7 to +3.2 in June. The increase was the first since March. Encouragingly across the sub-indices, new orders, hiring and shipments recorded a healthy improvement. While prices paid by manufacturers was the lowest in nine months. US jobless claims rose by 10,000 to 418,000 last week. The Conference Board leading index rose by 0.3pct in June.

On Wall Street overnight, it was a very strong session as a number of positives combined to send stocks higher. Outside of the jobless claims number, economic data was stronger-than-anticipated and earnings from giants Microsoft and Morgan Stanley topped estimates. The big news, however was an agreement from the EU emergency summit on a final bailout package for Greece worth EUR160 billion; they also empowered their bailout fund to buy debt of stressed nations and offer emergency credit lines. ...

AFTERNOON REPORT (4.30pm AEST)Local stocks posted a slight win today, but importantly managed to hold onto yesterday's impressive gains, despite slight falls on Wall Street overnight. Sentiment was boosted by hopes European leaders will agree on a second bail-out package for Greece, while a disappointing flash read on China's manufacturing sector limited gains as markets around the Asian region fell. The All Ordinaries Index (XAO) rose 7.8pts or 0.2pct to 4626.2 while the S&P/ASX 200 ...

Midday-Lunchtime REPORT (12.15pm AEST)Local stocks are managing to hold onto yesterday's impressive gains despite small losses on Wall Street overnight. Investor sentiment has been boosted by hopes Eurozone members will agree to a second bail-out deal for Greece when they meet in Brussels later tonight. The All Ordinaries Index (XAO) is up 23.8pts or 0.5pct to 4642.

MarketU.S. stocks closed lower Wednesday as investors traded cautiously a day after the Dow Jones Industrial Average notched its biggest advance of the year. The Dow finished down 15.51 points, or 0.12%, at 12571.91, after fluctuating between positive and negative territory for much of the session.

MORNING REPORT (7am AEST)US existing home sales fell by 0.8pct in June to a 4.77 million annual rate. Economists had tipped a result near 4.90m. The median home price was up 0.8 per cent on a year ago. But the stock of unsold homes rose to a 8-month high of 9.5 months. Other data from the Mortgage Bankers Association showed that applications for US home mortgages rose 15.5pct last week to the highest level in four months.

AFTERNOON REPORT (4.30pm AEST) An estimated $23 billion in value was added to the local share market today. Stocks rallied on hopes Washington would reach an agreement to raise the US debt ceiling before the August second deadline. A debt ceiling is the name given to the maximum borrowing power of a government, and overnight US President Obama expressed optimism that a deal to raise that borrowing power would soon be reached. Strong company earnings results released in the US overnight also b...

Qantas Airways wants to corner the high end of the Asian market as it moves more aggressively in the region in the near term.

MIDDAY REPORT (12pm AEST)The Australian share market is posting solid gains in early trade, on the back of positive offshore leads and generally firmer commodity prices. At lunchtime in the East, the All Ordinaries Index (XAO) is firmer by 74.5pts or 1.6pct to 4613.9.

The US National Association of Home Builders housing market index rose from +13 to +15 in July, above forecasts. Net capital outflows from the US totalled US$67.5 billion in May, compared with inflows of US$66.6bn in April.

AFTERNOON REPORT (4.30pm AEST)The local share market once again finished flat, with the All Ordinaries Index (XAO) virtually unchanged at 4539.4. The S&P/ASX 200 Index (XJO) closed down 3.9pts to 4468.1.

Another U.S. Military soldier stationed in Afghanistan tried his luck in asking a celebrity to the Marine Corps ball. This time its sexy football superstar Hope Solo, who got asked by a captain via YouTube.com.

It is now looking more like th eApple iPhone 5 will be released in September as subcontractors of the leading American phone manufacturer have confirmed to be gearing up for the said date of release, reports said.

Australia may get a longer reprieve from upward interest rate adjustments as the latest minutes from this month's meeting of the Reserve Bank of Australia (RBA) shows.

Efforts in closing the gap between Asia's fast-rising economies and those marred in poverty should be intensified, the Asian Development Bank said.

MIDDAY REPORT (12.15pm AEST)Australian shares are trading flat at lunchtime in the East, as gains from energy players are offset by losses from the financials. The All Ordinaries Index (XAO) is down 0.7 of a point to 4539.2pts. Energy players are faring best, with the sector firmer by 0.8pct. Woodside Petroleum (WPL) shares are up 1.7pct to $38.90 after reporting a 17pct rise in 2Q 2011 revenue to $1.19 billion. Production for the same period fell 7pct.

Charlie Sheen is set to return to the world of television as is given a new project four months after his controversial removal from another popular TV series.

Two leading global investors in gold equities, Blackrock Investment Management and Baker Steel Managed Funds have committed to subscribe to a total of $50 million new shares in a new company arising from the merger of Catalpa Resources Limited (ASX: CAH) and Conquest Mining Limited (ASX: CQT).

Bus passengers in Brisbane are bound to be affected by a strike action planned by drivers and workers on Thursday, 21 July.

As investors are driven to stay on the sidelines by the US and EU debt crises, they opted for gold, the commodity hit a record high US$1,603 (S$1,953) an ounce on Monday.

Japan is now facing a contaminated beef scare as the radioactivity spreading from the affected Fukushima plant has not been prevented by the government.