Christine Gaylican

Across Asia, regional markets have started the week in a mixed fashion despite the positive leads from the US on Friday. Traders continue to be very cautious ahead of what's likely to be another volatile week as debt problems in the US and Europe continues to hang over the market. The Hang Seng is 0.2% firmer for the session while the Shanghai Composite is 0.1% lower. The Nikkei 225 is closed for a holiday.

Australia's Labour Party has felt the pangs of public dismay as its popularity plunged to its lowest, according to a survey conducted by Nielsen.

Australia's New South Wales and Queensland could make a comeback in the second half if benchmark rates remain at their current levels, the June report of CommSec State of States said on Monday.

After an overwhelming announcement that her marriage is over with fellow Latin American performer Marc Anthony last Friday, Hollywood’s gossip mills have churned news that Jennifer Lopez is into another man.

MIDDAY REPORT (12.35pm AEST)The local share market has defied Wall Street's positive Friday finish and started the trading week slightly lower. At lunchtime in the East, the All Ordinaries Index (XAO) is down 8.6pts or 0.2pct to 4534.1.Energy players are under the most pressure, despite a rise in the crude oil price. Oil is hovering around US$97.57 a barrel, thanks to a firmer US dollar and generally favourable stress tests results on European banks.

China's effort to have a grip on steel-making companies to fulfill its needs continue as the Sichuan Hanlong Group made a bid for Australia-listed firm Sundance Resources for A$1.4 billion ($1.5 billion).

MORNING REPORT (7am AEST)US industrial production rose by 0.2pct in June, in line with forecasts. Consumer prices (CPI) fell by 0.2pct in June, weaker than the -0.1pct consensus forecast. But excluding food and energy (core prices) the CPI rose by 0.3pct, slightly ahead of market forecasts. And consumer sentiment slumped from 71.5 to a 2-year low of 63.8 in July.

AFTERNOON REPORT (4.30pm AEST)Debt concerns in the US and Europe once again rattled local investors, with the Australian share market ending the trading week in the red. Ratings agency Standard & Poor´s today warned there is a one-in-two chance it could cut the United States´ prized triple-A rating if a deal on raising the government´s debt ceiling is not agreed soon. The deadline for the agreement is August 2nd. The All Ordinaries Index (XAO) fell 18.6pts or 0.4pct to 4542.7 while the S&P/A...

Change and changing mindsets, no matter at what stage are loathed at, but at times circumstances just points to the inevitable. This is how the staunch supporters of the carbon tax in Australia perceive their advocacy in the days to come.

MIDDAY REPORT (12pm AEST)Australian stocks have started the last trading day of the week in the red, on continued investor concern about US and European economic woes. Ratings agency Standard & Poor´s has this morning warned there is a one-in-two chance it could cut the United States´ prized triple-A rating if a deal on raising the government´s debt ceiling is not agreed soon. The deadline for the agreement is August 2nd. At lunchtime in the East, the All Ordinaries Index (XAO) is down 15.2...

There have been three major disasters in the first three months of this year in the Pacific region: the Japanese quake and tsunami ranks the highest for the human and financial costs, followed by the Christchurch quakes in New Zealand and then the Queensland (and Brisbane) floods and cyclone.

Caltex Australia MD has firmed up fuel storage and expansion plans in South Australia in the next 25 years, the company has announced on Friday.

MORNING REPORT (7am AEST)In Australia, data on inflation expectations is released together with detailed labour market data. In the US, data on producer prices, retail sales and weekly jobless claims are released.The US Federal Reserve chairman Ben Bernanke told the House of Representatives Financial Services Committee that more stimulus could be provided to the economy if needed: ´´The possibility remains that the recent economic weakness may prove more persistent than expected and .....

On Wall Street overnight, US stocks snapped their three day losing streak to finish moderately higher, albeit well off session highs as little progress was made in talks over the raising of the debt ceiling and a Fed official said he is against providing further stimulus to the economy, opposing earlier comments from Ben Bernanke.

MARKET CLOSE (4.30pm AEST)The Australian sharemarket fell for the third time this week, with the ASX 200 index (XJO) dropping 0.5 pct or 24.1 pts to 4490.7 while the broader All Ordinaries index (XAO) losing 0.5 pct or 21.9 pts to 4561.3. Most sectors fell today, however some modest gains from mining and energy companies helped minimise the losses.

Across Asia, regional markets are mostly lower after credit rating agency Moody's said after hours that the United States' triple-A credit rating is under review for possible downgrade. This has seen widespread caution throughout Asia, with the Kospi and Hang Seng the worst performers, down 0.8% and 0.7%. The Nikkei 225 is softer by 0.6% while the Shanghai Composite is showing modest gains of 0.1%.

MIDDAY REPORT (12.00pm AEST)The Australian sharemarket is falling back today, wiping out yesterday's modest improvement. The All Ordinaries index (XAO) is down 0.3 pct or 13.9 pts to 4569.3. Most sectors are trading lower with the exception of the energy, mining and telecommunication sectors.

In spite the lowered residential property prices, affordability is still a major concern among residents in Australia, the National Australia Bank's latest survey indicated.

Australia's interest rate futures have attracted the interest of most investors, who have considered them a safe haven from the European debt crisis.

In Washington, online retail giant Amazon plans to unveil a tablet computer before October in a bid to carve out a slice of a growing market dominated by Apple's iPad, the Wall Street Journal and the AFP reported on Wednesday.

MARKET CLOSE-- (4.30pm AEST)The Australian sharemarket was lower in the first half of the day; however our fortunes changed for the better following solid economic numbers out of China today. The ASX 200 index (XJO) rose 0.40 pct or 19.4 pts to 4514.8 while the broader All Ordinaries index (XAO) gained 0.40 pct or 19.7 pts to 4583.2.

Across Asia, regional markets are shrugging off the weak close on US market to be higher across the board, seemingly boosted by a stronger-than-expected set of Chinese economic figures. The GDP and industrial production prints showed the economy rose faster-than-anticipated in the second quarter. In trade, the Shanghai Composite is the top performer, up 1.2% while the Kospi, Hang Seng and Nikkei 225 are all up between 0.4% and 0.9%.

Australia's reforms to improve on the retirement savings of citizens are still hanging and waiting to be addressed, according to the industry group Association of Financial Advisers (AFA) after meeting with government authorities

Australia did not agree to give more protection on Japanese whaling vessels passing by the country's waters under attack by environmentalists and anti-whaling activists.

Encouraging economic data out of China today gave a much needed psychological lift to a market looking for any pockets of optimism. The 9.5% print on GDP was marginally above forecast, and significantly above the rumoured 9% figure which had earlier dragged risk assets off their session highs. Industrial production at 15.1% was a solid reading (versus 13.2% forecast), and Retail Sales numbers also showed some vigour coming in at 17.7%. All in all it was a pleasing set of data.

MIDDAY REPORT -CommSec (12.00pm AEST)After a stronger start to trade today, the Australian sharemarket has crept into negative territory with the All Ordinaries index (XAO) down 0.1 pct or 6.7 pts to 4556.8. Most sectors are lower with the exception of the industrials, telcos and healthcare stocks.

MORNING REPORT- (7am AEST)The minutes from the FOMC meeting revealed that, despite the slowdown in economic growth, there was still little interest among Fed officials for a third round of quantitative easing - at least not in the short term. According to the minutes only ´´some participants´´ thought it would be appropriate to provide additional stimulus in the medium term if the unemployment rate remained elevated. However members spent most of the meeting firming up their exit strategy ...

MARKET CLOSE--Commonwealth Securities (4.30pm AEST)The Australian sharemarket extended its falls in the second half of trade today, with the ASX 200 index (XJO) down 1.9 pct or 86.9 pts to 4495.4 while the broader All Ordinaries index (XAO) slumped by 1.8 pct or 83.3 pts to 4563.5. Almost all regions of the market ended lower with the exception of the coal producers.

American pop star Lady Gaga has been declared an honorary citizen of Sydney for her 'unwavering support' of gay rights as she delighted fans with surprise shows at two city nightspots, reports said.