Christine Gaylican

MIDDAY REPORT-Commonwealth Securities (CommSec) (12.00pm AEST)The Australian sharemarket is pulling back for the second straight day, with the All Ordinaries index (XAO) down 1.4 pct or 65.5 pts to 4581.3. Almost all sectors are currently trading in the red with the miners down in the order of 1.5 pct.

Beleaguered and undaunted, Australia's Prime Minister Julia Gillard had begun her final push for the carbon tax deemed necessary for the environment but would be costly for the domestic economy. There is no turning back for Ms Gillard determined to put a carbon emissions scheme in place no matter what the odds.

MARKET CLOSE-CommSec (4.30pm AEST)It was a less than desirable start to the week for equities, with the ASX 200 index (XJO) falling 1.6 pct or 72.4 pts to 4582.3 while the broader All Ordinaries index (XAO) has dropped 1.5 pct or 69.2 pts to 4646.8. Almost all market segments ended in lower territory by the close of business.

MIDDAY REPORT --From Commonwealth Securities Ltd (12.00pm AEST)The Australian sharemarket is significantly lower at lunch, with the All Ordinaries index (XAO) down 1.2 pct or 55.7 pts to 4660.3. Almost all sectors are trading in the red; however the country's largest telco, Telstra (TLS) is up 1 pct or 3 cents to $3.03 and is one of the day's better performers.

Australia's crop growing industry can take advantage of the weather and other climate conditions with the new online tool from the Grains Research and Development Corporation (GRDC).

In spite all the denials that China's leader Jiang Zemin is still alive, rumours that he had died of a lingering illness persist.State-run Xinhua News issued a statement denying his demise and censorship on the Internet prevails in China relating to searches on his true state.

Rupert Murdoch will shut down Britain's biggest selling Sunday newspaper, the News of the World, in a startling response to a scandal engulfing his media empire.

Thailand's next Prime Minister Yingluck Shinawatra has dismissed mounting rumours that her brother, Thaksin Shinawatra, will be given an official role under her tenure.

The Winklevoss Twins are set to continue their endless legal fight with Facebook. Why do you think they persist with court action after court action? Because Facebook has only just got started and they know that.

COMMSEC MORNING REPORT (7am AEST)US same store sales rose by 6.5pct in June - well ahead of expectations for a 4.9pct rise. Of the 23 chain stores tracked by Thomson Reuters all but four of the chains reported an increase. The ICSC expects sales to rise by 4.5-5.5pct in July.

MARKET CLOSE - CommSec Report (4.30pm AEST)The Australian sharemarket has managed to end higher by the most modest of margins for the third time this week despite being around 0.4 pct lower at one point this morning.

China has expressed concern on the planned carbon tax by the Australia government, which the Chinese government said might be a step back for the country's mining boom.

Home owners are still refinancing their mortgages, even as the property market remains flat, the latest Bankwest/MFAA* Home Finance Index has shown. The Home Finance Index, which surveyed more than 1,139 respondents, revealed that one in four (24.7%) had refinanced their loan in the past two years and 14.2 per cent had refinanced in the previous year, an increase on the previous HFI.

The Australian sharemarket is improving after a slow start to trade, following a solid employment report this morning. The All Ordinaries index (XAO) is currently flat. Almost all sectors are trading slightly lower at lunch however.

The Australian government has mellowed down its carbon tax policy that would not be too much of a burden to small and medium enterprises. Industries affected by the carbon price had been reduced to 500 from the previous 1000, the government said.

The national construction industry contracted further in June with solid falls in new orders and activity across the sector. The Australian Industry Group Australian Performance of Construction Index (Australian PCI®) in conjunction with the Housing Industry Association, fell 3.8 points to 35.8 (a reading below 50 indicates a contraction in activity).

Global Markets Briefing from Craig James, CommSec Chief Economist: The US ISM services index eased from 54.6 to 53.3 in June, below forecasts centred on a result near 54.0. While employment rose slightly and prices paid eased, the new orders sub-component also fell.

Here is IG Markets Global Markets Overview: (From Market Analyst Ben Potter) In the US overnight, the major indices finished the session modestly higher after traders shrugged off a weaker start amid largely negative news flow. China raised interest rates by 25 basis points, European banks slumped on contagion fears following the Portuguese rating downgrade and the US Services ISM number came in lower than expected.

Australia has announced it would lift a ban on live cattle exports to Indonesia and resume trade with additional safeguards in place to address animal cruelty concerns.

Utmost concern has been raised on the spread of the deadly Hendra virus in Australia that has so far killed a sixth horse since it occurred more than two weeks ago.

The campaign for carbon pricing have gathered new supporters as the push for the government policy has turned to popularity and gathering of numbers.

Australia is seen to post modest gains on Wednesday's trading day. Here's a first look at the markets as it opens today:

The Reserve Bank has maintained benchmark rates at 4.75 percent this afternoon which creates a further respite for construction and retail sectors that have been languishing and expect to fully bounce back in 2012.

Australia's mining boom strengthened the country's trade surplus that has hit a seven-month high to A$2.33 billion ($2.5 billion), from a revised A$1.62 billion surplus in April, the Bureau of Statistics said in a report in Sydney on Tuesday.

Australia's Lynas Corp. took in a new shareholder as Japanese bank Mitsubishi UFJ Financial Group has taken close to a 10 percent stake in the mining firm worth $324 million.

A spur of new orders for goods gave a glimmer of hope to Australia's services sector industry in June and possibly in the coming months.

Australia’s consumer inflation rates remained flat in June that may reduce the pressure on the central bank to increase benchmark interest rates in the near term, according to the private-sector led survey by TD Securities and the Melbourne Institute.

Attorney-General Robert McClelland today released new research which shows nearly one in six Australians have been a victim or known somebody who has been a victim of identity theft or misuse in the past six months.

Thais had voted for their first woman prime minister. Yingluck Shinawatra received the highest votes so far as the Elections Commission finish their tallying until this afternoon. Other leading candidate, concurrent Prime Minister Abhisit Vejjajiva has conceded defeat on Sunday evening.