James Kong

US stock markets pared session losses Thursday to arrive at a mixed finish as the halted flow of oil into the Gulf of Mexico offset poor economic data that dampened hopes for a rapid exit from recession.

Hot on the heels of the FOMC downgrade of U.S GDP softer than expected Chinese data triggered a selloff of higher yielding Currencies in Asia as concerns over the potential slowdown in global growth resurfaced.

The Australian sharemarket is currently trading slightly lower with the All Ordinaries index (XAO) down 0.20pct or 8.5pts to 4468.8 at lunch.

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The AUD has had a relatively quiet trading session overnight and we're likely to see a similar trading pattern this morning as the local market awaits the release of a wave of Chinese data due out around lunchtime.

U.S. stocks closed mixed Wednesday, with the Dow industrials just managing to extend their recent winning streak, as an upbeat forecast from Intel Corp. vied with more disconcerting views on the U.S. economy from retailers and the Federal Reserve.

Consumer sentiment in Australia markedly improved rising to 11.1% the most in 13 months, following 3 months of decline.

US retail sales fell by 0.5pct in June after a 1.1pct fall in May. Excluding autos, sales fell 0.1pct. Economists had tipped a 0.2pct fall in sales (ex autos unchanged).

The Australian stock market has closed higher, lifted by hefty gains from the big miners and major banks.

The Australian sharemarket close 1.8pct or 77.3pts stronger to 4477.30. Asian markets are maintaining their strength in the second half of trade thanks to strength from both US and European markets overnight.

Across Asia, regional markets are all pushing higher in afternoon trade after Intel reported a stronger-than-expected Q2 result and Singapore upgraded its 2010 economic growth forecast.

A rising tide has lifted all the boats on the share market today. Buoyed by optimism about the US earnings outlook and an overnight bounce in commodity prices, screens are a sea of green. An opening above the technically significant 4410 level on the ASX200 Index has also spurred buying.

The rising tide seems to have lifted all boats in the local market this morning with strong rises across almost all sectors.

The Australian sharemarket is up 1.4pct or 61.7 to 4454.2 at lunch with all sectors trading in the black.

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In the US overnight, stocks climbed for a sixth session in a broad based rally. Optimism over stronger-than-expected results from Alcoa and Intel, as well as a positive bond auction in Greece were the main catalysts.

Banks are poaching more staff from the Big Four accountancy firms in Australia, but they face strong competition from the corporate sector .

The Australian Dollar has opened over one US cent higher this morning and is trading above USD0.8800.

The US trade deficit widened from US$40.32 billion to an 18-month high of US$42.27 billion in May, above forecasts centred on a shortfall near US$40.3bn.

U.S. stocks shot higher Tuesday, extending the recent winning streak to six sessions as better than expected earnings from Alcoa and CSX boosted expectations for upcoming reports from bellwethers like Caterpillar.

The Australian Dollar climbed to its highest level in 3 weeks overnight as equities bounced upon expectations US corporate earnings will beat estimates.

The Australian Bankers' Association (ABA) is warning of fraudsters telephoning bank customers and claiming they are entitled to exception fee refunds as part of the proposed fees class action against banks.

AVG (AU/NZ) offers some quick online security tips for business and leisure travellers

Across Asia, regional markets are mostly lower this afternoon, choosing to ignore Alcoa's better-than-expected Q2 earnings result and instead focusing on Chinese comments reiterating their intention to curb property prices.

The Australian sharemarket is gaining for the 2nd day this week with the All Ordinaries index (XAO) flat at lunch.

US Federal Reserve chairman, Ben Bernanke, has indicated that improving small business access to finance is a key factor needed to support economic recovery.