Sharon Olalia

Australian manufacturing activity contracted in November due to the ongoing impact of the strong Australian dollar, rising interest rates and skill shortages, new data show.

U.S. stocks wavered between small gains and losses Tuesday as investors tried to reconcile continued worries over the European sovereign debt crisis with encouraging data on U.S. manufacturing and consumer confidence.

The AUD has opened lower this morning as investors move out of risk for safe haven assets such as the USD.

The Australian dollar is struggling to hold its own above 96 cents of late as economic headlines are dominated by risk.

US consumer confidence rose from 49.9 to 54.1 in November - ahead of market expectations and its highest reading in five months. The expectations index also rose to a six month high.

Australian national grocery, liquor and hardware wholesaler, distributor and marketer, Metcash Ltd (ASX: MTS) has lifted earnings before interest, tax and amortisation (EBITA) 7.7 per cent from $184.9 million to $199.4 million for the six months to October 31, 2010.

The Australian share market slid on Europe's sovereign debt woes and lower commodity prices, with the energy sector one of the few bright spots.

House prices remain concerning even with a bounceback in dwelling approvals in October. Government action is needed to remove supply-side impediments that will otherwise have dire consequences for housing affordability, according to Australia's peak body for the building and construction industry.

Some analysts believe the Australian prime minister's attempt to set a price on carbon will fail despite Julia Gillard yesterday declaring 2011 a year of delivery and decision for her Government.

Australia' total number of dwellings approved jumped 9.3 per cent in October 2010, after falling for six consecutive months in seasonally adjusted terms, Building Approvals data from the Australian Bureau of Statistics showed today.

Local stocks have followed global markets into the red today, on worries Europe's debt crisis could worsen.

National current account deficit rose $2,417m to $7,830m in the September quarter 2010, new data from the Australian Bureau of Statistics (ABS) show.

New Zealand should now be able to resume apple exports for the first time since 1921 to its biggest trading partner after the World Trade Organization top court ruled on Monday that Australia's 89-year-old ban on imports of Kiwi apples are unscientific and break international trade rules.

Six days after a system glitch that delayed millions of transactions, National Australia Bank (ASX: NAB) said on Tuesday it has corrected all affected accounts.

With a lack of price sensitive information released during the offshore session last night, the AUD has weakened as lingering fears of debt contagion in Europe saw risk aversion trading come into play and investors reduce their holdings in the riskier AUD.

In recent risk-off trade the Australian Dollar has been one of the hardest hit, giving up some vital ground in the past 24 hours.

U.S. stocks recovered about half of their Monday losses in late-afternoon trade, bringing the Dow Jones Industrial Average back above 11,000, with financials faring the best

The Chicago Midwest manufacturing index rose from 80.3 to 80.9 in October.

The Australian share market reversed its early losses to close higher, buoyed by healthcare, energy and bank stocks.

Australian stocks managed to reverse a weak start and close in positive territory for the first trading day of the week

Metcash Ltd (ASX: MTS), the country's largest wholesale and distribution company, says it welcomes the Australian competition watchdog's court action aimed at preventing it from acquiring Franklins.

New home sales continue to point to a renewed decline in residential construction despite a slight improvement in October, according to a survey of Australia's major residential builders released today by the Housing Industry Association (HIA).

Local stocks have started the trading week in the red, as investors look backwards to falls experienced on Friday night in the US and Europe.

Leighton Holdings Ltd (ASX: LEI), Australia's largest project development and contracting group has concluded discussions with Spanish builder Actividades de Construcción y Servicios SA (ACS) in relation to a governance framework to protect the interests of the Company's minority shareholders should ACS acquire control of Leighton's major shareholder, Hochtief AG.

Water prices in Australia have gone up, but the nation is consuming less according to the 4th Edition of the Water Account Australia, released today by the Australian Bureau of Statistics.

National Australia Bank (ASX: NAB) says it has identified and fixed the problem which caused the payment and transaction processing delays it has experienced in recent days.

The Australian Dollar has recovered from the short term wobbles on Friday evening when it fell to just above of 0.9600 on thin post-Thanksgiving US trading and concerns on the financial situation in Ireland.

Australia was confronted with an unusually dovish Glenn Stevens on Friday, as the RBA's Governor testified before the House of Representatives Standing Committee on Economics.

U.S. stocks fell, spending Black Friday in the red as growing worries over the euro zone debt crisis overshadowed an encouraging start to the holiday shopping season.