Sharon Olalia

U.S. stocks fell Thursday despite a large drop in weekly jobless claims as investors moved cautiously before the Federal Reserve's key meeting next week.

Australia's carers have been formally recognised for their contribution to society with the passing of the Carer Recognition Bill 2010 through the Federal Parliament.

During Thursday''s local session the Aussie recovered from a three-week low beneath US97 cents but was still feeling the effects of the relatively benign inflation data released mid-week.

US jobless claims fell by 21,000 to 434,000 - a three month low.

The Australian share market has ended the day firmly higher with another strong result from one of the major banks and resurgent miners helping to buoy the market.

The Australian sharemarket pulled back slightly throughout the afternoon however still finished stronger for the second time this week.

International fast-fashion brand Zara is among stores anticipated to arrive as the Westfield Group opened the first stage of the $1.2 billion Westfield Sydney development today with 130 fashion and food specialty stores.

Banks today rejected claims made by politicians and others that they are making record profits due to reduced competition. As the reporting season gets underway, National Australia Bank reported a $4.22 billion profit while Australia & New Zealand Banking Group announced that profits soared to 69 percent.

The New Zealand dollar bounced from lows on Thursday, benefiting from a broadly softer greenback and after a widely expected decision by the Reserve Bank of NZ to hold rates unchanged and keep a tightening bias.

The Australian sharemarket is currently gaining for only the second time this week with the All Ordinaries index (XAO) up 42.3pts or 0.9pct to 4762.8. All sectors are in the black with the financial sector leading the way.

Peak industry bodies are disappointed with the NSW Government for its changes in the Solar Bonus Scheme.

A new policy recommendation report released by the Asian Development Bank Institute (ADBI) for the Asian Policy Forum urges Asian policymakers to take a collective approach to secure balanced and sustainable growth.

Following National Australia Bank's (ASX: NAB) $4.22 billion profit announcement yesterday, the Finance Sector Union on Thursday called on banks to share their profits with those that provided it - the Australian community.

The AUD has opened weaker this morning continuing on from yesterdays sell off following the release of the CPI data.

A smaller than anticipated rise in the consumer price index took the Aussie from an intraday high of 0.9860 down to 0.9720 in very quick fashion as traders lowered their expectations for an interest rate rise when the Reserve Bank meets next week.

U.S. stocks pared their losses in late trading Wednesday as investors recalibrated their expectations for a major bout of easing by the Federal Reserve to stimulate the economy.

US new home sales rose by 6.6pct to a 307,000 annual rate in September, above forecasts centred on sales near 300,000.

Amid a Coalition campaign for stricter banking regulations supported by the Australian Competition and Consumer Competition, banks today reiterated that while the world financial crunch lessened options for consumers, competition remained.

National stratified median house prices remained effectively unchanged at +0.1 per cent for the September quarter - the third consecutive quarter of declining growth - following falls in house prices in most capital cities, according to Australian Property Monitors.

Local stocks and the Aussie Dollar fell and shorter dated bonds rallied today.

Oil and gas producer Origin Energy Ltd (ASX: ORG) announced on Wednesday it achieved record September quarter production and sales revenues after strong performances at key projects.

The Australian stock market slumped on Wednesday as the heat fell out of resources and the major banks retreated from early gains.

The Australian share market is trading flat today, as gains from the banks are offset by losses from mining stocks. The All Ordinaries Index (XAO) is up 2.8pts at lunchtime in the East to 4764.3.

Australia's headline consumer price index (CPI), the data that the central bank uses to gauge the underlying trend in inflation, lifted 0.7 per cent in the September quarter, for an annual rate of 2.8 per cent, the Australian Bureau of Statistics (ABS) said today.

The Property Council of Australia (PCA) says it is time for NSW to wind back a raft of new and higher taxes on the property sector and head down the path of broader reform.

A chronic shortage in available rental properties is now a permanent fact of life in New South Wales three major metropolitan centres, the Real Estate Institute of NSW (REINSW) says.

The Australian Dollar has opened slightly lower this morning after trading comfortably over USD 0.9900 yesterday.

U.S. stocks meandered between positive and negative territory as a mixed bag of corporate earnings and economic data left investors without clear signs on whether the market's recent rally can be justified.

US consumer confidence rose from 48.6 to 50.2 in October, above forecasts centred on a result near 49.2.