Vittorio Hernandez

The Australian share market closed flat a day after Treasurer Joe Hockey delivered the Federal Budget. The All Ordinaries Index (XAO) moved just 0.5 of a point higher to finish at 5475.9 points.

Ordinarily, politicians' wives are seen as fashion icons that the public wouldn't mind seeing them in expensive dresses or gowns during state functions. Think Jacqueline Kennedy or Michelle Obama who are considered fashion icons and trendsetters of their time. However, that rule would not apply when the event is a budget announcement and the government is asking citizens to tighten its belt, only to find out the wife of the treasurer spent $750 on a designer's dress.

The Australian sharemarket is down modestly after yesterday's impressive surge. The All Ordinaries Index (XAO) is down 0.3 per cent at lunch; however this has less to do with last night's Federal Budget and more to do with weakness from the banks.

Last night was always going to be interesting as the 'new fiscal drag' was unveiled. The budget is a great big political beast, and putting the political issues to one side and looking at the budget from a purely market perspective, the ASX as a whole is likely to be breathing easier this morning.

In US economic data, retail sales rose by 0.1% in April, short of forecasts tipping a 0.4% gain. But March data was revised higher. Excluding autos, sales were flat, down on forecasts tipping a 0.6% gain. Import prices fell 0.4% in April with export prices down 1.0%. Both results were softer than expected

Undefeated American boxer Floyd Mayweather Jr is still not interested in fighting Filipino boxing champ Manny Pacquiao despite the eight-division titleholder's convincing defeat of American pugilist Timothy Bradley on April 12.

The Shangri-La Hotel in the Shard, London, may be the tallest tower in the British capital city, but it offers more than just impressive views of London but also what other hotel guests are doing.

While shattering ultra-conservative Catholic stand on many modern-day lifestyles which draw people to the church, Pope Francis also showed his now famous humorous side.

In the past four decades, pilots were never included in job cuts made by Australian flag carrier Qantas, even if some of them joined recent strikes. However, in the latest version of the Flying Roo's cost-cutting measures that would axe 5,000 jobs spread over three years, the aviators are no longer safe.

Australian Treasurer Joe Hockey presented on Tuesday night the Coalition's first budget, acknowledging the document would be hugely unpopular among Aussies.

The Australian share market enjoyed a solid gain today, ahead of the release of the 2014 Federal Budget. Our market took its cue from record highs on Wall Street overnight, with the All Ordinaries Index (XAO) adding 0.9 per cent or 46.4 points to 5475.4 points.

Much like Monday's session the ASX 200 started with a flourish this morning. Every sector started with gains although property stocks were the exception. The contrast with the previous session was the improved volume with well over a billion dollars in shares exchanged in the initial hour of trade.

Equities rallied to fresh record highs overnight, with a recovery in tech stocks lifting sentiment. While equities were firmer, currency markets were relatively calm with tight ranges maintained in most of the major currency pairs. USD/JPY was a standout as it finally broke through 102 helped by a wider-than-expected current account deficit figure for Japan aiding renewed yen weakness.

In US economic data, the monthly Federal Budget posted a surplus of US$106.9 billion in April, just short of forecasts centred on US$114 billion.

Virgin Atlantic will pilot test in spring the use of Google Glass by its Heathrow Airport check-in staff handling Upper Class passengers. The scheme is seen as a marketing strategy to raise brand awareness of Google's most visible and known wearable technology.

Organisers of the International Premier Tennis League announced on Monday the change of venue for the 1st leg of the sports event to Manila from Bangkok. The sudden change is due to the political instability in Thailand after the Constitutional Court removed from office on Wednesday Thai Prime Minister Yinluck Shinawatra for nepotism.

Top Rank Chief Executive Bob Arum expressed on Monday disappointment with the pay-per-view revenues generated by the April 12 rematch between Manny Pacquiao and Timothy Bradley. To bout generated only between 750,000 and 800,000 PPV buys.

Modern Japanese fashion would soon be available to Sydney residents with the opening in the later part of 2014 an outlet of fast-fashion giant Uniqlo. The 1,480-square metre outlet would be located at the central MidCity shopping centre.

In a bid to appease Coalition members, Australian Prime Minister Tony Abbott met on Monday with 200 Coalition staff and reminded them that he intends to keep his campaign promises. But he mentioned only repealing the carbon tax, fixing the budget, stopping the boats and building the roads of the 21st century.

The Australian share market started the trading week in the red, despite another record high on the US Dow Jones Index on Friday. The All Ordinaries Index (XAO) closed lower by 13 points or 0.2 per cent to 5429 with mining and energy players the biggest drag.

Bruce Wilson, an ex-boyfriend of erstwhile Prime Minister Julia Gillard and a former union official, hit a photographer on Monday outside the royal commission where there is an ongoing investigation into union corruption.

Local shares have kicked off the week on a negative footing ahead of the release of tomorrow night's much anticipated Federal Budget. The All Ordinaries Index (XAO) is down 0.4 per cent despite another record close for U.S. sharemarkets on Friday.

Asia is about to see the 'new normal' from the region's superpower over the coming years as Chinese President Xi Jinping publicly stated the nation will have to adapt to the slower pace of growth on the weekend.

In US economic data, wholesale sales rose by 1.1% in March with inventories up 1.4%. Economists had tipped a 0.5% lift in sales and 0.8% rise in inventories.

Despite describing two weeks ago that the preparations for the Summer Olympic Games being made by Brazilian city Rio de Janeiro being the worst he has seen, International Olympic Committee (IOC) Vice President John Coates denied that London will take over and host the international sports event in 2016.

Dr Carol Black, a British doctor visiting Australia, introduced to the country the concept of the fit note as an alternative to the sick note which employees who are not feeling well use to rest from work and go home.

Another boxer has joined the growing clamour for the Dream Match between Manny Pacquiao and Floyd Mayweather Jr to take place. The call came this time from Mexican boxer Marco Antonio Barrera whom Pacquiao beat twice.

Unbeaten American boxer Floyd Mayweather is known for speaking his mind, a trait he apparently got from his father who is not shy of making his opinion known.

As part of the Abbott government's cost-cutting measures to be announced this week in the budget, the Australian Tax Office (ATO) will axe 3,000 jobs, reports said.