Vittorio Hernandez

A flat open for the ASX 200 has gave way to selling in the early part of trade on Friday. US markets finished on a cautious note as investors ruminate on the outcome of the US jobs report which will be released later this evening local time. Most sectors were in the red, although financials were conspicuous with their decline.

The Australian government increased the official retirement age to 70 by 2035. Treasurer Joe Hockey said that means Aussies born after 1965 would have to continue being employed until they become 70 to qualify for age pension.

With most of Europe and parts of Asia shut for May Day holidays, leads are coming from the US alone; and with China still observing Labour Day holidays, trade is likely to see positioning before the non-farm payrolls.

In US economic data, the ISM manufacturing index rose from 53.7 to 54.9 in April. The forward-looking new orders index and the employment sub index continued to expand at a healthy pace. US construction spending increased by 0.2% in March. Public construction hits its lowest levels since 2006. However this was offset by private residential construction lifting to the highest levels since May 2008.

Is the Manny Pacquiao-Juan Manuel Marquez 5 fight underway? The fifth match between the two boxers was hinted by Filipino boxing expert Joaquin Henson in his sports column in a local daily.

On Saturday, May 3, American boxer Floyd Mayweather Jr would be richer by a minimum of $32 million, the guarantee purse for his bout against Argentinean boxer Marcos Maidana, regardless if he wins or loses the fight.

Embattled Malaysia Airlines is expected to elicit more negative feedback from the relatives of the 239 people aboard the missing Boeing 777 jet with two new developments on Thursday.

After more than 50 days of searching the Indian Ocean and not finding any trace of the missing Malaysian Airlines Flight 370, is the embattled air carrier throwing in the towel?

It was another session where the early trend showed few signs of changing course after the opening bell sounded. With less than half an hour to trade the ASX 200 continued the plumb new lows for the session , the market finished within 10 points of the lowest levels of the day.

The Australian sharemarket is losing ground for the second time this week, with the mining and financials the biggest drags on trade. The All Ordinaries Index (XAO) is down 0.4 per cent and is trading below 5450.0pts.

Currently, when materials are up, financials reverse and vice versa; for Australia today, it appears that the banks will be up, and materials down.

In US economic data, the economy grew at a 0.1% annual pace in the year to March, short of forecasts for a gain of 1.2%. The ADP survey showed that 220,000 private sector jobs were created in April, above forecasts for a gain of 210,000. Employment costs rose by 0.3% in the March quarter, below forecasts for a gain of 0.5%.

Venezuelan President Nicolas Maduro announced on Tuesday a 30 per cent increase in the country's minimum wage. The salary hike is on the heels of a 10 per cent increase in January in a bid to close the gap with the country's soaring inflation rate of 59.3 per cent.

In Canberra, a breakfast made of bacon and eggs, muffin and tea would cost $11,000. The whopping bill is because breaking bread with Australian Prime Minister Tony Abbott comes with the breakfast package.

Racism isn't always whites discriminating against blacks as what happened when LA Clippers owner Donald Sterling told his Hispanic girlfriend not to not to bring blacks to watch the games of his team. It could also be in the form of a black speaking against another race as what UFC President Dana White is accusing WBC welterweight champion and unbeaten boxer Floyd Mayweather Jr of. White claimed on Tuesday that Money May made racist remarks against New York Knicks point guard Jeremy Lin, an A...

The New South Wales government announced on Wednesday the sale of the Newcastle Port, the world's biggest coal export terminal, for $1.62 billion to joint venture partners Hastings Fund Management and China Merchants.

The youngest sister of Philippine President Benigno Aquino III continued to generate controversy, this time being the subject of parody Web sites that says TV host and actress Kris Aquino is being sued by American TV host Oprah Winfrey and is being blamed for the alleged cancellation of the showing of Spider-Man 2 in the Philippines.

The Australian share market finished only marginally higher on Wednesday, despite good gains offshore. US market sentiment was buoyed by earnings news with the Dow Jones Index up 0.5 per cent.

There are no doubts over where the missing Malaysia Airlines Boeing 777 jet could have possibly crashed, even as a pilot and an Australian company claim the ill-fated Flight 370 with 239 people on board is in the Bay of Bengal.

A patent filed by Apple has the potential of saving lives of road travelers since it would prevent motorists from texting while driving. The technology involves the installation of a sensor that would prevent access to an iPhone's messaging apps. But the restriction is limited to the driver and excludes passengers through detecting the position of the smartphone user in the car and the vehicle's speed.

The statement by NBA Commissioner Adam Silver on Tuesday urging league owners to force Los Angeles Clippers team owner Donald Sterling - who was banned for life in the NBA for recent racist remarks - to sell the team has generated interested just hours after the announcement.

Despite a firmer start this morning and a strong lead from Wall Street, the Australian sharemarket commenced its descent after just 20 minutes of trade. The All Ordinaries Index (XAO) is down for the second day and remains below 5500pts. Weakness from the consumer staples and financial industries are holding the market back most.

With Japan on holidays for Showa Day yesterday, the reverse in the ASX was rather strong, but not unexpected.

In US economic data, the Redbook chain store sales index was up 3.8% on a year ago, compared with a 3.7% annual gain in the previous week. Consumer confidence fell from 83.9 to 82.3 in April, short of forecasts near 83.0. And the CaseShiller home price index rose 0.8% in February to stand 12.9% on a year ago.

Everyone who was politically important was in the state dinner on Monday night for visiting U.S. President Barack Obama. But the main guest appears to had noticed someone he knows personally missing - Filipino boxing champion Manny Pacquiao.

If former Australian Prime Minister Julia Gillard had the carbon and mining taxes as partly the cause of her unpopularity and political downfall, in the case of incumbent PM Tony Abbott, who has been on the job for only 7 months, it would probably be his proposed deficit tax.

The selling that featured in the first half of the session continued this afternoon with the ASX 200 continuing to make new lows over the course of the afternoon. Every sector ended in the red with the consumer, materials and utilities sub-indices all shedding more than 1% over the course of the session.

Business confidence in Australia went down in March 2.7 points compared to the December quarter, according to the business index prepared by the Commonwealth Bank of Australia (CBA).

The Australian sharemarket is losing ground for the first time in eight trading sessions despite a firmer start. The All Ordinaries Index (XAO) is down by 0.2 per cent; however is still hovering around a near six-year high.