Across Asia, regional markets have started the week in a mixed fashion despite the positive leads from the US on Friday. Traders continue to be very cautious ahead of what's likely to be another volatile week as debt problems in the US and Europe continues to hang over the market. The Hang Seng is 0.2% firmer for the session while the Shanghai Composite is 0.1% lower. The Nikkei 225 is closed for a holiday.
Australia's Labour Party has felt the pangs of public dismay as its popularity plunged to its lowest, according to a survey conducted by Nielsen.
Australia's New South Wales and Queensland could make a comeback in the second half if benchmark rates remain at their current levels, the June report of CommSec State of States said on Monday.
MIDDAY REPORT
(12.35pm AEST)The local share market has defied Wall Street's positive Friday finish and started the trading week slightly lower. At lunchtime in the East, the All Ordinaries Index (XAO) is down 8.6pts or 0.2pct to 4534.1.Energy players are under the most pressure, despite a rise in the crude oil price. Oil is hovering around US$97.57 a barrel, thanks to a firmer US dollar and generally favourable stress tests results on European banks.
China's effort to have a grip on steel-making companies to fulfill its needs continue as the Sichuan Hanlong Group made a bid for Australia-listed firm Sundance Resources for A$1.4 billion ($1.5 billion).
MORNING REPORT
(7am AEST)US industrial production rose by 0.2pct in June, in line with forecasts. Consumer prices (CPI) fell by 0.2pct in June, weaker than the -0.1pct consensus forecast. But excluding food and energy (core prices) the CPI rose by 0.3pct, slightly ahead of market forecasts. And consumer sentiment slumped from 71.5 to a 2-year low of 63.8 in July.
AFTERNOON REPORT (4.30pm AEST)Debt concerns in the US and Europe once again rattled local investors, with the Australian share market ending the trading week in the red. Ratings agency Standard & Poor´s today warned there is a one-in-two chance it could cut the United States´ prized triple-A rating if a deal on raising the government´s debt ceiling is not agreed soon. The deadline for the agreement is August 2nd. The All Ordinaries Index (XAO) fell 18.6pts or 0.4pct to 4542.7 while the S&P/A...
Change and changing mindsets, no matter at what stage are loathed at, but at times circumstances just points to the inevitable. This is how the staunch supporters of the carbon tax in Australia perceive their advocacy in the days to come.
MIDDAY REPORT
(12pm AEST)Australian stocks have started the last trading day of the week in the red, on continued investor concern about US and European economic woes. Ratings agency Standard & Poor´s has this morning warned there is a one-in-two chance it could cut the United States´ prized triple-A rating if a deal on raising the government´s debt ceiling is not agreed soon. The deadline for the agreement is August 2nd. At lunchtime in the East, the All Ordinaries Index (XAO) is down 15.2...
Caltex Australia MD has firmed up fuel storage and expansion plans in South Australia in the next 25 years, the company has announced on Friday.
Millionaires Jan Cameron and Graeme Wood both conservation-minded entrepreneurs have achieved a stunning coup over loggers by buying the Triabunna woodchip mill right from a logging company.
In spite the lowered residential property prices, affordability is still a major concern among residents in Australia, the National Australia Bank's latest survey indicated.
MARKET CLOSE--
(4.30pm AEST)The Australian sharemarket was lower in the first half of the day; however our fortunes changed for the better following solid economic numbers out of China today. The ASX 200 index (XJO) rose 0.40 pct or 19.4 pts to 4514.8 while the broader All Ordinaries index (XAO) gained 0.40 pct or 19.7 pts to 4583.2.
MIDDAY REPORT -CommSec
(12.00pm AEST)After a stronger start to trade today, the Australian sharemarket has crept into negative territory with the All Ordinaries index (XAO) down 0.1 pct or 6.7 pts to 4556.8. Most sectors are lower with the exception of the industrials, telcos and healthcare stocks.
MARKET CLOSE--Commonwealth Securities
(4.30pm AEST)The Australian sharemarket extended its falls in the second half of trade today, with the ASX 200 index (XJO) down 1.9 pct or 86.9 pts to 4495.4 while the broader All Ordinaries index (XAO) slumped by 1.8 pct or 83.3 pts to 4563.5. Almost all regions of the market ended lower with the exception of the coal producers.
The National Australia Bank has slashed down its economic growth forecasts for the country based on its latest survey that shows very slight increases in domestic sectors in Australia for the last six months.
MIDDAY REPORT-Commonwealth Securities (CommSec)
(12.00pm AEST)The Australian sharemarket is pulling back for the second straight day, with the All Ordinaries index (XAO) down 1.4 pct or 65.5 pts to 4581.3. Almost all sectors are currently trading in the red with the miners down in the order of 1.5 pct.
Beleaguered and undaunted, Australia's Prime Minister Julia Gillard had begun her final push for the carbon tax deemed necessary for the environment but would be costly for the domestic economy. There is no turning back for Ms Gillard determined to put a carbon emissions scheme in place no matter what the odds.
MARKET CLOSE-CommSec
(4.30pm AEST)It was a less than desirable start to the week for equities, with the ASX 200 index (XJO) falling 1.6 pct or 72.4 pts to 4582.3 while the broader All Ordinaries index (XAO) has dropped 1.5 pct or 69.2 pts to 4646.8. Almost all market segments ended in lower territory by the close of business.
Australia's crop growing industry can take advantage of the weather and other climate conditions with the new online tool from the Grains Research and Development Corporation (GRDC).
COMMSEC MORNING REPORT
(7am AEST)US same store sales rose by 6.5pct in June - well ahead of expectations for a 4.9pct rise. Of the 23 chain stores tracked by Thomson Reuters all but four of the chains reported an increase. The ICSC expects sales to rise by 4.5-5.5pct in July.
MARKET CLOSE - CommSec Report
(4.30pm AEST)The Australian sharemarket has managed to end higher by the most modest of margins for the third time this week despite being around 0.4 pct lower at one point this morning.
China has expressed concern on the planned carbon tax by the Australia government, which the Chinese government said might be a step back for the country's mining boom.
Home owners are still refinancing their mortgages, even as the property market remains flat, the latest Bankwest/MFAA* Home Finance Index has shown. The Home Finance Index, which surveyed more than 1,139 respondents, revealed that one in four (24.7%) had refinanced their loan in the past two years and 14.2 per cent had refinanced in the previous year, an increase on the previous HFI.
National jobs figures released by the Australian Bureau of Statistics today revealed a significant rebound in the employment market, confirming the underlying strength of the Australian economy.
The Australian sharemarket is improving after a slow start to trade, following a solid employment report this morning. The All Ordinaries index (XAO) is currently flat. Almost all sectors are trading slightly lower at lunch however.
The Australian government has mellowed down its carbon tax policy that would not be too much of a burden to small and medium enterprises. Industries affected by the carbon price had been reduced to 500 from the previous 1000, the government said.
The national construction industry contracted further in June with solid falls in new orders and activity across the sector. The Australian Industry Group Australian Performance of Construction Index (Australian PCI®) in conjunction with the Housing Industry Association, fell 3.8 points to 35.8 (a reading below 50 indicates a contraction in activity).
Australia has announced it would lift a ban on live cattle exports to Indonesia and resume trade with additional safeguards in place to address animal cruelty concerns.
The campaign for carbon pricing have gathered new supporters as the push for the government policy has turned to popularity and gathering of numbers.
