From IG Markets Analyst Ben Potter:On Wall Street overnight, stock finished the quarter and end of the first half in bullish fashion, logging its fourth consecutive gain as Greece passed a second crucial vote on the implementation of the latest austerity package and a much stronger-than-expected Chicago PMI number.
The proposed mining tax will successfully pass the parliamentary scrutiny and keep its present form, according to Prime Minister Julia Gillard, who believes that firm backings from independent MPs will seal the measures’ good fortunes.
Small business support for the Australian Government has fallen to a 15-year low, according to the Sensis Business Index released today. SMEs have become much less supportive of the Federal Government’s policies, with the indicator declining sharply during the quarter to be the lowest level since February 1996.
At lunch the Australian share market is having a much better day, with the All Ordinaries index (XAO) around 0.4 pct or 19.7 pts higher to 4533.5. Close to all sectors are higher, with gains from the banks and miners helping to keep the market in positive territory.
Murchison Metals, the company primarily responsible for the Oakajee Port and Rail project has admitted to difficulties in funding its share of the development after a key customer placed its mid-west operations on hold.
Admittedly would weigh on household budgets, the Australian government has volunteered to share some of the financial burden entailed by the proposed carbon tax.
The Australian government is prepared for the counter-offensive as leading cigarettes firm Philip Morris takes legal action against a planned marketing prohibition in the country.
The Australian stock market is seen receiving a little shove from the negative leads over volatile overnight sessions in the US and European stock markets. The ASX is seen performing modestly on Friday.
Perseus Mining Limited (ASX/TSX: PRU) has drawn down US$85M under a Project Finance Facility for the completion of the company's Company's Central Ashanti Gold Project ("CAGP") in Ghana, Africa.
Malaysia's appointed independent panel investigating the environmental impact of the Australian rare earths plant in the country has completed its work and is set to issue its findings by end of the month.
The vaunted mining boom may have largely fueled up the national economy yet in the case of the Northern Territory, its residential construction industry appeared to have absorbed the negative impacts of the two-wind growth.
India's Tata Steel has accepted the takeover offer of Rio Tinto for the Riversdale Mines in Africa, allowing the London-based mineral producer to have an edge over iron ore grade coal produced by Riversdale.
Queensland Minister for Agriculture, Food and Regional Economies Tim Mulherin today launched a food policy for Queensland to further build the state’s billion dollar food industry.
People around the globe are changing what they eat because of the rising cost of food, according to a new global survey released today by international aid agency Oxfam.
For a third straight month, business owners in Australia have been down by pessimism as the Australian dollar reached new highs, an indicative report by the National Australia Bank (NAB) said.
Beef cattle producers in Australia can expect an increase in projected farm cash incomes in 2010-11 as a result of improved seasonal conditions according to a new report released today by ABARES.
Regal Beloit Corporation (NYSE: RBC) today announced that the Company has acquired the Australian Fan and Motor Company (AFMC) headquartered in Melbourne, Australia.
Even as Germany, Japan, Switzerland and other nations move to abandon existing and planned nuclear reactors, the United States is on a path to see at best only a small handful of already planned, government-backed reactor projects proceed, a group of experts said today.
The Australian livestock industry may get a reprieve from the financial debacle posed by the six-month-cattle ban to Indonesia by tapping into the $5-million contingency fund of the Meat and Livestock Australia (MLA), said Agriculture Minister Joe Ludwig.
Leighton Holdings Ltd. expects to incur a significant financial loss on its Airport Link Project in Brisbane. The construction company originally expected to report a profit of $407 million for the project, but has revised the outlook to a pre-tax loss of $430 million.
Leighton now says it is pursuing compensation where possible to recover ad
There is now no stopping the Australian government from implementing the economy-wide carbon tax that aims to lower greenhouse emissions. The Gillard administration even got the support of independent MP Tony Windsor after the Productivity Commission report.
Exco shareholders gave their go signal on Friday for the $175 million deal that will formally transfer ownership of the company’s Queensland mining assets to Xstrata.
Australia needs to brace for higher electricity rates and transport costs as soon as the government implements the carbon tax. This is one of the key results of the independent study made by the designated independent team the Productivity Commission.
Industrial action will soon hit the Australian coal operations of BHP Billiton as some 4000 coking coal workers are set to walk out from their job sites beginning next week, demanding from the giant resources company better pay and solid tenure assurances.
Australia's government led by Prime Minister Julia Gillard did not promise to give the local cattle industry any compensation for the recent implementation of a live export ban to Indonesia, which will last for six months.
Treasurer Wayne Swan is set to release today the Productivity Commission's report on international climate regimes at noon in Brisbane. Mr Swan will try to justify to opposing industry that seven of Australia's top-10 trading partners have adopted major policies to reduce pollution. The coal and gas industries have continue to oppose the carbon tax legislation further arguing the report should look at the measures taken by Australia's competitors.
As the Australian share market went down for a sixth consecutive trading day, investors went to the New Zealand markets, which rose close to 20 points to 3525.39, a change of about 56 percent.
Australia's stock market has opened at a modest pace taking on from overnight leads as Wall Street gave up mid-session gains as Federal Reserve chairman Ben Bernanke hinted that further stimulus is required to boost the US economy.
Weak trading sessions in the US and European markets will likely rebound in local trading on Tuesday. Investors at the Australian Stock market would likely be on the sidelines as there would be some reluctance ahead of the RBA interest rate pronouncement at 2:30PM AEST.
As world markets ended up disappointingly with a tepid performance on Friday, analysts expect some negativity spreading, but the good market support for the Australian share markets will hopefully hold it up at today's trading day.
