There have been three major disasters in the first three months of this year in the Pacific region: the Japanese quake and tsunami ranks the highest for the human and financial costs, followed by the Christchurch quakes in New Zealand and then the Queensland (and Brisbane) floods and cyclone.
A fall in residential land sales augurs poorly for home building, the HIA has said.
A last minute rally wasn't enough to lift Australian stocks back into the green at the close of trade on Thursday.
US business inventories rose by a larger than expected 1pct to $1.51 trillion - the highest level since October 2008. Business sales fell 0.1pct in May.
MORNING REPORT
(7am AEST)In Australia, data on inflation expectations is released together with detailed labour market data. In the US, data on producer prices, retail sales and weekly jobless claims are released.The US Federal Reserve chairman Ben Bernanke told the House of Representatives Financial Services Committee that more stimulus could be provided to the economy if needed: ´´The possibility remains that the recent economic weakness may prove more persistent than expected and .....
On Wall Street overnight, US stocks snapped their three day losing streak to finish moderately higher, albeit well off session highs as little progress was made in talks over the raising of the debt ceiling and a Fed official said he is against providing further stimulus to the economy, opposing earlier comments from Ben Bernanke.
U.S. stocks snapped a three day slide Wednesday as investors saw hope for further economic stimulus from the Federal Reserve.
US export prices rose by 0.1pct in June with import prices down 0.5pct. Both results were near market forecasts. And the Federal budget deficit narrowed from US$57.64 billion to US$43.00 billion in June.
Apple has introduced new prices for its App Store content for international App Stores. Prices in some countries have been increased while in other countries, like Australia prices have been slashed.
Qantas Group has announced that it would be providing service to Beijing through its low-cost subsidiary Jetstar. The new service which will link Beijing to Melbourne via Singapore is another move to capture as much of the growing Melbourne-Beijing tourism market.
Commonwealth Bank (ASX: CBA) branches opening on 1 August can only be staffed by employees who volunteer to work on the Bank Holiday, and those bankers must be paid penalty rates due to trading hours permit restrictions won by the Finance Sector Union.
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.
- Beach Energy's initial shale gas testing is positive- Costs are potentially overwhelming- Most analysts doubt commercial viabilityBy Greg PeelShale is hot.
- Oil market tighter than previously projected- Helps explain IEA release of strategic reserves- Market to stay tight, global stocks expected to fall through 2012By Chris ShawWhile the recent strategic stock release by the International Energy Agency (IEA) was questioned in some quarters, Barclays C...
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.
Australia's interest rate futures have attracted the interest of most investors, who have considered them a safe haven from the European debt crisis.
By Greg PeelThe Dow closed up 44 points or 0.4% while the S&P gained 0.3% to 1317 and the Nasdaq added 0.
In Washington, online retail giant Amazon plans to unveil a tablet computer before October in a bid to carve out a slice of a growing market dominated by Apple's iPad, the Wall Street Journal and the AFP reported on Wednesday.
Digital payment company PayPal on Wednesday debuted its person-to-person payment technology that utilizes Near Field Communications (NFC) embedded in Android smartphones.
- Alarmist warnings of a credit bust in China are unfounded- China's financial system is under no grave threat- China is not like the WestBy Greg PeelThere are 65 million apartments in China standing empty.
Research In Motion, the maker of the BlackBerry smartphones, told shareholders of plans to release new smartphones running on next-generation operating system in the coming months.
Peabody Energy Corporation and AcelorMittal S.A. have submitted a joint offer to purchase Macarthur Coal limited for $4.7 billion. The rise in shares signal that the market is expecting another bidder that would force Peabody and AcelorMittal, which owns 16 percent of Macarthur's outstanding shares, to raise their offer.
Sydney has jumped up the list of countries too expensive to live in for skilled expatriates, according to a survey by business consulting firm Mercer.
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.
Across Asia, regional markets are shrugging off the weak close on US market to be higher across the board, seemingly boosted by a stronger-than-expected set of Chinese economic figures. The GDP and industrial production prints showed the economy rose faster-than-anticipated in the second quarter. In trade, the Shanghai Composite is the top performer, up 1.2% while the Kospi, Hang Seng and Nikkei 225 are all up between 0.4% and 0.9%.
Australia's reforms to improve on the retirement savings of citizens are still hanging and waiting to be addressed, according to the industry group Association of Financial Advisers (AFA) after meeting with government authorities
Property ownership has become Australians no.1 priority, with buying a home now regarded as even more important that having children, according to new research released today.
Encouraging economic data out of China today gave a much needed psychological lift to a market looking for any pockets of optimism. The 9.5% print on GDP was marginally above forecast, and significantly above the rumoured 9% figure which had earlier dragged risk assets off their session highs. Industrial production at 15.1% was a solid reading (versus 13.2% forecast), and Retail Sales numbers also showed some vigour coming in at 17.7%. All in all it was a pleasing set of data.
By Richard (Rick) MillsAs a general rule, the most successful man in life is the man who has the best informationThe International Energy Agency (IEA) has recently warned us the world will face higher energy costs, higher carbon emissions and greater uncertainty over security of energy supply if it ...
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.
