MARKETS

The Aussie opens sharply lower today at 0.9710 as risk appetite took a nosedive overnight. In the absence of any market-moving economic data, European sovereign debt concerns continued to occupy the minds of investors during local trade on Tuesday.

U.S. stocks steepened their decline Tuesday after the Federal Reserve downgraded its U.S. economic projections in the minutes of its latest meeting, citing worse than expected growth.

The Commerce Department upwardly revised its estimate of September quarter growth from 2pct to 2.5pct.

The Australian share market dived more than one per cent on Tuesday as uncertainty over European sovereign debt troubled investors on a day with few economic indicators to provide direction.

Local stocks were heavily sold off in afternoon trade, as worries about Eurozone debt contagion and weakness in the Asian region unsettled investors

Local stocks have followed US and European markets lower in early trade, with investors concerned other Eurozone countries may join Ireland in requiring a financial bailout.

U.S. stocks fell Monday as bank shares were hurt by worries about a broad insider trading probe and energy shares took a hit from falling oil prices.

The Chicago Fed National Activity Index improved from -0.52 to -0.28 in October. A zero value indicates the national economy is expanding at historical trends.

The Australian stock market has closed higher on a day when trade was dominated by the public float of Queensland freight railways, QR National.

Australia's largest coal hauler and transporter QR National stabilised at $2.55 per share at its mid-day introductory debut at the Australian stock exchange and so far raised some $4.6 billion for the Queensland government.

The Pike Coal Mining rescue team in New Zealand are preparing to send a robot to assess the situation of the 29 miners trapped underground for the last three days.

Local stocks have kick-started the trading week on a healthy note, with investor sentiment boosted by more clarity surrounding the Ireland bailout package and China's decision to tighten monetary policy.

After a volatile week, U.S. stocks closed nearly flat over five sessions as worries over the rate of Chinese growth and the stability of European economies mounted and ebbed.

On Friday Chinese authorities raised the Reserve Ratio by 0.50pct to 18.5pct - marking the fifth such rise this year.

Local stocks closed slightly lower today as financial and mining stocks turned negative despite an impressive lead in from global share markets and higher commodity prices.

The Australian share market closed lower on Friday, as speculation of more interest rate rises in China dampened investor sentiment to risk.

Local stocks are enjoying solid gains in early trade on the back of a positive lead from overseas markets.

U.S. stocks rose sharply Thursday as investors bet on a resolution to Ireland's debt situation and watched General Motors' shares climb on their return to the Big Board.

US jobless claims rose by 2,000 to 439,000 over the past week. However the four week moving average of claims - a better gauge of underlying labour trends - hit the lowest level since September 2008.

The Australian share market closed higher, rising slightly from Wednesday's four week high as Sonic Healthcare, together with some mining and energy companies dragged the index higher.

Local stocks managed a win today as Asian markets snapped a four day losing streak on news the Chinese government has proposed temporary price caps to tackle inflation.

Australian stocks are trading relatively flat at lunchtime in the East following a mixed lead from Wall Street and as losses from the banks cancel out gains made elsewhere on the market.

U.S. blue chip stocks fell slightly Wednesday, one day after a major market rout, although retailers were doing well, offsetting sinking financials.

Wages in Australia rose by 1.1% over the third quarter, gaining 3.5% in the year ending September. Although less than the 1.2% increase the market have expected,

US consumer prices rose by a smaller than expected 0.2pct in October after edging up by 0.1pct in September.

Queensland-based Macarthur Coal Limited (ASX:MCM) has seen profits tripling in fiscal 2011 as the higher demand for steel-grade coal grows and supply situation tightens further.

The Australian share market closed more than one per cent lower, led by sharp declines in the banking and resources sectors.

Local stocks suffered their biggest one day fall since August today in response to huge falls on global markets overnight.

Australian stocks are trading at one month lows after global markets were heavily sold off overnight, due to concerns about Eurozone debt and Chinese inflationary pressures.