The Australian sharemarket recorded its best daily improvement in three weeks yesterday and gained almost as impressively today. The All Ordinaries Index (XAO) rose 0.9 pct or 39.1 pts to 4375.6 and is close to hitting its highest level in seven months.
The United States, the European Union and Japan have formally accused China of violating international trade rules when it restricted the shipments of rare earth elements that global industries use in manufacturing high-tech and other products.
Members of the Australian Labor Party have raised concerns that the country's super rich could be circumventing tax regulations through federal laws governing family trust funds.
Treasurer Wayne Swan said on Wednesday that Australian Stock Exchange (ASX) Chairman David Gonski on Wednesday will head the $77-billion Australian Future Fund. He will also run the Nation-building funds that will invest in infrastructure projects.
The Anti-Nuclear Alliance of Western Australia (ANAWA), a nongovernment orgnaization, has alleged Australian rare earths miner Lynas Corp. will not stop to pause and follow the suspension order imposed by the Environmental Protection Authority (EPA) from importing its rare earth concentrate into Malaysia.
Disregarding post-Fukushima shocks, China is determined to include nuclear power in its energy generation mix and has been busy eyeing to acquire uranium mines overseas to support this plan.
The battle for accessibility for rare earths supply got nastier on Tuesday in what could be a show of force majeure when three economic powers - the U.S., the European Union (EU) and Japan - lodged a complaint before the World Trade Organization (WTO) against the world's stronghold of rare earths, China.
MORNING REPORT
(7am AEDT - Due to the change in daylight saving hours in the US - Wall street now closes at 7am AEDT)The German ZEW investor survey soared in March jumping by 17.1 points to 22.3 - the highest since June 2010.US retail sales lifted by 1.1pct in February, slightly above expectations. The January result was revised up to show a lift of +0.6pct (previously shown as +0.4pct). Excluding autos, sales rose by 0.9pct in February.
Bell FX Currency Outlook: The Australian Dollar is slightly weaker following the release of better than expected American retail sales, a positive announcement from JP Morgan and comments from the US Federal Reserve about the US economy.
Positive leads from the international markets are anticipated to redound to Australia's equity and dollar markets on Wednesday, thanks to the improving U.S. economy and the confidence generated in Germany's better economic trends.
U.S. STOCK MARKETSU.S. stocks rose in response to encouraging news about domestic retail sales and small-business optimism, putting key benchmarks above milestones they have been flirting with for weeks.
The Australian sharemarket more than made up for yesterday's disappointing start to the week, with the All Ordinaries up 1.1 pct or 48.3 pts to 4,336.5. This is the best daily performance from local shares in around three weeks.
Sex abuse and assault victims who went to ACC (Accident Compensation Corporation) for help were horrified upon learning that ACC Minister Judith Collins has demanded an urgent report into allegations that strictly private details of thousands of ACC claimants somehow wound up in the hands of an unauthorised recipient.
Internet tycoon Kim Dotcom has claimed US officials were among the biggest users of his Megaupload website before it was shut down for alleged copyright infringement, the New Zealand Herald reports.
Overall investments of mining firms in Peru reached $7.2 billion in 2011, representing a hike of 77 per cent over a year ago, data from the country's Mines and Energy Ministry showed.
Australian Finance Minister Penny Wong said on Tuesday that the federal government would not change its proposed carbon price of $23 per tonne despite a report that said the carbon tax would negatively impact the country's economy by $30 billion.
South Korea's SK Networks Co., the country's third largest conglomerate, is set to dramatically increase its holding stake in Australian mining company Cockatoo Coal to 40 per cent, a deal that just about saves the beleaguered Australian firm from a A$85 million loan it entered into late last year.
No forthcoming tweaks will be implemented on the carbon pricing scheme, meaning the federal government will stick on its current form despite emerging claims that the tax could hinder economic growth.
Prime Minister Julia Gillard finally settled Labor's leadership question when she rousingly vanquished the challenge raised two weeks ago by former Foreign Minister Kevin Rudd and now she emerged, narrowly though, as Australia's preferred leader.
Australian troops have been secretly deployed in a number of African countries since last years and conducting operations normally reserved to intelligence units, Fairfax media reported on Tuesday.
Nordgold NV is looking into emerging markets for potential mining acquisitions as it seeks to increase its overall mineral reserves in the next four years with an $800 million budget spending to boot.
The Australian stock market is set for a minor rebound on Tuesday in spite an underlying anxiety extended by a slowdown in China's economy and the anticipated move of the FOMC on U.S. rates.
U.S. stocks Monday struggled to extend a winning run into a fourth session ahead of a monetary-policy decision from the Federal Reserve the next day. Extending gains into a fourth session, its longest run in six weeks, the Dow Jones Industrial Average climbed 48.51 points, or 0.4%, to 12,970.53.
Bell FX Currency Outlook: Overnight the Australian Dollar fell below USD1.0500 as a fall in commodity prices dragged our local currency to a seven week low.
The Australian sharemarket ended in similar fashion to Monday last week, with the All Ordinaries Index (XAO) easing by 0.3 pct or 12.3 pts to 4288.2. All sectors lost ground, with the exception of the consumer discretionary and I.T stocks.
Mining leaders in Australia want to distinguish the fine line between subsidising rents for medical personnel in hospitals mining firms open in far flung communities and other basic services needed by these areas.
Australian Prime Minister Julia Gillard is all prepped for bruising confrontations as the Parliament resumes session this week, with two points dominating the Labor-led government's legislative agenda.
From mining rare earths to producing magnets with rare earths, name it and Molycorp Inc., the world's largest non-Chinese rare earths miner, just could already possibly have it.
Similar to executive pay increases and bank executive bonuses which are now under scrutiny by shareholders while the rest of the world are tightening their belts, fund managers in Australia are under pressure from the industry and stakeholders to disclose their pay.
Decreasing government revenues and the slowing down national economy could hamper efforts to achieve budget surplus by 2013 but Federal Treasurer Wayne remains confident that the fiscal goal is achievable.
