The raging two-year drought brought by La Niňa that continues to affect Chile has made copper producers concerned as to how to source power generation to adequately support their operational requirements.
The Australian share market lost ground from the open of trade today, in line with falls on the U.S. markets overnight. All Ordinaries Index (XAO) is down 1.5 pct or 64.4pts to 4263 at lunchtime. All market sectors were in the red with the biggest slides occurring in the S&P/ASX 200 Materials sector off 2.17 pct and the best performing sector of the day being the S&P/ASX 200 Telecom Services sector helped by market heavy weight, Telstra Corporation Limited (TLS) up $0.02 to $3.43 cents a share a...
Tuning out the uncertainty cast by the Greek debt default and further quantitative easing in the U.S. will be difficult for the local Aussie markets to overcome on Thursday as profit-taking dominates in the early hours of trade and signalling a sluggish start.
Bell FX Currency Outlook: The Australian dollar edged its way towards USD1.0800 during yesterday's local session but is back down under USD1.0700 this morning.
U.S. stocks were on pace for their steepest fall of the year, as questions about the latest Greek bailout added to concerns about industrial stocks. The Dow Jones Industrial Average tumbled 111 points, or 0.9%, to 12768, in late Wednesday afternoon, after rising for five out of the past six days.
The Australian sharemarket was trading in the red until some upbeat comments from the head of China's central bank gave the market a boost. The All Ordinaries Index (XAO) rose by 0.2 pct or 8.5 pts to 4327.4. Most sectors gained some ground, however the miners and health care stocks held the market back.
India, in a bid to support government revenues in light of a deepening and stretching fiscal deficit, plans to sell some of its interests in state-run firms, Dow Jones Newswires reported, quoting an unnamed senior official connected with India's finance ministry.
The Australian Competition and Consumer Commission (ACCC) ordered on Tuesday giant telco Telstra Corporation to reduce the wholesale pricing of its asymmetric digital subscriber line (ADSL) service.
Australia has further improved on the social condition of its indigenous population four years after the country expressed its deep regret over the disadvantages suffered by the nation's original settlers.
Indian Finance Minister Pranab Mukherjee admitted that the country's inflation rate is still at a high and hopes that it could lower in March.
The Australian stock market on Wednesday will try to put away the lacklustre sentiments generated by the U.S. and European indices overnight with a focus on a few earnings reports due to be released today.
Bell FX Currency Outlook: The Australian dollar traded in a choppy fashion overnight, in sync with its European counterpart, after yesterday's sovereign ratings downgrades by Moodys.
From MORRISON SECURITIES PTY. LTD:
U.S. stocks fell Tuesday as investors considered weaker-than-expected retail sales data and watched for progress in Europe over Greece's debt.
Shareholders of Murchison Metals have approved on Monday the sale of the company's 50 percent interest hold in the Jack Hills iron ore mine and its affiliated Oakajee Port and Rail project in Western Australia to joint venture partner, Mitsubishi Corp of Japan. The deal was worth A$325 million ($347 million).
An undisclosed company has offered a A$165 million ($177 million)takeover bid to WestSide Corporation, one of many coal-seam gas (CSG) exploration companies in Australia's Queensland state, effectively prompting shares of the company to jack up on Tuesday.
The Australian market wiped out yesterday's gains and fell 0.9 pct or 40.5 pts to 4318.9. Yesterday, global markets performed well following the Greek parliament's decision to pass tough new austerity measures.
The 88-year-old grandstand at the only historic cricket ground in Wellington has been marked with an 'earthquake prone' warning by the city council. The Basin Reserve grandstand is now being assessed to find out the extent of work needed to make it safer in the event of an earthquake.
Nickel miner Western Areas reported on Tuesday a 64 per cent decline in its first half net profit due to lower prices of the commodity. From July to December 2011, the firm logged a $24.1 million net profit, down from $67.2 million compared to the same period a year ago.
Despite the prospect of defeat meeting their initiatives, two Australian lawmakers introduced separate bills on Monday supporting the federal legislation of gay union in the country.
Korea Gas Corp (KOGAS), South Korea's state-run gas company, announced on Monday it would be importing in 2012 a total of 36.46 million tonnes of liquefied natural gas (LNG), or 1.6 trillion cubic feet of natural gas, presumably to ensure a steady and constant supply of the commodity for domestic purposes.
Brisbane Lord Mayor Graham Quirk announced on Tuesday an ambitious 20-year plan that aims to double the city's economy to $217 billion by 2031. The growth, which includes boosting job creation, would ride on the back of the state's resources boom.
Prime Minister Julia Gillard insisted on Tuesday that her acceptance speech was not prepared two weeks before she assumed the post vacated by Kevin Rudd, belying an earlier interview that suggested otherwise.
While hundreds of jobs continue to be shed across Australia since the start of February as businesses complain of the strong currency and weak consumer confidence, workers in Holden would enjoy up to a 22 per cent wage increase spread over the next three years.
Rising funding costs prompted major Australian banks to lift their mortgage rates despite the freeze on cash rate imposed last week by the Reserve Bank of Australia (RBA).
National Australia Bank (NAB) and Commonwealth Bank on Monday joined ANZ Bank and Westpac in raising their interest rates. That means the big four had decided to be independent of the Reserve Bank of Australia's (RBA) overnight cash rate decisions.
Bell FX Currency Outlook:
The AUD rallied yesterday after the Greek Parliament passed the austerity measures required by the European Commission, but failed to breach 1.0800.
The Australian stock market is seen heading for a slow but steady start on Tuesday with the positive global markets performance extending limited gains on commodities and other risk-related assets.
Stocks added to gains and hit session highs in afternoon trading, buoyed by the adoption of austerity measures by Greece's Parliament. The Dow Jones Industrial Average was recently ahead 82 points, or 0.6%, at 12884. The Standard & Poor's 500-stock index advanced 10 points, or 0.8%, to 1353, and the Nasdaq Composite gained 29 points, or 1%, to 2933.
The Australian sharemarket has kicked off the new trading week higher, with the All Ordinaries Index (XAO) up 0.9 pct or 36.8 pts to 4359.4. Futures were initially pointing to a slightly lower start to trade, however turned positive once the Greek parliament passed new austerity measures despite a number of violent protests in seven Greek cities.
A hundred life-sized sea lion cut-outs are displayed on the shores of Wellington's Oriental Bay on Monday as a conservation organization calls on the public and the government to protect the critically endangered New Zealand sea lions.
