US markets extended their gains overnight in a choppy session, as traders tried to position themselves ahead of the key European summit. Reports out of Europe continue to dominate trade, with plenty of headlines to digest. A report suggesting the G-20 is considering a $600 billion IMF lending program saw US markets charge higher late in the session. However, the IMF has since denied the report which resulted in US stocks retreating in the last moments of trade.
US consumer credit grew sharply for the second straight month, rising by $7.65 billion in October. German industrial production jumped by 0.8pct in October to be 4.1pct higher than a year ago. In contrast Italian Industrial production fell by 0.9pct with UK industrial production down by 0.7pct in October.
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Australian miner Thor Mining on Wednesday said it has raised some A$173,000 worth of funds to support advancement plans into its gold and tungsten projects in Western Australia and the Northern Territory.
So it’s not as bad as previously reported, but what could be done about it? A new research has found that only 2 per cent of teenagers send sex-related messages and/or naked photos of themselves using their mobile phones, as opposed to 20 per cent reported in 2008.
Challenges in sourcing funds for new mining projects, interruptions in both new and ongoing mine production, as well as the conclusion of the Highly Enriched Uranium (HEU) agreement are near-perfect ingredients for a shortage of uranium in the very near future, a top producer warns.
The local share market generally rebounded from yesterday's 1.5pct sell-off today, with investor sentiment boosted by hopes European leaders will make progress in addressing the region's debt crisis at the European Union summit being held later this week. The All Ordinaries Index (XAO) added 29.7pts or 0.7pct to 4351.3 while the S&P/ASX 200 Index (XJO) firmed by 30.5pts or 0.7pct to 4292.5.
China's foreign trade remains unbalanced and has "unsustainable" components, a white paper released by the government Wednesday states.
The Australian Industry Group Australian Performance of Construction Index was 4.9 points stronger in November at 39.6, although it was still well below the 50 point level separating expansion from contraction. November marked the 18th straight month the national construction industry index has been in the red.
Leading figures of the Australian Labor Party have asked the leadership to force to the sidelines a prominent member accused of corruption while serving as a minister.
The wife of an Australian businessman jailed for alleged embezzlement, bribery, falsifying records and corruption in China says she has cancer and fears her death is likely to happen sooner than her husband’s release from prison.
At least seven manufacturing industries, including automotive, chemicals, aviation and renewable energy, are likely to face a shortage of raw materials and a slump in industrial activities, as 14 rare earths may run even shorter in the next five years.
The New South Wale and federal governments announced on Wednesday that the Northern Sydney Freight Line system would be upgraded for $1 billion. The system links North Strathfield and Newcastle.
Bell FX Currency Outlook:
The Australian Dollar has opened fairly unchanged from yesterday to be trading at USD1.0240 as positive moves overnight helped support the local currency.
Tech giant Apple has struck a deal with major publishers in Europe but the European Commission (EC) is reportedly looking into the fine prints of the e-book agreement following allegations of price fixing.
Qatar, currently the world's top liquefied natural gas (LNG) exporter at 77 million tonnes per year, stands to benefit the most from the continuing upsurge of LNG prices in the immediate and medium term in the Asia-Pacific Region.
Australian shares gained at the open of trade, The All Ordinaries index rose 35points to 4,357. After U.S. market tracked higher overnight, concerns about the European debt situation are still floating around but a sense of calm has hit the Australian markets today.
The Western Australian (WA) government approved Ichthys $30-billion liquefied natural gas (LNG) project in the state. It would be the first Japanese LNG development scheduled to start in early 2012.
With Europe, China's most important market for exports, already hitting recession, crippled by its countries' maddening debt troubles, the world's second-largest economy may have to consider revising its current trade policies.
China's state-owned steel maker Shougang Group, together with Malaysia's local steel maker Hiap Teck Venture Berhad, will build a $574.25 million integrated steel mill in Malaysia through a joint venture.
A Japanese whale hunting vessel set off Tuesday for the Antarctic seas beefed up by Coast Guard patrol boats in anticipation of another fierce interference from Sea Shepherd's anti-whaling ships and activists.
Prime Minister Julia Gillard bared that a task force has been formed to deal with the kidnapping of a citizen in southern Philippines.
The WA Department of Mines and Petroleum has finally given its stamp of approval to Inpex Corp. of Japan to push the development of its $30 billion Ichthys liquefied natural gas (LNG) project off WA's north. A final decision on whether to begin construction within weeks to early next year is expected to materialize.
Australia expects a strong summer harvest of 43.3 million tonnes crops, the Australian Crop Report released on Tuesday forecast.
Woodside Petroleum said on Wednesday that there would be no delay on its $30-billion liquefied natural gas (LNG) project in Western Australia (WA) despite an adverse court decision.
Cliffs Natural Resources Inc. will slash production capacity by almost 50 per cent next year at its Empire mine, rendering full-year 2012 production volume to fall to approximately 2.7 million tonnes, down from expected production volume of about 4.6 million tonnes this year.
More could be lost rather than gained unless the government of Ghana reconsiders the planned tariff increases on its mining sector, an industry executive said.
After six sessions of gains, the local share market ran out of puff today. European debt woes were again the focal point for investors, and a key reason the Reserve Bank moved to cut interest rates for the second month in a row. The RBA cited that "the sovereign credit and banking problems in Europe, to which European governments are still seeking to craft a full response, are likely to weigh on economic activity there over the period ahead," as a reason to move the official cash rate lowe...
Mortgage applications filed and processed in Australia went up dramatically in November, according to mortgage broking firm, the Australian Finance Group (AFG) . AFG has registered an 18.4% increase in mortgages processed in November worth an estimated $2.9 billion.
Federal Treasurer Wayne Swan has filled up the upcoming board vacancies in the Reserve Bank of Australia (RBA), naming personalities that experts said know their way on the ins and outs of the financial world.
