BHP Billiton Limited

The Australian share market fell for the fourth consecutive day dragged by resources stocks. The local shares dropped sharply at in early trade amid the global debt jitters. The disappointing growth figures from Japan also weighed on the local market. At the close, the benchmark S&P/ASX200 index fell 32.7 points, or 0.7 per cent, at 4637.9, while the broader All Ordinaries lost 33.8 points, or 0.7 per cent, to 4652.6. The Aussie dollar also fell below 91 US cents today.

US stocks soared on Friday after the Labor Department data showed that job cuts fell sharply in November. The news fuelled the expectations that the US Federal Reserve might consider increasing interest rates.

US stocks closed weaker overnight after the US Commerce Department lowered its estimates of third quarter GDP and consumer spending. US economic growth in the third quarter was revised down to 2.8 per cent, down from an early estimate of 3.5 per cent expansion. Investors also worried Chinese banking regulator's capital-adequacy requirements would force the nation's lenders to tighten bank lending in China.

Wall Street declined overnight on a weak housing report, despite some strong earnings results. The Commerce Department said that construction starts on privately owned homes rose 0.5 per cent to 590,000, lower than expectations.

US stocks climbed to a 2009 new high on Thursday, as the oil prices surge buoyed energy companies. New York crude oil futures rose more than 3 per cent to a one-year high of US$77.58 a barrel after the government said US gasoline reserves fell sharply last week. The financial and IT stocks retreated over mixed economic data and corporate outlook.

BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO) said today that the two top miners in Australia have scrapped a plan to jointly market ore from a planned Australia joint venture.

Overnight the US stocks closed higher on the positive Alcoa earnings and better-than-expected weekly jobless claims and consumer spending. Investors were also encouraged by the US retailers' first same-store sales gains in more than a year.

Overnight Wall Street extended its gains on Reserve Bank of Australia's unexpected decision to raise the official interest rate. Investors saw the first rate hike in advanced economies since the global financial crisis as a key indication of recovery. The move also pushed commodities higher with gold soaring to a record.

Wall Street closed mixed on Monday ahead of the Federal Reserve's monetary policy meeting. The Federal Reserve is widely expected to leave the near-zero interest rate unchanged, but may begin scaling back some economic stimulus. Traders moved into technology and health care shares amid concerns the energy, materials and financials were overbought.

Wall Street closed higher overnight on investors' buying in industrial and materials stocks. Meanwhile, the fears of trade dispute between the US and China was offset by the news that a Chinese wealth fund is in talks to take over a minority stake in the US power plant AES.