The Australian share market was higher in early trade today despite Wall Street delivered a weak lead. Overnight US stocks reversed strong gains to close lower on worries over Euro amid the lingering Europe debt crisis. The newly released OECD economic outlook, predicting strong economic growth, has supported the local market today.
US stocks Wednesday climbed to near the peak of the year after Dubai's debt restructuring plan. The market was also supported by the optimism about the upcoming holiday shopping season while retailers Staples and Guess saw positive earnings in third quarter and provided guidance above market expectations.
US shares fell overnight led by Wells Fargo. A late sell-off in financial stocks was triggered after an analyst cut his investment rating on the company, saying the quality of its earnings was pretty poor. The Federal Reserve's latest beige book, showing weak consumer spending during late summer, also weighed down the market.
US stocks ended the day higher overnight after a sharp slump in the previous trading session. The rebound was helped by better-than-expected earnings from retailers such as Dow component Home Depot.
Yesterday the Australian shares ended lower dragged by financial stocks after the lifting the eight-month short-selling ban. The market was also hit by news of a nuclear weapon test by North Korea. The benchmark S&P/ASX200 index fell 23.7 points, or 0.63 per cent, to 3737.9, while the broader All Ordinaries index was down 20.1 points, or 0.54 per cent, to 3735.3.
Yesterday Australian shares lost their early gains and ended lower, dragged by big miners. The benchmark S&P/ASX200 index was down 0.2%, or 5.6 points, at 3446.3, while the broader All Ordinaries index fell by 0.2%, or 7.2 points, at 3386.2.
Yesterday the Australian stocks closed lower on all sectors. The benchmark S&P/ASX200 lost 51.1 points, or 1.48 per cent, at 3,413.2, while the broader All Ordinaries dropped 45.3 points, or 1.33 per cent, to 3,366.9. The local market has fell 4.1% so far this week, and the shares may see a further drop after base metal and oil prices lower.
During yesterday's trading, Australian stocks closed lower for the second consecutive day on Thursday, falling by more than 4%. The market was dragged down by big losses in the resources sector amid renewed fears of a global economic slowdown. The two days drop gave up all the gains early this week.
Perpetual Trustees Australia Limited ASX: PPT - Half Year Results end December 2006 - Mr David Deverall, MD and CEO
Perpetual Trustees Australia Limited (ASX: PPT) - Half Year Results end December 2006 - Mr David Deverall, MD and CEO; Boardroomradio is pleased to announce that Perpetual Trustees Australia Limited (ASX: PPT) has published an audio file.
PERPETUAL TRUSTEES AUSTRALIA LIMITED Perpetuals Matt Williams gives a small cap outlook for 2006; Boardroomradio is pleased to announce that PERPETUAL TRUSTEES AUSTRALIA LIMITED (ASX: PPT) has publish