The Australian share market was lower in early trade as Wall Street plunged overnight on Federal Reserve chairman Ben Bernanke's comment that the economy was fragile. The US central bank is not prepared to consider further stimulus in the near term despite an "unusually uncertain" outlook.
Egyptian Resorts Company (ERC) (CAI:EGTS), Egypt's largest master developer of mega resort communities, announced today that its board of directors has appointed leading academic and industry expert Dr. Samir Makary as the company's chairman.
The Australian stocks market ended with a two-week low on Friday due to uncertain domestic and overseas factors, including the weak US housing data and Europe fiscal health, and more importantly, Australia's proposed mining tax. The benchmark S&P/ASX200 index fell 66.7 points, or 1.5 per cent, to 4413, bringing this week's losses to 3.2 per cent. The broader All Ordinaries index plunged 64.7 points, or 1.4 per cent, to 4439.4.
Australian real estate company Lend Lease Group (ASX:LLC) has become the highest bidder among the six bidders for the Jurong Gateway Road site, a 1.9-hectare mixed-use development in the Jurong Lake district in Singapore.
The Australian stocks market was slightly lower in early trade, while Wall Street delivered a flat lead overnight. Yesterday the local market posted a strong gain of 1.2 per cent, led by materials and energy stocks.
The Australian share market Tuesday resumed trading after a long weekend and started nearly no change. Overnight the US stocks closed slightly lower despite strong economic data from Europe and upbeat comments from a Federal Reserve official helped to support much of the session. However, the market sentiment was dented after credit rating agency Moody's lowered its rating on Greece's debt to "junk" status.
The encouraging Asia and US economic news overnight gave a strong lift to Wall Street. The Australian shares delivered a firm opening on Friday and the market is expecting more upbeat data from China today.
