Australian Economy

Rio In The Gun

🕔11/27/2008 8:08:00 AM

Rio Tinto may have the rating on $US5 billion of its debt cut by Moody's Investors Service after BHP pulled its $102 billion bid and exposed Rio to the realities of slumping prices and demand for metals, coal and ores.

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Retailing To Worsen

🕔11/27/2008 8:05:00 AM

Forget those forecasting that Australia will escape the ravages of recession in 2009.

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QBE's $2 Billion Raising

🕔11/27/2008 8:04:00 AM

QBE obviously has no plans at the moment to return to Insurance Australia Group after revealing plans to raise $2 billion through a share placement to pay for a number of acquisitions and to improve the quality of the company's capital.

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Downgrades And Other News

🕔11/27/2008 8:02:00 AM

In another sign that the slump in China is hurting Australian companies, especially in resources, iron ore miner Fortescue Metals has suspended the construction of its Cloudbreak to Christmas Creek rail line in the Pilbara region of Western Australia, according to contractor, NRW.

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Australian Market Report of November 26: Fragile Sentiment Unchanged

🕔11/26/2008 1:00:01 PM

Yesterday, benefited from the US government's bailout plan on Citigroup, the Australian market benchmark S&P/ASX200 share index had its best day in more than 11 years, jumping 5.8%, or 198.3 points, to 3623.4, while the broader All Ordinaries index was up 5.5%, or 186.6 points, to 3575.4. Analysts say the market sentiment remains fragile as fundamental problems have not changed, although world governments are taking action to stimulate economy.

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Midday Market Roundup 26/11/08

🕔11/26/2008 11:42:00 AM

The market is down 26 after being down 53 at its low – underperforming the 81 point rise predicted by the SFE Futures this morning. Resources outperforming – up 0.5%. Financials down 1.2%. Banks all down – CBA down 3.6%.

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