Economy Downgrades
According to the economics teams at three leading investment banks, the Australian economy is slumping right now and will continue to worsen well into 2009 at a rate lower than the forecasts from Treasury and The Reserve Bank.
Companies in the News
Australian Economy
SUN Questioned
Suncorp-Metway were sold off yesterday after it raised its full-year bank profit forecast as business levels slump, costs are cut and loan growth slows.
BNB Still Halted
It will be at least another week before the fate of Babcock and Brown, the faltering investment bank based in Sydney, is sorted out: we hope.
Citi Rescued (Again)
Financial markets have rebounded strongly after the American government revealed its biggest bank bailout yet with a $AS500 billion plan to rescue troubled Citigroup.
Australian Market Report of November 24: Surge Amid Bear Market
The Australian stock market staged a late rally on last Friday, with the benchmark S&P/ASX200 index closing up 63.6 points, or 1.9 per cent, at 3,416.5, while the broader All Ordinaries index gained 54.3 points, or 1.63 per cent, to 3,386.9. Market is struggling to recover with some "bear market rally" although the fundamental problems remain. Analysts said the recent fluctuation is because of uncertainty and the political factors are important at this stage.
Midday Market Roundup 24/11/08
Disappointing start to the week – our market is down 30 despite getting off to a good start. Poor response to Wall Street's late 500-point-rally. Resources outperforming, BHP and RIO only up 1.4% and 0.5% after being up 3% early. Gold stocks are the best performers after the gold price jumped 5.8%. Newcrest and Lihir up 10.9% and 14.4%. Banks and financials dragging the market on concerns over Babcock & Brown potentially going under.
Markets Under Pressure
A very big bear market bounce, relief rally, or 'just get us out of here': whatever the reason, Friday's late rise on Wall Street, it will be known as the 'Geithner bounce' in future years.
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