DIARY: Rate Cut Here, Europe, UK
In Australia, the Reserve Bank is likely to cut interest rates by another 0.5% to 5.5% following its meeting tomorrow, Melbourne Cup day.
Companies in the News
Australian Economy
Vale Cuts Output For Second Time In A Week
In a move that will pressure BHP Billiton and Rio Tinto to update their plans, the huge Vale mining company of Brazil (formerly known as CVRD) has cut production or iron ore, nickel, aluminium and other minerals because of the slowdown in global demand, especially from the steel makers generally and the steel sector in China.
APN Stake To Be Sold
Shares in APN News & Media will jump today after its cash strapped parent in Ireland indicated it had received offers for its stake and would sell.
ASIA: More Stimulation
More moves in some of Asia's major economies to try and prepare them for the impact of a slowdown in 2009.
Markets: Putting October Behind Us
Hopefully it was goodbye to misery when October trading finished on Friday night and hullo some upside in November.
Australian Market Report of October 31: Quiet Days to Go
Overnight Wall Street closed with a 2.1 per cent gain, qualifying it as one of the quietest sessions in October. As the recent Australian share market has never made consecutive gains more than two days, analysts speculate a flat market today. Investors may take the breather as they did and wait until the expected RBA rate cut next Tuesday to move back into the market.
Midday Market Roundup 31/10/2008
Poor finish to the week – down 52 – despite a positive night on Wall Street. Metals in London have done most of the damage today causing resources to underperform. Financials are also struggling. All major banks were doing OK earlier this morning but are now all in the red.
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