It's often said that a week is a long time: in the financial markets at the moment, it got to the stage where a night was a very long time as banks fell or were rescued in Europe and the US and bailout schemes were trotted out across the globe.
Two different sales updates yesterday from two of our largest retailers, Woolworths, and Harvey Norman.
Finally, a bank CEO has owned up to what banking analysts and more astute investors and economists have been saying for some time.
OZ Minerals Ltd, the world's second largest zinc producer, went on the hard sell yesterday to try and convince investors that the commodity price crunch would not take too greater toll on the company and its future prospects.
Stockland Group, Australia's second-largest listed property group or Real Estate Investment Trust, says it expects earnings per share to fall 7% in fiscal 2009, after factoring in its forecast for nominal earnings growth, previously announced write-downs on its UK assets and a share sale last week.
Overnight US stocks rallied and commodity gained after the Federal Reserve's chairman backed more government spending to help the economy and credit market conditions showed further signs of improvement.
The market is having a good day – up 112 at midday – on its high. Resources flying up 5.6% led by the big boys, BHP up 6.8%, RIO up 8.8% and FMG up 7.3%. Good day overall – much needed.
