China Slows
Well China's economic growth did slow in the September quarter, but not too many commentators thought fit to mention a major contributing factor besides the slowing economies of the west and the credit crunch.
Well China's economic growth did slow in the September quarter, but not too many commentators thought fit to mention a major contributing factor besides the slowing economies of the west and the credit crunch.
Prices paid to Australian producers rose in the September by almost twice as much as economists had forecast as costs for energy, water and construction jumped.
Perth-based national car dealer Automotive Holdings Group Ltd (ASX code AHE) says the economic downturn has led to a 30% drop in profit in the first three months of fiscal 2009.
The building slump continues to take a toll on Sydney-based paint maker, Wattyl Ltd which said yesterday it will significantly expand its cost cutting program to try to offset falling revenue and earnings.
Small Western Australian miner, Australian Atlas Iron, has joined the growing group of Australian iron ore producers which have reported tougher times in China.
The market has started the week off promisingly – up 99 or 2.5% - despite the SFE Future suggesting a 21 point fall this morning after Wall Street struggled on Friday. Resources and energy outperforming. Both BHP and RIO both up 4%. Warren Buffett announced on Friday he was buying the US equity market for his personal account. Quiet a few companies continue to register fresh yearly lows: Clive Peters, McPherson's, Photon Group, Pan Australia and Reece Australia.
Surprisingly, the September quarter's Consumer Price Index will be one of the most anticipated for sometime, but for less obvious reasons.