Yesterday, the Australian share market closed slightly lower following weaker commodity prices. The benchmark S&P/ASX200 index was down 17.3 points, or 0.34%, to 5118.3, while the broader All Ordinaries index fell 15.5 points, or 0.3%, to 5200.
The market is up 23 doing a bit better than the 5 point fall predicted by the SFE Futures this morning. Financials and property outperforming – up 1.8% and 2% in anticipation of an RBA rate cut this afternoon. Resources down 1.6% on a fall in metal prices overnight and a 4% fall in BHP and RIO in the UK on the back of weak Chinese August manufacturing numbers.
The proposed takeover of St George Bank by Westpac is looking more like a bargain for Westpac.
It's nice to be able to report on some good news:
The surge in export income isn't hard to explain, but accurately charting its impact is.
South Korea has joined rival Japan in revealing an emergency plan to cut taxes, inject cash and try and stimulate the economy.
Preliminary figures show that Australian gold production fell 7% to a 19 year low in the year to June.
