Australian Economy

Australian Market Report of December 3: A Day with Good News

🕔12/3/2008 1:00:55 PM

Yesterday the Australia market closed lower dragged by resource sector although the central bank's aggressive rate cut of 100 basis points lifted some sentiment in late trading. The benchmark S&P/ASX200 index closed down 153 points, or 4.16 per cent, at 3,528.2, while the broader All Ordinaries index was 145.6 points, or 4.02 per cent, lower at 3,473.4. Analysts anticipate a rise today in local market with positive lead from the US and the RBA rate cut.

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Midday Market Roundup 03/12/08

🕔12/3/2008 11:32:00 AM

Our market is up 29 after being up 94 points earlier. The SFE Futures predicted a 70 point rise this morning. Resources had a strong start but are only 2.4% up nearing midday – BHP having a good day, RIO not so good. Financials up 0.6% - the banks have pulled back – up only about 1% now with CBA outperforming. Property trusts struggling – Westfield down 2.7%.

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Rates Down Again, More To Come in 2009

🕔12/3/2008 8:53:00 AM

The Reserve Bank cut interest rates by 1% to 4.25%, thus undoing all the tightening of the past seven years and taking rates back to where they were in December 2001.

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Economy Weakens, Foreign Debt surges

🕔12/3/2008 8:52:00 AM

Figures released yesterday by the Australian Bureau of Statistics left growth estimates for the September quarter just as confused as they were before the release.

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BHP/Rio Slump Sharply on Worsening Global Outlook

🕔12/3/2008 8:50:00 AM

A savage sell off in BHP Billion and Rio Tinto shares here yesterday after global oil and copper prices fell after Monday's spate of gloomy economic news, and the admission that the US economy had been in recession for the past year.

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Metcash Does Well In Slump

🕔12/3/2008 8:49:00 AM

Metcash, the country's third force in supermarkets and the dominant independent group, is expecting no change in its outlook after lifting earnings and sales solidly in the tough first half of 2008-09.

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BA, Qantas Talking Merger

🕔12/3/2008 8:48:00 AM

Qantas shares will soar today after British Airways said overnight Tuesday it is "exploring a potential merger" with Australian rival Qantas Airways as part of a broad tie-up in the struggling aviation sector.

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