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Wall Street stocks have jumped after surging US auto sales pointed to robustness in the manufacturing sector.The Dow Jones Industrial Average rose 96.91 (0.65 per cent) to 14,930.87.
The Australian dollar has extended its rally, heading toward 92 US cents, after official data showed local economic growth was solid in the June quarter.
Wall Street stocks have jumped after surging US auto sales pointed to robustness in the manufacturing sector.The Dow Jones Industrial Average rose 96.91 (0.65 per cent) to 14,930.87.
The Australian share market has lost ground as renewed concerns about a possible US military strike on Syria outweighed encouraging figures on economic growth.
Premier Colin Barnett has hit back at critics of his education funding cuts, saying they should check out Tasmania and South Australia to realise Western Australia still has a quality school system
Gross domestic product grew by 0.6 per cent in the June quarter, the Australian Bureau of Statistics reported this morning.From a year earlier, GDP in the quarter was up by 2.5 per cent.
Consumer confidence in Western Australia has plunged because of political uncertainty at the federal level and following a belt-tightening state budget, a survey shows.
The Australian dollar rose to a two-week high after the Reserve Bank of Australia kept the cash rate unchanged and issued a neutral statement on the chance of further cuts.
A neutral statement on monetary policy from the central bank has given the Australian dollar a bounce after earlier being dragged down by weak retail sales data.
Federal Education Minister Bill Shorten has addressed workers protesting against the Barnett government's cuts to the sector in Western Australia, warning that the federal Liberals will do likewise
Western Australia’s retail sector is showing the strain of the slowing state economy, with consumer spending falling for the first time since April 2010.
The Reserve Bank is likely to keep the cash rate on hold as it waits on the outcome of the federal election and allows its August rate cut to work its magic.
Neither the conclusion of the federal election nor the most recent interest rate cut is likely to stimulate Australia's slowing economy, says credit information bureau Dun & Bradstreet.
Upbeat Chinese and eurozone economic data, combined with receding investor concerns over a US intervention in Syria, have sent European equities climbing.