The Australian share market closed more than half a per cent lower after the Reserve Bank of Australia cut the cash rate to three per cent amid a weak global growth outlook.
Major banks are under pressure to deliver some Christmas cheer in the form of cheaper mortgages after the Reserve Bank returned its cash rate to record low levels.
The Reserve Bank of Australia has delivered a pre-Christmas interest rate cut, but economists say the prospect of further reductions in the official cash rate are increasingly unlikely.
US stock markets started December in the red on Monday after poor data on the manufacturing sector added to worries about the year-end onslaught of federal tax increases and spending cuts.
The Australian share market finished half a per cent higher as investors were buoyed by encouraging data about Chinese manufacturing and expectations of an interest rate cut by the local central ba
US stocks took a jump in the last 15 minutes of trade on Friday to end mostly in the black, with little hard news to direct trade as talks in Washington over a fix to the fiscal cliff continued.
Cash Converters has announced a $32.7 million share placement to acquire franchise stores, open new corporate locations and finance its Australian and UK personal loans business.
The Australian dollar is higher as traders shrugged off a weaker domestic capital expenditure outlook and focused on positive comments about US debt negotiations.
The Australian market is slightly higher after US politicians indicated they were willing to work together to ensure the economy didn't fall off the "fiscal cliff".
US stocks scored solid gains on Wednesday, spurred by encouraging remarks by politicians on averting looming tax hikes and spending cuts that could harm the economy.
Former prime minster Paul Keating says compulsory superannuation contributions may have to rise to 15 per cent to meet a looming blowout in the cost of caring for Australia's ageing population.
Economic data over the next few days will not only flesh out expectations for next week's national accounts, but also whether the central bank will cut the cash rate again.
