The Australian sharemarket has closed slightly lower as fears that Spain may be headed for a financial bailout overshadowed lower-than-expected inflation figures in Australia.
US stocks fell sharply Tuesday on growing concerns about Europe's sovereign debt crisis, soft corporate earnings at home and a weak manufacturing report.
The Australian dollar is slightly lower, but is on the way up following upbeat comments on the Australian economy by the central bank governor and better than expected Chinese economic data.
The Australian sharemarket closed slightly higher, in a major turnaround from the day before, as cautious investors were encouraged by better Chinese manufacturing data.
Australia was in a good position to avoid the global financial crisis and should continue to use its "lucky" position to shield against further economic shocks, the central bank governor says.
US stocks have skidded amid a global sell-off on renewed eurozone sovereign debt concerns that Spain was headed for a bailout and Greece could exit the eurozone.
The Australian dollar has fallen one US cent and the euro has hit a record two-year low against the US dollar amid renewed fears about the European government debt crisis.
A rise in Australia's June quarter producer price index could mean Wednesday's inflation data will be stronger, but it should not prevent more interest rate cuts by the central bank, economists say
Economists at the nation's biggest home lender, the Commonwealth Bank of Australia (CBA), still expect an interest rate cut next month ahead of a likely benign inflation result on Wednesday.
US stocks notched gains for a third straight day as investors looked past disappointing economic data to a batch of positive corporate earnings reports.
The Australian dollar has hit a fresh all-time high against the European currency, fuelled by a disparity between the two economies and monetary policy.
The Australian sharemarket has opened more than one per cent higher following positive leads from overseas and a rebound in the local resources sector.
US stocks have climbed for a second straight day amid upbeat earnings reports and after a Federal Reserve report said the economy continued to grow, at least at a modest pace.
The Australian dollar nudged higher today as currency traders remained optimistic that there will be no official interest rate cuts in the near future.
US stocks have closed higher after Federal Reserve chief Ben Bernanke gave a gloomy assessment of the economy to Congress and said the Fed would act if the situation gets worse.
The Australian dollar rose to its highest level in almost two weeks after the Reserve Bank of Australia showed some optimism about the economic outlook.
The Australian share market has closed higher, boosted by commentary from the nation's central bank that there were recent positive signs for the Australian economy.
When the board of the Reserve Bank of Australia met on July 3, its members saw no case to cut the cash rate again and gave no hint that a cut was in the pipeline.
