National Australia Bank and the Bank of Queensland have become the first banks to lower interest rates, but both say they won’t pass on the full 50 basis point cut recommended by the Reserve Bank o
A better-than-expected read on US manufacturing in April and encouraging construction data drove Wall Street shares higher Tuesday as traders shrugged off some poor earnings reports.
Australian shares have opened slightly higher as confidence grows in the local market following gains in resources stocks and on high expectations of an interest rate cut.
US stocks closed out April Monday with all three indices slipping lower, helped by weak US consumer spending data and ongoing worries about Spain and the eurozone.
The Australian dollar is almost a full US cent higher as global markets priced in the possibility that the US central bank could embark on a new round of economic stimulus.
National Australia Bank will spend £456 million ($A713 million) and cut 1,400 British jobs to prevent its struggling UK business from causing more damage to its bottom line.
The Australian share market closed stronger, driven by resource and banking stocks on the expectations of a cut in domestic interest rates and a soft economic landing in China.
The Australian share market has opened about half a per cent higher after US investors took a glass half-full approach, leading to gains on Wall Street.
The Australian dollar has rallied almost one US cent on weak American growth data.At 0700 AEST on Monday, the local unit was trading at 104.61 US cents, up from 103.64 cents on Friday.
Tech giants Apple and Amazon have proved their mettle to doubting investors once again, leading US stocks higher in the week as the markets showed they had not yet run out of steam.
Finance Minister Penny Wong says returning the budget to surplus is more than just an accounting exercise, it is good economic management for the future.
The Australian dollar is three quarters of a US cent higher, driven by a strong rise in US stocks helped by a big boost in earnings for technology giant Apple.
Blockbuster profits from Apple and a solid showing by Boeing have pumped up US markets, with a late boost coming from a slightly improved growth outlook from the Federal Reserve.
US stocks closed lower but off earlier steep losses as Wall Street focused on European political and economic uncertainty and some US earnings results missed expectations.
Western Australian Treasurer Christian Porter has welcomed an interim report on the carve-up of GST revenue, which has flagged changes to a system Mr Porter says is broken and in need of reform.
The Australian dollar has moved lower on official data showing weak inflation at the farm and factory gate, which has added to the case for a rate cut by the central bank.
The Australian share market closed slightly weaker as investors prepared for crucial inflation data that could pave the way for another interest rate cut.
A fall in producer prices in the first three months of 2012 suggests inflation remains weak and the Reserve Bank of Australia (RBA) will have room to cut interest rates in May, economists say.
