Australian stocks market opened nearly one per cent lower this morning following Wall Street's lead where US markets tumbled following the Federal Reserve chairman's address to Congress.
Economists expect the reserve bank will keep the cash rate steady at its next meeting, citing comments suggesting its benign view of domestic and global conditions.
The Australian share market closed higher, boosted by encouraging economic data from Japan and South Korea and slightly stronger retail sales data in Australia.
Shares in QBE Insurance Group have risen after the insurance giant raised $450 million from institutional investors and sought to raise another $150 million from retail investors.
The Australian dollar has risen above 108 US cents on strong domestic retail data.At 1200 AEDT, the Australian dollar was trading at 107.95 US cents, up from 107.83 cents yesterday.
The Dow Jones industrial average on Tuesday finally reclaimed the ground it held before the carnage of the Great Recession - bailouts bank failures layoffs by the million and a stock market panic t
Retiring QBE Group boss Frank O'Halloran will return to the insurer as a board member next February, a year after posting a 45 per cent plunge in annual net profit.
Goldfields Credit Union has lodged a prospectus ahead of its long-awaited stockmarket float, revealing that it will spend $1.86 million to demutualise and raise $9 million in new capital.
The Australian share market closed lower, partly pulled back by market giant BHP Billiton, which paid its interim dividend; the big banks, three of which had a ratings downgrade on Friday; and some
The eurozone will have to put in place a bigger financial firewall to combat the crisis before other countries will pour more cash into the IMF, the G20 top and developing economies say.
Three of Australia's big four banks have had their prized AA credit ratings downgraded by one notch because of their partial reliance on wholesale funding markets.
Western Australia’s share of GST grants will fall to a record low next year, with the state due to get back just 55 per cent of all GST collected here.
Reserve Bank of Australia governor Glenn Stevens says interest rates are about where they should be, even after retail banks independently lifted their lending rates this month.
