Sydney, Aug 20, 2007 (ABN Newswire) -
The Australian share market has started with the week with a bang. A decision by the U.S. Federal Reserve to cut the discount rate late last week inspired the local market and has soothed worries about a global credit squeeze.
At Midday the S&P/ASX200 index has surged 165 points to 5,836 and on the futures market the SPI 200's rallied 243.
In company news this hour, QBE Insurance Group has reported a higher-than-expected increase in its first half profit. The insurer has reported earnings of $921 million, up from $591 million a year ago. The company said the result was due to U.S. acquisitions and has now upgraded its insurance profit forecast. QBE also commented it had no direct exposure to U.S. subprime mortgages, collateralised debt, or loan obligations. Shares in QBE Insurance Group are 7.05% higher at $29.44
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