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Sydney, Jan 30, 2009 (ABN Newswire) - US stocks tumbled overnight as investors were struck by the record unemployment claims, falling new-home sales and weak earnings.
On Thursday, the Australian shares rose for the third consecutive day led by rallies in overseas markets and strong commodities prices. The benchmark S&P/ASX200 index was up 30.7 points, or 0.88 per cent, at 3,526.2, while the broader All Ordinaries index had gained 26.2 points, or 0.76 per cent, to 3,461.3. The Australian market might lose its recent gains following the heavy fall in Wall St.
At 0814 AEDT on the Sydney Futures Exchange, the March SPI futures index was 96 points lower at 3,420.
Key Economic Facts and Figures
Wayne Swan has ruled out the inclusion of tax cuts in the new stimulus package as the International Monetary Fund rejects tax cuts but calls for governments worldwide to boost spending in the downturn. Business groups, economists and the Opposition have all urged the Government to bring forward the tax cuts it has legislated for 2009 and 2010.
Investors and economists anticipate that the Reserve Bank of Australia board will reduce the cash rate by a full percentage point when it meets in Sydney on Tuesday.
On Friday, the Reserve Bank of Australia releases financial aggregates data for December.
M&A News
Rio Tinto (ASX:RIO))(LON:RIO) is reportedly in discussions with major shareholder Chinalco about a capital injection and asset sales in a bid to reduce its debt. The company also is reportedly talking to other parties about asset sales, including sovereign wealth funds.
Important Corporate News
Queensland-based residential developer Devine (ASX:DVN) has downgraded its profit guidance for fiscal 2009 by about one-third and its expected interim dividend by a quarter.
The gold producer Bendigo Mining (ASX:BDG) said it had nearly doubled output, modestly increased its cash balance and lifted employee numbers during the December quarter.
The property group Lend Lease (ASX:LLC)(PINK:LLESF) has slashed its half-year earnings forecasts. The group warned it would need to write down a further A$290 million in assets and goodwill mainly in its retail and residential business in Britain.
Compass Resources (ASX:CMR) was forced to call in an administrator after it assured the market that it had A$9 million in the bank and would be able to continue operating two days ago.
Sino Gold (ASX:SGX)(HKG:1862) said it would take $US90 million of write-downs next month, mostly related to goodwill associated with the $US135 million Golden China acquisition.
Shares in dual-listed financier Henderson Group PLC (ASX:HGG) have gone into a trading halt while the company conducts a "significant capital raising".
Coal & Allied (ASX:CNA) has flagged cuts to coal prices this year as parent company Rio Tinto reportedly agreed to slash already locked in prices of the nation's biggest export, coking coal.
Biota Holdings Limited (ASX:BTA)(PINK:BTAHF) today announced that GlaxoSmithKline (LON:GSK) has been awarded a significant contract by the UK Department of Health for 10.6 million treatment courses of RelenzaTM (zanamivir). Biota estimates that when the contract is completed, it may represent a royalty income of up to A$18 million.
AXA Asia Pacific Holdings Limited (ASX:AXA)(PINK:AXAPF) said the company could continue to expand strongly in India with new business index up 272 percent to Rupee3.3 billion (A$91 million) and in China it had benefited from the new branch openings in 2008 with new business index up 18 percent to RMB172 million (A$29 million).
On Thursday, the Australian shares rose for the third consecutive day led by rallies in overseas markets and strong commodities prices. The benchmark S&P/ASX200 index was up 30.7 points, or 0.88 per cent, at 3,526.2, while the broader All Ordinaries index had gained 26.2 points, or 0.76 per cent, to 3,461.3. The Australian market might lose its recent gains following the heavy fall in Wall St.
At 0814 AEDT on the Sydney Futures Exchange, the March SPI futures index was 96 points lower at 3,420.
Key Economic Facts and Figures
Wayne Swan has ruled out the inclusion of tax cuts in the new stimulus package as the International Monetary Fund rejects tax cuts but calls for governments worldwide to boost spending in the downturn. Business groups, economists and the Opposition have all urged the Government to bring forward the tax cuts it has legislated for 2009 and 2010.
Investors and economists anticipate that the Reserve Bank of Australia board will reduce the cash rate by a full percentage point when it meets in Sydney on Tuesday.
On Friday, the Reserve Bank of Australia releases financial aggregates data for December.
M&A News
Rio Tinto (ASX:RIO))(LON:RIO) is reportedly in discussions with major shareholder Chinalco about a capital injection and asset sales in a bid to reduce its debt. The company also is reportedly talking to other parties about asset sales, including sovereign wealth funds.
Important Corporate News
Queensland-based residential developer Devine (ASX:DVN) has downgraded its profit guidance for fiscal 2009 by about one-third and its expected interim dividend by a quarter.
The gold producer Bendigo Mining (ASX:BDG) said it had nearly doubled output, modestly increased its cash balance and lifted employee numbers during the December quarter.
The property group Lend Lease (ASX:LLC)(PINK:LLESF) has slashed its half-year earnings forecasts. The group warned it would need to write down a further A$290 million in assets and goodwill mainly in its retail and residential business in Britain.
Compass Resources (ASX:CMR) was forced to call in an administrator after it assured the market that it had A$9 million in the bank and would be able to continue operating two days ago.
Sino Gold (ASX:SGX)(HKG:1862) said it would take $US90 million of write-downs next month, mostly related to goodwill associated with the $US135 million Golden China acquisition.
Shares in dual-listed financier Henderson Group PLC (ASX:HGG) have gone into a trading halt while the company conducts a "significant capital raising".
Coal & Allied (ASX:CNA) has flagged cuts to coal prices this year as parent company Rio Tinto reportedly agreed to slash already locked in prices of the nation's biggest export, coking coal.
Biota Holdings Limited (ASX:BTA)(PINK:BTAHF) today announced that GlaxoSmithKline (LON:GSK) has been awarded a significant contract by the UK Department of Health for 10.6 million treatment courses of RelenzaTM (zanamivir). Biota estimates that when the contract is completed, it may represent a royalty income of up to A$18 million.
AXA Asia Pacific Holdings Limited (ASX:AXA)(PINK:AXAPF) said the company could continue to expand strongly in India with new business index up 272 percent to Rupee3.3 billion (A$91 million) and in China it had benefited from the new branch openings in 2008 with new business index up 18 percent to RMB172 million (A$29 million).
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