Wall Street closed higher overnight after the Federal Reserve said the US central bank will buy up to US$300 billion in longer-term Treasuries and expand its existing program to buy mortgage related securities by another US$850 billion.
"Investors are excited once again, we have not seen this kind of injection for long term, while the overall economy is still very weak. The sharemarket is always 6 to 12 months ahead, this shows things maybe start to improve finally," says market analyst Thomas Su.
Yesterday Australian shares lost their early gains and ended lower, dragged by big miners. The benchmark S&P/ASX200 index was down 0.2%, or 5.6 points, at 3446.3, while the broader All Ordinaries index fell by 0.2%, or 7.2 points, at 3386.2.
Key Economic Facts and Figures
Today the Reserve Bank of Australia will release monthly bulletin. The Australia Bureau of Statistics is to publish sales of new motor vehicles for February, the merchandise imports for February and the ABS dwelling unit commencements for the December quarter.
M&A News
Australia's Takeovers Panel has ruled against a proposed A$800 million merger of Gloucester Coal Ltd (ASX:GCL). and Whitehaven Coal Ltd (ASX:WHC). Hong-Kong commodities trader Noble Group (SIN:N21), which owns a 21.7 per cent share in Gloucester, made an application to the Takeovers Panel opposing the bid and launched its own A$400 million bid for the company.
Newcrest mining (ASX:NCM) said the company is seeking possible merger and acquisition opportunities around the world. Newcrest chief executive Ian Smith said the company will only undertake M&A if it meets the company's long-term plans.
Nexus Energy (ASX:NXS) yesterday extended a trading suspension in its shares since it could not find an acceptable offer for its Crux oil field.
Important Corporate News
Fairfax Media (ASX:FXJ) has announced a new organisational structure for the group and said its changes to management reporting lines and responsibilities would improve its business opportunities.
Printing company PMP Limited(ASX:PMP) is expected to announce a new chief executive next month after its former head Brian Evans left the company suddenly on January 28.
Funds manager Perpetual Limited (ASX:PPT) is expanding its wealth management operation after buying Financial Pursuit Pty Ltd. Perpetual said the acquisition would increase its total funds under advice by about three per cent and would not affect short-term financial results.
Carbon Energy Limited (ASX:CNX) today released further results of its drilling program. The latest analysis of the drilling data confirms a much greater than expected increase (+125%) to its total resource which has risen from 296.9 million tonnes to 668 million tones.
IBA Health Group Limited (ASX:IBA) Australia's largest listed health information technology company today announced that iSOFT Thailand has completed the first phase of a project to replace 10 legacy hospital information systems at Siriraj Hospital in Bangkok, Thailand.
Contact
Michelle LiangAsia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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