Overnight Wall Street was lower for a second consecutive session on a weak home sales report. The National Association of Realtors said sales of existing homes fell 2.7 per cent in August to an annual rate of 5.10 million units, breaking a string of four increases in six months. The surprise drop in home sales raised more concerns over the economy recovery strength.
Originally set up as a textile designer and importer of fabrics from Japan, the first cult Oroton product emerged in 1951 with a gold metallic mesh compact or "powder puff" for women. The mesh material had never been used in a modern beauty or fashion product before. To many it was a protective coat of armour - but our Oroton designers saw the beauty behind the application and applied this material to the first Oroton product.... and many many evening bags over the decades to follow.
Today, Oroton sells a wide range of products for men and women across bags and small leather accessories, jewellery, ties, umbrellas, knitwear, lingerie, men's underwear and shoes. Oroton is sold in Oroton boutiques and departments across Australia and New Zealand and in selected boutiques and department stores worldwide and online at www.oroton.com
Yesterday the Australian shares surged on hope of the US bailout plan to remove bad debts from banks. The benchmark S&P/ASX200 index ended 2.4% higher, or 84.5 points at 3550.3, a six-week high, while the broader All Ordinaries index was up2.3%, or 78.1 points, at 3483.1. Investors are getting more confident to return to the stocks market as they believe it has hit the bottom. But analysts warned that fundamental issues in economy have not been solved and it will not be a long term rally although the market is in the third week of rises.
Upmarket retailer OrotonGroup Ltd says it is well placed to see its way through the current financial crisis.
Yesterday the Australia share market surged more than 4% after the US government announced the $US700 billion ($840 billion) Wall Street bailout over the weekend, and the ban on short selling locally. Short-selling targets Macquarie Group(ASX:MQG) and Babcock and Brown(ASX:BNB) bounced strongly as market participants sought to unwind short positions and bought up stock.