Search Results for:

Chevron, the world’s fifth biggest energy group, has revealed plans for two significant gas projects in the Asia region at a cost of perhaps $10 billion.

More evidence yesterday of the extent of the disruption caused by the heavy snowstorms and bad weather in China in January and February.

Wall Street and European stocks were lower as oil once again touched a new record high and copper fell sharply.

The share market was 1.2% weaker today after it was lead by finance sector losses as well as resource firms’ declines, after more fear was instilled about the possibility of US recession.

Apart from oil and perhaps copper, not much in the way of good news on Friday for commodities followers and resource companies.

Well, judging by the fall on Friday on Wall Street, Australia will take the brunt of today’s selling as trading resumes in Asia.

Twice now since the start of the year US stockmarket indices have flirted with steep falls and near death experiences.

Today will be rough in Australia and the rest of the week is likely to be just as uncomfortable for markets around the world on the back of figures from the US, Japanese and Chinese economies on growth, inflation and other key indicators, and more rumours of problems with the creditworthiness of major companies and financial groups.

Australian shares fell 1.6%, hitting a new 2008 low on Monday after unfavourable U.S. jobs data and a slump in Wall St on Friday added to overall investor concern regarding possible US recession.

The Australian economy is in better shape than the Reserve Bank, the federal government and the rest of the country believed before the December quarter National Accounts were issued yesterday.

Despite deteriorating global economic conditions, inflation remains a global concern, not just in Australia.

One way or another, the Allco Finance Group is dying, who’s next?

Bankruptcies in the US rose by almost 30% last month; people in the housing foreclosure process were 97% above January 2007, jingle mail is no longer someone making a poor Christmas joke: it’s the sound of letters being delivered to American banks with home keys inside after people have walked away rather than stay and watch the value of their houses, units, flats, etc drop any further.

A day of losses brought the markets down to a six week low, as continuing credit market concerns overwhelmed investors and banks once again led the declines.

The national construction activity has expanded in February but at a slower pace than the previous month due to renewed weakness in house and apartment building, a survey has shown.

While Australia’s economy slowed in the December quarter, it won’t be enough to satisfy the gloomy folk at the Reserve Bank or change their thinking on interest rates.

The Bank of Japan will hold another meeting in Tokyo tomorrow at which a non-decision will be made to leave interest rates at the official 0.50%, meaning it will not have changed for a year.

Wall Street rose, fell and then bounced a touch at the end on mixed business and economic news, but for the third time this week, commodities was where the action was.

It would have been music to the ears of an Australian Reserve Banker.

The Australian stockmarket remained buoyant today with resources stocks leading the way after commodity prices rose overnight and US stocks finished higher.

Unlike the statement after the February 5 meeting, which was followed up by the hawkish Statement of Monetary Policy and then the release of the February 5 meeting’s minutes, yesterday’s statement didn’t push the RBA’s stance any further.

First there was the surprise boost to estimates for new private capital spending for 2008-09, now we’ve got confirmation that national income (measured by the terms of trade) is going to rise to record levels over the 18 months, thanks to a renewed surge in export revenues from our resources boom.

Did the Australian economy hit a pothole or speed bump in January? The surprise slowdown in retail sales figures for the month suggest it may have hit an unexpected hole after consumer confidence fell sharply in the month and continued falling in February.