Australasian Investment Review (AIR) is a free daily news service with a weekly online magazine covering global financial markets with a focus on Australia, New Zealand and Asia.
Japan's trade performance continues to weaken as the slowing US and European economies are joined by sluggish demand from Asia.
China's economy is now slowing significantly. The AMP's Dr Shane Oliver says it has slowed significantly on the back of slowing exports and a domestic property slump. The share market is off 70%.
The market has followed Wall Street's lead overnight and is struggling – down 177 or 4.3%. The SFE Futures suggested a 191 point fall this morning. Resources getting smashed – down 8.6% overall - led by BHP (down 8.5%) and Rio Tinto (down 14.8%) at midday. Ninety-two companies in the All Ords have hit a fresh yearly low today – most notable being Lend Lease, Goodman Group, Seek, News Corp, Newcrest and West Australian Newspapers.
BHP Billiton and Rio Tinto have presented two very different attitudes to the state of demand for minerals and commodities generally from China.
It's not that often that a very high inflation figure produces such a calm reaction in our financial markets.
GPT yesterday had a chance to confirm or deny media reports that it was looking to raise up to $A1.6 billion.
The New Zealand Reserve Bank has chopped its key interest rate by a record 1% to try and offset the impact of a recession and the global financial crisis.
The market has lost most of yesterday's gains – down 94 or 2.2% - on the back of the Wall Street down overnight again. The SFE Futures suggested a 120 point fall this morning. Property Trusts and Resources both underperforming – Healthcare outperforming relatively. BHP Billiton down 5% on back of its less than inspiring 1Q production numbers and is responsible for wiping 22 points off the index on its own.
It's often said that a week is a long time: in the financial markets at the moment, it got to the stage where a night was a very long time as banks fell or were rescued in Europe and the US and bailout schemes were trotted out across the globe.
