Wuhan Iron and Steel Co., Ltd.

Australian Market Report of January 6, 2011 includes: OnCard International Limited (ASX:ONC) signed a Buffet Club Purchase Cooperation Agreement with China Citic Bank (SHA:601998) (HKG:0998); South Australia Government declares 'Major Project' status for Centrex Metals Limited's (ASX:CXM) deepwater port plan; Clough Limited (ASX:CLO) receive a letter of intent for CACT Project, offshore China; China Magnesium Corporation Limited (ASX:CMC) increase its interest in the Pingyao Magnesium Project to 90.7%.

Asian markets this morning sharply plunged following the massive drop in US shares. Australian stock market shed 1.7 per cent in early trade, while Japan's Nikkei gave up more than 300 points, or 2.8 per cent. Asian shares fell on Standard & Poor's ratings downgrades of Portugal and Greece and worries that the debt problem of the two nations could put the recovery in Europe under pressure.

Wall Street broke the four-day run of gains overnight as a higher-than-expected US Producer Price Index in November raised concerns on inflation. Asian markets ended mixed Tuesday. China's Shanghai Composite and Hong Kong's Hang Seng Index fell after China's State Council said it plans to cool the rapidly rising residential property prices in some cities.

Asian shares were mostly steady on Tuesday after significant rebounds in the previous trading session. Yesterday the Dow index concluded the last trading day of November in positive territory. It was its fifth consecutive monthly gain, despite a bad news from Dubai.

Asian stocks markets broadly dropped on Thursday despite Wall Street posted a solid gain overnight. Tokyo shares opened lower as the stronger yen continued to dampen investors' sentiment. In Hong Kong market, China Minsheng Banking Corp failed to lift the Hang Seng Index in its debut. Shanghai and Seoul shares also declined as their Asian peers.

The Australian share market yesterday closed at a fresh seven-month high as resource stocks posted strong gains amid renewed attention to the proposed tie-up between Rio Tinto and BHP. The benchmark S&P/ASX200 index was up 22.8 points, or 0.57 per cent, to 4047.2, while the broader All Ordinaries index advanced 30.4 points, or 0.76 per cent, to 4046.7.

The Australian shares posted strong gains yesterday. The benchmark S&P/ASX200 index ended 3% higher, or 113.4 points, at 3883. The broad-market All Ordinaries index was up 2.9%, or 108.1 points, at 3846. Today the local market is expected to extend its rally after the boost of overseas and rising commodities prices. Reserve Bank of Australia's interest rate decision will be the focus of the day.

Today most Asian markets traded lower in the morning despite a positive lead from Wall Street. Tokyo stocks fell on the rising Yen, while South Korean investors sold shares to lock in profits from recent rallies. Hong Kong's Heng Seng Index opened lower, but soon rebounded following the surge in mainland China's Shanghai Composite.

Yesterday the Australian shares ended flat as weaker Commonwealth Bank and energy stocks weighed on the market. The benchmark S&P/ASX200 index was up 10.6 points, or 0.3 per cent, at 3,581.2, while the broader All Ordinaries index gained 6.7 points, or 0.19 per cent, to 3,521.7. It could be fairly quiet during the pre-Christmas sessions. But the local market may be hit by the dropping commodities prices and the fears on US auto industry as US government has admitted that orderly bankruptcy can be one of the options for the troubled automakers.

The Australian share market closed firmly in the black on last Friday, driven by a resurgent resources sector after the commodities index posted its biggest weekly gain in 33 years. US stocks rose on Friday as financial stocks gained and a plunge in oil prices soothed worries about inflation and consumer spending.