Australian stocks opened higher on Wednesday after Wall Street rallied on encouraging economic data and positive quarterly earnings from retail giant Wal-Mart (NYSE:WMT). Metals and oil were all trading higher on Tuesday.
Google Inc. (NASDAQ:GOOG) Australia has become a sponsor of "Team Trev" as it prepares to race a unique electric vehicle around the world. "Trev" (Two-seater Renewable Energy Vehicle) is Australia's competitor in Zero Race (www.zero-race.com) the first zero emission race around the world for electric vehicles powered by renewable energy.
The ZERO Race is an 80-day race around the world with 100% electric cars running on 100% renewable energies, starting on 16 August in Geneva, Switzerland. The ZERO Race is a modern adventure, propelled by clean energies and trend-setting technology organised by Swiss solar pioneer Louis Palmer.
Team Trev is a group of volunteers who will drive a small green electric car, Trev, around the world in the 2010 Zero Race. New Zealand based utility TrustPower Limited (NZE:TPW) (PINK:TRPWF) has kindly donated green power to Team Trev, in the form of Renewable Energy Certificates and a small cash donation. The energy will be sourced from TrustPower's 98.7MW Snowtown Wind Farm in South Australia.
Team Trev logistics team have completed their first major challenge, successfully importing our new batteries from Korea to the Team Trev workshop in Adelaide.
The Australian shares gave up their early gains and ended in a negative territory on Monday. The market weakness was mainly due to tax-related selling ahead of the financial year end of June 30. The benchmark S&P/ASX 200 index fell 28.5 points, or 0.65 per cent, to 4384.5 points, while the broader All Ordinaries index lost 0.67 per cent to settle at 4409.7.
The Australian market retreated yesterday, giving up most of the gains from previous trading session, while China signaled that the government there would not be a significant rise in the Chinese yuan in a short run. At the close, The benchmark S&P/ASX200 index ended 54.3 points, or 1.2 per cent lower, to 4558.3, while the broader All Ordinaries index was down 51.4 points, or 1.1 per cent, at 4581.3.
