Overnight US shares was lower on the disappointing Alcoa fourth-quarter report and profit warning from Chevron and Electronic Arts. Financial sector also fell as investors feared that a potential government levy might hurt bank profits.
US stocks ended higher overnight on a bigger-than-expected rise in existing home sales for November. The used-home sales jumped 7.4 per cent, having increased more than double the economists' expectations.
The Australian sharemarket Tuesday closed higher in a quiet trading day as Dubai debt fears eased. The local market was also inspired by an earlier report about energy giant Exxon's US$30 billion takeover bid of XTO and the forecasts by the Australian government commodity forecaster ABARE for iron ore and coking coal exports. At the close, the benchmark S&P/ASX200 index rose 19.5 points, or 0.4 per cent, at 4673.5, while the broader All Ordinaries gained 19.6 points, or 0.4 per cent, to 4687.8.
US stocks closed at 14-month highs on the news of Dubai's US$10 billion funding and a big acquisition by Exxon Mobil, which agreed to acquire XTO Energy for US$31 billion in stock.
Asian stock markets were widely up Wednesday after Wall Street climbed to a new high of the year overnight. Gold prices hit a record high for a second day today.
US equities fell for a third straight day on Friday as Dell's disappointing earnings result dragged the US stocks lower. Energy and materials companies were weighed down after European Central Bank president Jean-Claude Trichet indicated that supportive stimulus measures must soon be unwound, prompting traders to buy US dollar.
STX Offshore & Shipbuilding (SEO:067250), the world's No.4 shipbuilder, is targeting a record US$2 billion in new orders for offshore vessels and plants this year.
