Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Australia: Selloff seems ominous

15.06 AEDT, Tuesday 13 November 2012

Selloff seems ominous
By Ben Taylor (Sales Trader, CMC Markets)

The market started selling and just kept going today on the back of a deterioration of sentiment both locally and overseas. The selloff seems ominous and is far heftier than what we had estimated heading into today.

Europe’s ability to handle the Greek debt crisis and anticipating developments for the US fiscal cliff are causing the market to gyrate.

Australian business conditions hitting a three year low had investors bailing out of the Australian dollar and had them increasing their bets in the RBA cutting rates in December. A drop in wages, falls in employment and low inflation indicators had confidence remaining negative.

The market is bracing itself for US political deterioration and a potential departure of Greece from the Euro. Whilst the fiscal cliff is the big talking point the Republicans seem willing to concede on the deductions allowed by high income earners.

As European officials pushed the Greek budget through their parliament the world is waiting for Greece to be granted its next tranche of bailout funds. The IMF has however spoilt the party demanding Greek bondholders take another cut on their holdings to allow Greece to mend from its debt affliction.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news