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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news