The Australian Market at a Glance
Each passing day, Australia, being a first world and industrialized market, wakes up to a set of new finance news. From the behavior of the Australian dollar in the markets to who is making profits or loses, this article aims at bringing the latest finance news about the Australian market at your dispensation.
To kick off this is a speech that was delivered by governor Stevens this previous week about the future overvaluation of the Australian dollar. This was directly going to effect the interest rates downwards. Today however, the rates of exchange as compared to yesterday, fell from US93.97c to US93.68c which caused a short span of relief before it rose slightly To US94.02c again.Following the drop in interest rates, which actually are working for the Aussies, it is not certain whether it will be possible to help offset the investment from mining. This has been contributed greatly according the central bank, by the decreasing demands which has subsequently led to the reduction in prices of key commodities. The reserve bank of Australia clearly outlines that the price of say iron ore which has fallen by thirty percent has been the main aim why supply has been on the higher side with demand from the Chinese gradually softening. This may be a threat to the GDP of Australia.
In other news, the tussle against Antare energy of Australia has ensued once again. This comes up following complaints from one Lone Star who is the manager of FUND to the Australian Securities Investment Commission about the shares that were supposedly bought by Antares chairman and director. For six months now, there hasn’t been confirmations to these allegations that draw clear lines. According to Lone, Antare increased their share prices in June after they had bought over 30000 shares. This also came before their announced their offer for Texas gas and oil assets which spiraled their share prices up.
Mr. Lone allegations have since been considered empty by the Antare’s big fish because as they claim, they have been purchasing shares since 2004 without similar blames. This also make them think Star may just be greedy to want to take full control of the business with a lower company stake. Antare says they are confident that they will not be brought down by Lone Star.To wrap up the latest news in the Australian market, there are rumors about a bigwig brand to make voluminous changes in the apple products and in finance news, the Coles are pushing for a new venture into the industry.