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A lot has been made about the commercial closeness of China and Australia in the past couple of years.
It’s certainly the case and yesterday we got some official figures that confirmed the tightness of this trading relationship.
An unexpectedly stronger US dollar and weaker equity prices to start the new calendar year have weighed on oil prices, with crude falling from US$83 per barrel early last month to close last week at US$73 per barrel. According to ANZ Banking Group energy commodity strategist Serene Lim, the price falls may present some opportunities for the bulls to enter the market, though a bottoming in global oil demand, record high stocks and sovereign credit risk in the Euro zone offer reasons for continued caution.
Read more about Oil Price To Rise – Bullish Oil Forecasts for 2010.The National Australia Bank has upgraded its growth and employment forecasts for 2010 and 2011 as it sees Australia continuing to climb from the slump of 2009.The Bank’s updated surveys, made in its December business survey, anticipate updated forecasts from the Reserve Bank in Friday’s first Statement on Monetary Policy for the year.
Read more about NAB employment forecasts for 2010 and 2011Locally, the Australia ASX 200 CFD Index finished 0.9% stronger at 4647.9, slightly off morning highs of 4656.9. Gains came from the cyclical sectors leveraged to the global economic recovery. This is a positive as it possibly indicates a re-emergence of risk appetite.
Read more about ASX Share Market Update Feb 3rdIt was just the thing the Reserve Bank didn’t want to see a day ahead of its board meeting today.
Latest Equity Markets. Official figures confirming that Australian house prices had one of their sharpest rises in recent years in the final six months of 2009.