The Australian market index closed higher and major banks failed to pass on the latest rate cut to consumers. ANZ said first half profit increased 5% to a record high. News Corp rose on the prospect that Rupert Murdoch may be forced out after the latest UK panel report.
Australian stocks gained after the Reserve Bank of Australia cut rates by 50 basis points. The market rally was short lived after large banks failed to follow the move. Rupert Murdoch was deemed unfit to run UK newspaper business. Woodside sold a stake in its $2 billion Browse LNG field.
Australian stocks gained after copper prices edged up but trading was subdued as markets were closed in Japan and in mainland China. New home sales dropped 9.4% in March and home sales dropped across all states as buyers stay away from record high sale prices.
Stocks in Australian edged lower after international worries overshadowed domestic news. Sundance Resources gained after it signed a deal with Cameroon government. The troubled printer PMP may pursue a highly conditional offer.
Australian indexes gained a fraction and media stocks declined after Seven West Media lowered its profit outlook. Mining stocks were in focus after Caterpillar reported sales weakness in China.
Australian consumer price index increased less than expected 0.1% in the quarter to March and rose 1.6% in the year to the month. The weak reported inflation followed the benign wholesale price index data released on Monday. Newcrest Mining lowered its annual production outlook.
Australian stocks edged lower on the first day of a short trading week after producer prices declined in the March quarter. Investors are expecting consumer price index to show an increase of at least 0.6% tomorrow.
Australian stocks gained 0.1% to close at a new 8-month high and for the week jumped 1% as world finance ministers and bankers gather in Washington to discuss the euro zone crisis and faltering global economic growth. Woolworths reported weaker than expected quarterly sales results.
Australian stocks advanced to an eight month high and a private report indicated property tax collection reached a record high of $33 billion last year. News Corp invites another unflattering attention to the company after it discovered it violated U.S. foreign ownership rules.
Australian stocks rebounded and BHP Billiton first quarter production declined 8% from the December quarter and fell 14% from a year ago on weather related disruptions.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites.
Market data: BATS Exchange. Inc.
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