×

Business New Zealand

  • WELLINGTON/ SYDNEY, Oct 10- The Australian and New Zealand dollars rallied on the euro on Wednesday as concerns over Spain continued to simmer, while a second session of gains for iron ore brightened the outlook for Aussie export earnings. *Support seen around $1.0175, then $1.0150, while sellers lined up around 100- DMA of $1.0251.

  • In its latest forecast, the International Monetary Fund said Tuesday that the global economy is weakening and will grow more slowly in the next year. The euro fell to $1.2880 in late trading Tuesday from $1.2967 late Monday. The dollar rose to 0.9404 Swiss franc from 0.9330 Swiss franc and to 97.76 Canadian cents from 97.66 Canadian cents.

  • AMSTERDAM-- World stock markets fell Tuesday on a gloomy forecast from the IMF and worries over Europe's debt crisis ahead of the start of earnings season.

  • Meanwhile, comments by the International Monetary Fund on the global economy "provide a gloomy backdrop" for the day, said Monument Securities analyst Marc Ostwald. After a weak session Monday, Wall Street opened slightly lower again, with the Dow Jones Industrial index down 0.1 percent to 13,565.45, and the S&P 500 down 0.1 percent at 1,454.61.

  • AMSTERDAM-- World stock markets mostly declined Tuesday against a backdrop of worries about global economic growth and Europe's debt crisis. Meanwhile, comments by the International Monetary Fund on the global economy "provide a gloomy backdrop" for the day, said Monument Securities analyst Marc Ostwald.

  • An important factor in the New Zealand dollar's favour is the performance of prices for the country's main commodity exports. Dairy prices, an important export for New Zealand, are set to remain high and New Zealand's dairy industry may benefit more than usual given U.S. rivals have been hit by the worst drought in half a century.

  • A day before, the World Bank issued a warning about a slackening expansion in Asia. Britain's FTSE 100 fell more than 0.2 percent to 5,827.72. The picture was not as bleak in Asia, where stock market performance was mixed.

  • SINGAPORE, Oct 9- Singapore may avoid a technical recession when it reports third quarter GDP as second-quarter numbers are likely to be revised upwards, Prime Minister Lee Hsien Loong said on Tuesday, according to local media reports.

  • BEIJING/ HONG KONG, Oct 9- China's leading telecom equipment makers accused in a U.S. congressional report of being a potential security risk may face fresh scrutiny in other markets, while American firms operating in China could be vulnerable to retaliation.

  • Oct 9- China's leading telecom equipment makers accused in a U.S. congressional report of being a potential security risk may face fresh scrutiny in other markets, while American firms operating in China could be vulnerable to retaliation.

  • *Steelmakers consortium still interested in Arrium. SYDNEY, Oct 9- Australia's Arrium Ltd sold its 50.3 percent stake in New Zealand's Steel and Tube Holdings Ltd for NZ $91.2 million, shoring up its defence against a takeover by a consortium including Noble Group Ltd and South Korea's POSCO.

  • MELBOURNE, Oct 9- Australian shares climbed 0.5 percent to a fresh 14- month high on Tuesday, with miners boosted by a jump in iron ore prices that helped offset concerns about global economic growth. No. 3 iron ore miner Fortescue Metals Group. rose 3.6 percent and Northern Iron.

  • Australia- listed Kathmandu Holdings Ltd leads on analyst revisions among 55 companies in the country's consumer discretionary sector tracked by at least three analysts, data from Thomson Reuters StarMine shows. Analysts have raised average EPS estimate for the year ending July 2013 by 9 percent since Sept. 21.

  • WELLINGTON/ SYDNEY, Oct 9- The Australian and New Zealand dollars recovered a bit of ground on Tuesday, helped by profit-taking and a bounce in Chinese stocks, though the mood remained fragile on global growth worries and subdued economic data in Australia.

  • WELLINGTON, Oct 9- New Zealand infrastructure investor Infratil Ltd is planning an issue of six year bonds, the company said on Tuesday. It said the offer would be in two parts, the first of NZ $25 million in November 2018 bonds, with oversubscriptions of up to NZ $50 million.

  • WELLINGTON/ SYDNEY, Oct 9- The Australian and New Zealand dollars recovered a bit of ground on Tuesday as investors took profits on short positions built against the euro and sterling, though the mood remained defensive. *Aussie up at $1.0231, from $1.0196 early, boosted by short-covering following a fall to $1.0149 on Monday, its weakest since mid-July.

  • MELBOURNE, Oct 9- Australian shares climbed 0.5 percent to a fresh 14- month high on Tuesday on a jump in iron ore prices that helped offset concerns about global economic growth. No. 3 iron ore miner Fortescue Metals Group. rose 3.6 percent and Northern Iron.

  • MELBOURNE, Oct 9- Australian shares eked out a 0.1 percent gain early on Tuesday, with support from higher iron ore prices countered by concerns about the global growth outlook after the IMF cut its economic forecasts for the second time since April.

  • CANBERRA, Oct 9- Australian shares are likely to lack strong direction early on Tuesday, with support from higher iron ore prices and an improvement in China's services sector countered by losses in copper prices and concerns about the global growth outlook.

  • WELLINGTON/ SYDNEY, Oct 9- The Australian and New Zealand dollars pared some of their recent losses on Tuesday as investors took profits on short positions built against the euro and sterling, though the mood was still defensive overall. *Aussie around $1.0191, after short covering lifted it to an overnight high of $1.0220 from $1.0165 in late trade on Monday.