Australian shares have posted their biggest jump in weeks after global central banks acted to prevent a credit freeze.
4.39pm: And so ends our live coverage of another big day on the markets. We'll be back tomorrow at the usual time, shortly before the ASX opens at 10am.
For a wrap of today's session, click here.
4.22pm: Some more figures on today's rise: the ASX200 posted its biggest jump in four weeks. It marked its fourth straight day of gains, rising 6 per cent since Friday's dive below 4000 points.
Today's rise added about $30 billion to the market's value.
4.17pm: BHP jumped 4.1 per cent, Rio added 4.7 per cent and Fortescue gained 5.7 per cent. The big banks closed between 2 and 3 per cent higher.
Wesfarmers jumped 4.1 per cent, Qantas added 4.3 per cent, while Woolies and Telstra underperformed with rises of 1 per cent and 0.6 per cent respectively.
Among the day's few losers in the top 200, Murchison shed 2.5 per cent, Austar dropped 1.25 per cent and Tabcorp lost 1.1 per cent.
4.15pm: All sub-indices closed higher, but the market's gains were driven by the materials sector, which soared 3.9 per cent. Financials gained 2.4 per cent.
4.12pm: The market has closed. The benchmark S&P/ASX200 index rallied 108.8 points, or 2.6 per cent, to 4228.6, while the broader All Ords jumped 103.3 points, or 2.5 per cent, to 4288.
4pm: The dollar is trading at $US1.0255 and has recovered well from its midday dip below $US1.02 following weakish retail sales and dismal building approval numbers.
The currency recovered after Chinese PMI figures, which came in below expectations but weren't as bad as some in the market had feared.
Markets have become increasingly worried that Beijing's economy is slowing fast after China's surprising easing of bank reserve requirements overnight, seen as the first step in a cycle of looser policy to support economic growth.
"The rapid run high in the AUD will have left a lot of the market shocked and still short," says Greg Gibbs, a strategist at RBS. "But their sceptical underbelly will keep them from chasing it higher now.
"The Australian resources boom is robust and unlikely to be derailed. However, the state of the Chinese economy is a downside risk that may well prove to provide a better buying opportunity for the AUD," he said.
3.57pm: Global sharemarkets may be surging, but plenty of doubts remain about the sustainability of today’s rally.
For the time, the central banks' offer of cheaper dollar funding has eased worries about an immediate meltdown in the global financial system, but market players remained cautious about prospects for a resolution of the crisis.
"This just means they expanded emergency measures. The more important point is whether Europe is going to have a bigger bailout fund, and that's still up in the air," says Soichiro Monji, chief strategist at Daiwa SB Investments.
3.40pm: Bit more action from the ACCC. Earlier today they approved the Virgin Australia-Singapore Airlines alliance and now here's another:The Australian Competition and Consumer Commission will not oppose the proposed acquisition of Bow Energy by Arrow Energy, a venture between Royal Dutch Shell and PetroChina."The ACCC formed the view that the proposed acquisition of Bow Energy would be unlikely to substantially lessen competition in the wholesale supply of gas to domestic users," ACCC chairman Rod Sims said.
3.34pm: Heading towards the close and the stocks are not far off their highs. The key materials sub-index is up more than 4 per cent and on course for its best day in almost two months - if the size of the gain holds.
Of the top 200 stocks, only 21 are lower, 12 unchanged and the rest higher.
3.20pm: Rupert Murdoch will be hoping the world's media loses interest in the UK phone-hacking scandal.Turns out, the never-ending saga is making News Corp shares attractive to investors - counter-intuitive as that concept sounds.
Bloomberg reports that option traders are turning bullish on News stock (the most bullish, in fact, in almost three years), but mostly because they think the troubles dogging the US/Aussie billionaire and his son James makes it more likely chief operating officer Chase Carey will grow in influence within the company. Less family meddling, in other words, the better.
(And yes, Fairfax Media, publisher of this website competes with News in Australia.)
3.10pm: Meanwhile, in the courts: OAO Magnitogorsk Iron & Steel, controlled by billionaire Victor Rashnikov, had some of its Australian assets including a stake in Fortescue Metals Group, frozen under a court order sought by Eurasian Natural Resources Corp.
MMK, as the company is known, is prevented from disposing of, dealing with or diminishing the value of any of its Australian assets up to the value of $858 million, according to a November 25 order made in Sydney by Federal Court Justice Steven Rares.
This restriction includes its 4.99 per cent stake, valued at about $735 million, Perth-based Fortescue, Australia’s third-largest iron ore exporter. (Click here for the full story.)
3.05pm: Queensland’s government approved a $9 billion expansion of the Abbot Point coal export port to increase capacity to meet demand, Bloomberg reports.The number of planned terminals will rise from three to nine, two more than under the earlier $6.2 billion plan, Premier Anna Bligh and her deputy Andrew Fraser said today in statement.
2.56pm: The NSW Supreme Court has approved Centro's plans to combine Centro Retail Group and Centro Properties Group to create a new listed Australian retail property trust called Centro Retail Australia, BusinessDay's Carolyn Cummins reports.
However, PwC lawyers have asked for a stay of execution until 11am Friday morning while they decide if tehy want to appeal the decision. The judge has granted the stay.
2.51pm: The euphoria has spurred local stocks to gains in the order of $25 billion or more today. Lest one get complacent, here's a bit of a down view from China's vice finance ministe Zhu Guangyao, who reckons the world is facing a worse crisis than in 2008:"The current crisis, to some extent, is more serious and challenging than the international financial crisis following the fall of Lehman Brothers," he said."At that time (in 2008), the world economy maintained overall growth and the governments, especially G20 countries, were still able to implement fiscal and monetary stimulus measures," Zhu told a forum."But now, to be honest, some countries have very difficult fiscal situations, and there is limited room to adjust monetary policies."
2.45pm: Worth taking another recap of what's been going on today:Overnight the US Federal Reserve led five other central banks to ensure extra liquidity will flow to international financial markets. (See the Fed statement here - and links to other banks.) Markets rallied.China's central bank joined in with an easing on bank reserves requirements - even as fresh data shows the world's manufacturing engine may have slipped into reverse.Australia's retail sector and building approvals posted a poor October (as noted below), while the nation's factories saw output fall for a fifth straight month.
2.34pm: Interest rate futures, by the way, aren't offering us much of a guide today. Earlier in the day, they viewed the chance of a rate cut as less likely now that other central banks had moved to bolster confidence in financial markets. Later in the morning, disappointing economic numbers on retailing and construction conspired to send that gauge almost back to where it opened - that is, a more than 100% certainty the RBA will cut the cash rate to 4.25 per cent on December 6.
2.23pm: One of the big questions from today's economic news at home and abroad, is how will the news affect the Reserve Bank's decision on interest rates next Tuesday?
Australia's central bank was conspicuously absent from the global action (even Canada and Switzerland joined in, and China did its bit.) Remember that the Aussie dollar is the world's fifth-most traded currency, and we have a big stake in financial markets not freezing up.
Here's one view RBC Capital Markets economist Su-Lin Ong, implying a rate cut next week:
“Amid increasing discussion and co-ordination among global central banks, we expect the RBA to play its part.”
2.14pm: Might be some good news for those looking for a cheap flight to Singapore (and beyond). This item just in from BusinessDay's Matt O'Sullivan: New airline targets Jetstar.
2.09pm:On the corporate front, Spotless shares have jumped on news that its takeover predator Pacific Equity Partners had raised their bid to $711 million.
1.56pm: Early indications for the session on Wall St tonight (Australian time) aren't so upbeat with Dow futures down 30 points or about 0.35 per cent. FTSE futures in London, though, are up 28 points, or about 0.5%.
1.49pm: Metals and mining stocks are up 3.8 per cent, financials are up 2.2 per cent and the energy index is up 2.4 per cent.
1.45pm: As the graph above shows, Aussie stocks have been holding ground for more than an hour. The benchmark S&P/ASX200 is up 95.5 points, or 2.3 per cent, at 4215.3 and the All Ordinaries is up 91.5 points, or 2.2 per cent, to 4276.2.
1.37pm: The dollar is now well off its highs from earlier this morning and is at $US1.0209.
1.27pm: To Japan and the latest in the Olympus scandal... ex-CEO Michael Woodford has quit the firm's board of directors and called for an urgent shareholder meeting to replace the company's disgraced top brass.
Woodford says his exit from the board, about seven weeks after he raised the alarm over accounting tricks at the maker of cameras and medical equipment, would enable him to lead a clean-out of remaining directors and pave the way for his own return to the top job.
1.20pm: Toro Energy is talking to Asian investors who want to buy cornerstone stakes in the company and joint venture stakes in its $280 million Wiluna uranium project to secure uranium, Reuters reports.
Two parties are looking seriously, with talks likely to go on for another month or two, said Simon Mitchell, business development manager at Toro, declining to name the investors.
"The only hint we've given is they're Southeast Asian-based nuclear utilities or infrastructure funds that are quite substantial," Mitchell said.
He said that may include businesses from China, India, South Korea or Japan.
1.15pm: Rio Tinto has succeeded in its takeover of Hathor Exploration as the world's second largest mining company seeks to gain a foothold in the Canadian uranium production market.
Rio Tinto gained 70.2 per cent of Hathor's shares, allowing the miner to move towards completing the takeover.
Rio Tinto says it will extend the $C4.70 a share offer by 10 days to give the remaining shareholders sufficient time to sell their shares to the company.
Hathor's board of directors unanimously recommended Rio's offer.
1.07pm: Some lunchtime feel-good fare from the small business desk: Banking on a fairer world.
When banker Susanna Bevilacqua visited Vietnam, she didn't expect it to change her life. So moved was she by the inequities in living conditions across the world, that she decided to do something about it, setting up a fair trade festival at Melbourne's Federation Square.
Tomorrow marks the start of the 3rd Fair@Square, with over 80 fair trade exhibitors set to take part.
12.53pm: In commodity markets, WTI crude oil is trading near a two-week high as the move by central banks to make funds available and ease strains from Europe’s debt crisis counters a more-than projected rise in US crude stockpiles.
WTI crude for January delivery is trading at $US100.54 a barrel, up 18 cents, while Brent oil for January settlement was flat at $US110.51 a barrel.
‘‘Central bank intervention should have provided a stronger lead for oil, but there was that inventory build,’’ says Jonathan Barratt, a managing director of Commodity Broking Services in Sydney. ‘‘The market is not looking at what’s happening in Iran. If it starts to develop then you may see a restriction of Iranian oil supply to Europe and that could push the spread between WTI and Brent back out.’’
12.48pm: Hong Kong stocks have rocketed 5.7 per cent in early trading, easily outperforming not only the mainland's bourse, but all other regional markets.
Interestingly, only one market in the Asia-Pacific is trading in the red, albeit only slightly: New Zealand is down 0.02 per cent.
12.42pm: Local gains are still being led by the big miners, with Rio up 4.2 per cent and BHP adding 3.9 per cent.
‘‘The Chinese reserve requirement ratio falling is good news for commodities prices,’' says Bell Direct equities analyst Julia Lee.
12.36pm: China's benchmark stock index has opened 2.5 per cent higher, shrugging off the drop in the purchasing managers' index and instead focusing on the cut in banks' reserve requirement ratios, which signals a reversal of the central bank's recent tight monetary policy stance.
12.32pm: Here's a lunchtime read by Ian Verrender on the market's rally: Pain delayed, not cured.
Enjoy that warm afterglow from the latest burst of Northern Hemisphere optimism while it lasts, Verrender writes. The local market's surge is delivering a welcome boost in confidence for the start to the local summer.
But just as the weather bureau is predicting a stormy and cool festive season this year, don't for a second be fooled that this week's improvement on global markets has signalled that the worst is behind us.
12.30pm: Underlining the continuing commodities boom, resources and energy export earnings jumped 4 per cent to a record $48.8 billion in the September quarter.
The Bureau of Resources and Energy Economics says the increased value of exports reflects higher earnings from iron ore, metallurgical and thermal coal, gold and liquefied natural gas (LNG).
Commodities that recorded significant increases in export earnings over the September quarter include iron ore, which rose 5 per cent to $15 billion; thermal coal, up 17 per cent to $4.2 billion; and refined gold, which jumped 25 per cent to $3.9 billion. LNG increased 15 per cent to $3 billion and copper rose 7 per cent to $2.3 billion.
12.26pm: One for the cricket fans: Mitchell Starc has his first Test wicket and it's a good one too - Brendan McCullum slashed a cut straight to David Warner at point, departing for 34. NZ are 2/62.
12.22pm: Outweighing China's PMI drop may be the country's overnight decision to cut the reserve requirement ratio (RRR) for all banks by 50 basis points; the first cut since December 2008, amove cheered by analysts (and markets). ANZ economists say:This is a positive policy move that will substantially reduce the risk of a sharp slowdown in H1 2012 and help consolidate the economy for a soft landing in Q4.As the policy easing has taken place ahead of the Central Economic Work Conference in early December – a meeting that usually sets the tone for next year's economic policy – it suggests that monetary policy will likely remain accommodative while fiscal policy will continue to be stimulative.We think one more RRR cut is possible in December followed by three more RRR cuts in H1 2012. We maintain our out view that the economy is heading for a soft-landing of 9% growth for 2012.
12.12pm: In further disappointing economic news, China’s manufacturing contracted for the first time since February 2009 as the property market cooled and Europe’s crisis cut export demand.
The country's official purchasing managers' index fell to 49 in November, from 50.4 in October. Analysts had expected the official PMI to be at 50, the level that demarcates economic expansion from contraction.
Markets have so far shrugged off the data, possibly because investors were fearing a worse reading after HSBC's flash PMI fell below 50 last week.
12.01pm: Time for a recap:The market jumped this morning, following a surge on global markets after a coalition of six central banks said they will flood financial markets with money in a bid to provide banks with funds and stem the euro zone's deepening crisis.Adding to confidence, China announced a reduction in reserve requirements for banks, the first since 2008.Both moves ignited a rocket under the Aussie dollar, which shot above $US1.03 in offshore trade, more than 3 cents higher than late yesterday in Sydney.Disappointing local economic data out at 11.30am sapped confidence a bit, with the dollar falling as low as $US1.0219, while shares trimmed gains to be up "just" 2 per cent before rising again.
11.58am: And one last economist on the data (for now). Macquarie’s Brian Redican says the building numbers look suspicious.It's just very unusual to get two months of such big falls. Maybe some councils were late in getting their approvals through, but I suspect these figures contain more noise than signal.The sales numbers disappointed expectations but were not that bad overall. Sales are clearly doing better compared to early in the year.There's nothing in this that would change the RBA's thinking. If they're going to cut next week it will be because of the global risks and, given what's happening in the banking system, there has to be a good chance they will ease.
11.53am: But UBS senior economist Matthew Johnson thinks it’s now more likely the RBA will cut rates next week:The interesting report is in building approvals which shows weakness in both residential and non-residential buildings. Building approvals do tend to be a leading indicator for the Australian economy.It definitely suggests downside risks to the RBA's growth forecast and the Treasury's. That means it will be even more difficult for the Treasury to get back into surplus and more likely to see RBA cut in December. We see Q3 GDP at 1.2 per cent, but as you saw today, that strength is a mining sector only story.
11.49am: Here's NAB senior economist David de Garis's view on the data:Retail sales was softish, and building approvals is quite a disappointment. There was a sizeable decline last month and another double digit this month - obviously activity in residential construction is on the defensive right now. I don't think it changes the domestic scene all that much. We know consumers have been cautious and the data has been consistent with that.The RBA is going to be focusing pretty clearly on events overseas and the impact on Australia, so this data doesn't change it too much.
11.47am: More on the dismal building approvals numbers: approvals plunged 10.7 per cent in the month, after a revised 14.3 per cent decline the month before.
Approvals for private sector houses – crucial for the sector’s overall health - dropped 7.5 per cent in October, seasonally adjusted, led by Victoria, which fell 12.3 per cent and Queensland, which sank 5.9 per cent.
On an annual basis, building approvals tumbled 29.8 per cent in October, declining further from the 12 per cent drop in September. The October fall was the biggest since January 2009, in the middle of the global financial crisis.
11.43am: Retail stocks have trimmed some of their gains after the retail data came out, with the consumer discretionary sub-index now up 1.3 per cent and consumer staples rising 1.7 per cent.
11.33am: Investors didn't get too excited about the disappointing economic numbers. The dollar has fallen about a quarter of a US cent and is now trading at $US1.0219. Interbank futures remain a touch softer, but are still implying around a three-in-four chance of a cut in interest rates when the RBA meets on Tuesday.
Shares have trimmed some of their initial gains to be up about 2.2 per cent - adding roughly $25 billion in value.
The focus of the market remains firmly on overseas developments.
11.31am: Retail sales rose just 0.2 per cent in October, that's half of what was expected. Even worse is the building approvals number, showing a 10.7 per cent slump in October, instead of an expected 3.3 per cent rise.
11.26am: Although interest rate futures are now showing investors are a bit less certain of an interest rate cut next week, soem economists are saying the chance of a December rate cut has increased after last night's central bank action."While (the announcement) has given investment markets and equity markets a bit of a fillip in the short term, the European debt situation hasn't gotten any better really," says National Australia Bank senior economist David de Garis."It's certainly a sign that overseas central banks are responding to the serious situation," he says. "To that extent, you think a lot of that concern is shared by the RBA."
11.22am: A couple of minutes until the Australian Bureau of Statistics releases some key economic numbers for October.
Economists are expecting retail sales grew 0.4 per cent for the month, matching the previous month’s increase.
Building approvals, meanwhile, are expected to rebound from the previous month’s huge 13.6 per cent drop to post a 3.3 per cent increase – or so say the economists.
11.15am: Asian markets are opening and showing similar strength to the local one. Japan's Nikkei is up 2.4 per cent, on track for its biggest gain in two months. In Seoul, the Kospi has leapt 3.5 per cent.
Stocks are rising after the move by global central banks to tame a liquidity crunch for European banks by providing cheaper dollar funding.
"We see this move as a bullish risk as it is more of a precautionary USD liquidity injection to be used in the uncertain months ahead, as opposed to a response to an already-existing USD shortage," Nomura analysts Stanley Sun and Charles St-Arnaud wrote in a note.
11.09am: In what will be a major first test of the market's new-found confidence, Spain aims to sell 2.75 billion euros to 3.75 billion euros of three-year bonds tonight.
The country's borrowing costs are likely to leap to 14-year highs above 5.5 per cent, as investors ponder how long it will take before rising yields scare buyers away.Analysts say the auction could well go like Italy's sale of three and 10-year bonds on Tuesday, which drew reasonable demand but saw yields leap to levels deemed unsustainable for public finances.
11.04am: Stocks have slipped back from their barnstorming start to be about 2.5 per cent higher after an hour's trade. The All Ordinaries index was 97.4 points higher, or 2.3 per cent, to 4282.1, while the benchmark S&P/ASX200 was 101.9 points higher, or 2.5 per cent, to 4221.7.
Materials stocks are still 3.8 per cent higher, while metals and mining stocks hold a 3.9 per cent gain. Gold stocks are up 2.7 per cent and financials have gained 0.4 per cent.
10.58am: Industrial services company Spotless Group has received an increased takeover bid from private equity group Pacific Equity Partners (PEP).
The revised bid includes an indicative price of $2.68 per Spotless share, up from the previous offer of $2.63 per share. The new offer values Spotless at about $711 million, up from the previous offer's $698 million. Its shares last traded at $2.29.
10.52am: According to one analyst, today's sharemarket bounce should be considered a "meeting of the minds".
Bell Potter senior adviser Stuart Smith said the positive start had pushed Australian shares through some significant technical levels, and was also supported by the underlying strength of the Australian economy.
‘‘You get your left brain looking at the technicals and you get your right brain looking at the fundamentals here in Australia and it is a happy situation,’’ Mr Smith said.
10.47am: Analysts have been tweaking their recommendations on a few stocks: Metcash has seen its rating lifted to 'outperform' at Credit Suisse, and to 'neutral' at JPMorgan after its modest increase in guidance for the current year’s profit growth released yesterday by the supermarket group. Wotif, meanwhile, has had its rating cut to 'sell' from 'neutral' by Citi. Symex Holdings has also had its rating cut to 'hold' from “buy” by RBS.
Other changs include:Genetic Technologies rated new 'buy' at Ladenburg ThalmannCommBank cut to 'neutral' from 'outperform' at MacquarieRegis Resources rated new 'buy' at UBSAustar rated new trading 'buy' at RBS on takeover decision delay
10.41am: Financials are broadly tracking the market. Of the big four, Wesptac and NAB have made the top 10 are among the best performed stocks on the financials sub index - 2.87 and 3.16 per cent higher respectively. Other winners include:Platinum Asset Management - up 4.58 per centAMP - up 3.61 per centQBE Insurance - up 3.42 per centSuncorp - up 3.4 per centMacquarie - up 3.15 per cent
10.37am: Virgin Australia’s shares have soared on news that the competition watch, the ACCC, had approved its network alliance with Singapore Airlines. Virgin shares were up 5.9 per cent in recent trade, or 2 cents, to 36 cents. Qantas shares were up as much as 3 per cent – in line with the overall market, or 4.5 cents, to $1.56.
10.34am: Shares in Foster's, however, are flat at $5.38 after shareholders in the beverages group overwhelmingly backed a $12.3 billion takeover from global brewing giant SABMiller.
At a special meeting this morning, 98.1 per cent of proxy votes, or 1.257 billion shares lodged, voted for the takeover, with 0.9 per cent against, placing the brewer that owns iconic brands such as VB and Carlton Draught into foreign hands.
Eli Greenblat reports on how Foster's is no more.
10.29am: To the stocks which are leading the market higher. No surprises to see the top 10 full of resources companies:Kagara Ltd - up 13.33 per centMirabela Nickel - up 7.77 per centGunns Ltd - up 6.45 per centKingsgate - up 5.96 per centOceana Gold - up 5.46 per cent
10.23am: Gains of just less than 3 per cent have added about $35 billion to the value of listed Australian companies so far. The trick now is to hold onto them until 4pm.
10.21am: Looks like the markets are settling in the 2.5 to 3 per cent range. In early trade, the All Ordinaries index is 112.7 points higher, or 2.7 per cent, to 4297.4, while the benchmark S&P/ASX200 is 118.2 points higher, or 2.9 per cent, to 4238.
10.19am: Telecomms lagging the market by a long way - 0.6 per cent higher. Utilities up 1 per cent and consumer staples are 1.9 per cent higher.
10.16am: Metals and mining stocks leading the market at this early stage - 4.2 per cent higher. Closely followed by materials stocks - 4 per cent higher. Energy stocks up 3 per cent. Financials have added 2.8 per cent.
10.13am: And still they climb. All Ords up 2.7 per cent and the S&PASX200 now 2.8 per cent higher.
10.05am: Early take - shares sharply higher, barely blinking an eye as they race toward the 1.5 per cent gain mark.
10.01am: And they're off!
9.56am: More on the Aussie dollar, which shot up from 99.92 US cents late yesterday to $US1.0262 just a few moments ago, but was at midnight. Or as St George put it today: "Sparks flew as the Aussie and Kiwi dollars screeched higher in line with risk assets broadly."
Perhaps the best way to show suddenness of the rise is with the following chart from Bloomberg. The dollar shot skyward at 12am AEDT and hit a high of $1.0334 at 12.02am:
9.49am: Another factor weighing on investors' minds today will be China's announcement of a reduction in reserve requirements for banks, the first since 2008. It possibly signals government concern that a slowdown in the world's second-biggest economy is deepening.
Westpac's Damien McColough said that news was "fundamental from an RBA perspective” because the market is tipping steeper rate cuts based in part on the RBA’s reaction to slower-than-originally expected growth in China.
9.45am: Here's a view from a local analyst on the central banks story. Westpac head of Australian rates Strategy Damien McColough said commercial banks may not actually access the funding, but central banks have put in place an agreement to do it at a lower cost than before.
"The facility really addresses bank liquidity as opposed to the insolvency issues which are defining global fears at the moment," said Mr McColough.
"The general consensus in our morning meetings is that you never know how long these risk-on themes are going to last,” he said, referring to investors optimism around the announcement.
"But the volatility continues and it wont take much to knock it straight back down from its lofty height today."
9.42am: Interestingly, interest rate futures have fallen since yesterday. The market is now giving a 25 basis point cut to the official cash rate when the RBA board meets next week only a 93 per cent chance. That's about a 20 per cent drop in a day. And it's the first time in a month that the market has not seen a December rate cut as a certainty.
9.39am: In one of the most decisive moves yet to tackle the euro zone debt crisis, a coalition of six central banks will flood financial markets with a wall of money in a bid to provide banks with funds and stem the euro zone's deepening crisis.
The central banks of the euro zone, Canada, Britain, Japan, United States and Switzerland explained the opening of the financial spigots in a joint statement as an effort to lower the cost of providing US dollars to banks - effectively forcing down interest rates in the process. Full coverage here.
9.35am: For a comprehensive look at the overnight biz news, check today's need2know and today's business press digest. Meanwhile, here are some key numbers to get the day rolling:In the US, the S&P500 gained 38.2pts, or 3.2%, to 1233.39In Europe, the FTSE100 added 168.4 pts, or 3.1%, to 5505.42Gold rose $US31 to $US1744.40 an ounceWTI crude oil rose 61 US cents to $US100.40 a barrelR/J CRB Commodity Index is up 1% to 313.87
9.32am: On the ASX24, the SPI futures index was 141 points higher, or 3.31 per cent, to 4255. The Australian dollar has added more than 2.5 US cents since yesterday's close. The Aussie is buying $1.0263 after trading at 99.91 US cents late yesterday.
9.30am: Morning All. Welcome to the Markets Live blog for what looks like it could be a rollicking day on the markets.
This blog is not intended as investment advice
BusinessDay with agencies