The Australian dollar has fallen more than one US cent after a negative global reaction to disappointing US employment data and European election results dragged stock markets lower.
The Australian share market has taken a beating, after renewed concerns over the euro zone and disappointing jobs data in the United States sent spooked investors running for the exits.
Australian stocks have opened almost 1.5 per cent lower, following instability in European markets after the election of France's first Socialist president in nearly two decades.
US stocks plunged Friday after the government reported that hiring slowed sharply last month. The report confirmed investors' fears that the US economic recovery is faltering.
Poorer than expected growth from China reduced the market capitalisation of Western Australian listed companies by 2.8 percent in April, according to new research released today.
Westpac's business customers have received greater interest rate relief than mortgage holders, with the bank saying the sector needs a boost in the current economy.
Wall Street made a brief incursion into positive territory early Thursday, but spent the rest of the day in the red as trepidation about weak data sent markets into a spin.
The Australian dollar fell about one-third of a cent to below 103 US cents after the publication of data showing weaker than expected Chinese economic output.
Australian stocks closed marginally lower on a day of low volumes as gains among finance-linked companies were offset by weakness in the energy sector.
Westpac Banking Corporation is unlikely to pass on the central bank's 0.5 per cent rate cut despite making a near $3 billion profit in the first half of its fiscal year.
The Commonwealth Bank of Australia has cut its standard variable home loan rate by 40 basis points to 7.01 per cent, while Westpac said it would wait until tomorrow to announce its intentions.
US stocks clawed back early sharp losses on disappointing data on private-sector job growth, with the Nasdaq index ending in the black while the Dow closed with a minimal loss.
The Australian dollar recovered some of the ground lost after this week's official interest rate cut as investors shifted their focus to recent positive data from the US and China.
Former federal opposition leader Dr John Hewson says the Reserve Bank of Australia (RBA) should continue slashing interest rates so they are in line with other developed economies.
National Australia Bank and the Bank of Queensland have become the first banks to lower interest rates, but both say they won't pass on the full 50 basis point cut recommended by the Reserve Bank o
A better-than-expected read on US manufacturing in April and encouraging construction data drove Wall Street shares higher Tuesday as traders shrugged off some poor earnings reports.
Australian shares have opened slightly higher as confidence grows in the local market following gains in resources stocks and on high expectations of an interest rate cut.
US stocks closed out April Monday with all three indices slipping lower, helped by weak US consumer spending data and ongoing worries about Spain and the eurozone.
The Australian dollar is almost a full US cent higher as global markets priced in the possibility that the US central bank could embark on a new round of economic stimulus.
National Australia Bank will spend £456 million ($A713 million) and cut 1,400 British jobs to prevent its struggling UK business from causing more damage to its bottom line.
The Australian share market closed stronger, driven by resource and banking stocks on the expectations of a cut in domestic interest rates and a soft economic landing in China.
The Australian share market has opened about half a per cent higher after US investors took a glass half-full approach, leading to gains on Wall Street.
