Vanguard Market Update

We are going through the worst financial crisis in our lifetime.” – Prime Minister Kevin Rudd A week may be a long time in politics but it’s proving to be an eternity on financial markets, as investors increasingly worry about runs on banks, global economic collapse and a deep recession. It’s requiring the Rudd government…

Be prepared as crisis hits – PM

KEVIN RUDD steeled Australians for the effects of the global financial meltdown but said the Government was working to “maintain positive growth”. “Some of the options could be bringing forward major infrastructure projects or one-off measures to help small business set to suffer,” the Prime Minister said yesterday. Investors will nervously watch the opening of…

Crisis spreads faster

THE Federal Treasurer, Wayne Swan has warned that the economic crisis is flowing through to developing economies much faster and more brutally than expected – including Australia’s major trading partners. Mr Swan emerged from a weekend meeting in Washington of the G20, a group that includes developed and developing nations, saying he was now more…

Rudd savings plan lifts dollar

THE Australian dollar has opened firmer after the federal government’s guarantee to cover all bank deposits for three years lifted investor confidence about the country’s banks. At 0700 AEDT, the Australian dollar was trading at $US0.6674/82, up from Friday’s close of $US0.6591/99. During the weekend offshore session, the local currency traded between a high of…

No surprise about iron ore slowdown

Resource analysts say they’re not surprised Chinese steel makers have asked for slowdowns in iron ore deliveries. Several manufacturers have asked Mount Gibson Iron, Australia’s fourth largest ore producer, to delay shipments next year, as the industry slows down in the face of the global financial uncertainty. Resource analyst Mark Nuitta says, while Mount Gibson…