Major central banks have been injecting liquidity into the market.We think we're gonna see major buying of the Australian dollar,driving it up to 1.11,said Todd Elmer of Citigroup.
Billabong International has received a takeover bid of A527 million dollars/US554 million from Sycamore Partners and Paul Naude.The Australian apparel group had cut its earnings forecast by up to 49% on weaker than expected holiday sales and restructuring costs.
Australian Minister of Trade Craig Emerson said the country's budget surplus should return by 2014.Although it would be unlikely,a surplus could possibly happen as early as 2013 if household spending continues to improve.There are good signs in car sales,the housing market and the retail industry.
The Labour government had originally promised to achieve a budget surplus in 2013,but has just revised the pledge to 2014,based on a shortfall in tax revenue because of global economic weakness,lower commodity prices and a higher Australian dollar.
The ASX 200 index closed at 4635.20,up 0.25% in shortened Christmas Eve trading.Australian stocks are at their highest valuation in 17 months,but trading volume was extremely light-off 70% in the pre-holiday session.
Russian President Vladimir Putin is on a one day trip to India.India is Russia's leading arms customer and Mr.Putin will sign 7 billion dollars in arms deals on his visit,including outright purchases and joint development plans.The Nifty Fifty stock index rose 0.48% in early Monday trading.
iShares Australia Index Fund(EWA),iShares Nifty 50 Index Fund(INDY)
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