Some positive news trickle from Europe; choppy session in Asia today
City Index November 8, 2011 7:48 PM
<p>Asian shares are set for choppier trading today, potentially trading higher in early morning on some positive offshore leads. Europe remains fragile but there is […]</p>
Asian shares are set for choppier trading today, potentially trading higher in early morning on some positive offshore leads. Europe remains fragile but there is some positive news coming out.
European finance ministers last night pledged to roll out a bulked-up rescue fund next month, leaving Greece and Italy on the front lines until then in the battle to contain the debt crisis.
Italy remains the key trading risk – the EUR/USD still weak below 1.3770 at the time of writing in early Asian trading.
As we wrote yesterday, energy markets seem to be re-pricing ahead of an economic recovery as energy hungry nations look to sure up security of supply over the next few years. Light crude was last trading up 1.6% while Brent added 2.9% to US$114.84 per barrel.
Australian corporate news remains quiet but there are two key companies worth watching today – Westfield Retail group, which is among the largest retail property owners in the world and Woodside petroleum who sees its shares held by Shell released from escrow today, are sure to generate interest among traders particularly given the gains in oil prices overnight.
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