US retail sales grew by 6 6 Aussie dollar back US 0 9800 level

Asian markets are expected to open mixed, perhaps even slightly positive after U.S. markets fell less than expected and Europe managed to book some modest […]


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By :  ,  Financial Analyst
Asian markets are expected to open mixed, perhaps even slightly positive after U.S. markets fell less than expected and Europe managed to book some modest gains on the weekend.
News that Black Friday sales in the U.S. grew by 6.6% will bode well for investor confidence, perhaps a sign that the world’s largest economy is on the brink of a recovery in 2012.
The Australian dollar is usually a good gauge for risk appetite, last trading up above 0.9800 cents against the U.S. dollar. The Euro remains weak, last trading at around 1.3305 against the dollar.
In Australian corporate news, mining giant Rio Tinto says while clients are meeting their obligation to take product and demand remains strong, the possibility of more downside risk to the global economy is real should European debt problems persist.
Rio cites volatility in the iron ore price and says while other metal prices are relatively stable, aluminum prices have fallen back below the margin cost of production for the industry and expected to weigh on profits in the near term.
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