Daily FNArena News - FYI

What is the correlation between lunar eclipses and stock market crashes?

ANZ Bank senior currency strategist Tony Morriss suggests with uncertainty impacting on risk appetite in global markets it will be technicals rather than fundamentals that offer guidance.

The Dow fell 280 points last night as more poor housing data were released, consumer confidence fell, Merrill Lynch downgraded financial stocks and, bizarrely, the FOMC minutes from August 7 were poorly received.

The sub-prime crisis may not be over but Commonwealth Bank expects strength in the Australian and global economies will continue.

On Friday new home sales spurred Wall Street. Last night existing home sales achieved the opposite.

After a slow news week last week and relatively calm markets, this week sees a step up in economic data both locally and in the US. Just how confident is the US consumer?

Stocks rallied strongly on little volume to close the week on a high note following some surprising data.

Country wide shares traded as much as 20% higher in Wednesday’s aftermarket on news of the BA stake. However both Countrywide and the market closed flat last night.

Markets have settled since the US Federal Reserve lowered its discount rate but Danske Bank suggests it is still too early to re-establish carry trade positions.

The New Zealand dollar has fallen as investors exit the carry trade but Macquarie Equities sees little economic fallout from the change in investor attitude to risk.