A shock GDP number suggests an interest rate rise should be forthcoming as soon as the markets settle down.
ANZ job ads figures for August show continuing growth on a slowing trend.
Australia, Europe and the UK all make rate decisions this week as Sydney is locked down for APEC.
Bernanke’s statement was well received by a market assuming a rate cut will soon be forthcoming. President Bush chimed in with some added relief for mortgage holders.
Wall Street struggled to decide upon last night’s GDP release while the market waits poised for tonight’s statement from the Fed chairman.
JP Morgan suggests the big five Australian banks have up to $25bn exposure to CDO-invested SIVs and conduits. What?
After falling 240 points on Tuesday, the Dow rallied 247 points last night. More light volume. More Bernanke madness.
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.
On Friday new home sales spurred Wall Street. Last night existing home sales achieved the opposite.
Stocks rallied strongly on little volume to close the week on a high note following some surprising data.