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Local shares are losing value with the banks and miners dragging the broad market down. The All Ordinaries index is slightly lower, and the ASX 200 is down about half a per cent. Stocks in the United States fell overnight with the market hit by profit-taking. The Dow closed down 16 points while the S&P 500 and the Nasdaq were also weaker. To currencies now, and the Australian dollar has eased back a bit from yesterday's new 28-year highs. And looking at commodities, spot gold and West Texas crude oil are both fairly flat.
Last month's interest rate rise has put further pressure on Australian house prices. The property research group RP Data says national capital city home values fell 0.2 per cent in November. House prices in the big cities are now lower than they were in March, suggesting no capital growth since the end of the first quarter. Perth has been a worst performing major city with values falling 3 per cent over the three months to the end of November. And Darwin's led the way with a growth of almost 2 per cent over those three months.
New uniform laws to protect consumers will come into force from tomorrow. They'll replace 20 different Commonwealth1, state and territory laws. The Federal Government says the new laws will give consumers greater protection from unscrupulous suppliers and manufacturers and should also cut red tape for business. It is the first time that shoppers will have the same consumer rights across the country.
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1 commonwealth | |
n.共和国,联邦,共同体 | |
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