And Beijing has criticised the Federal Government for upholding a decision to lock out Chinese telco giant at the National Broadband Network. Huawei was banned from tendering for work on the NBN by the previous Labor government because of security concerns. 

A spokeswoman for the Chinese Foreign Ministry says countries should not use national security as a tool to interfere with world trade. 

 

The Australian dollar has fallen on the back of a speech from the Reserve Bank governor. Glenn Stevens says Australia's terms of trade are likely to fall rather than rise in the near term. 

He warned investors of fluctuations in the dollar present risks and that the dollar will likely trend lower in the future. The Australian dollar was sold off by half a per cent against the greenback after that speech was posted online. 

 

To the markets. 

The Dow rose 111 points. The NASDAQ and the S&P 500 are up as well. In London, the FTSE climbed 49 points overnight. Looking at commodity prices. West Texas Crude is trading at 98 US dollars a barrel. And Tapis is at 117 US dollars a barrel. Gold is worth 1345 US dollars an ounce. The Australian dollar is buying 95 US cents, 69 Euro cents and 59 Pence sterling.