RBA cuts key rate to 3% as hiring falters

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Source: Bloomberg
© Scanpix/AFP
Australia's central bank cut the key interest rate to the lowest level in 50 years set during the global recession in 2009 as hiring slows and a strong currency hurts manufacturing and tourism. The RBA Governor Glenn Stevens and the board cut its benchmark interest rate by 0.25 percentage point to 3% on Tuesday, according to the statement of the central bank today.  
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Tue, 04 Dec 2012 07:15:31 GMT

Aussie gains as RBA cut its key rate to 3%

The Australian Dollar strengthened versus all its major peers after the RBA cut the key interest rate from 3.25% to 3%, which was widely expected by economists. The Aussie Dollar gained 0.3% to $1.0449 at 2:57 p.m. Sydney time after falling 0.5% during the previous 3 sessions. The New Zealand Dollar rose 0.3% to 82.31 U.S. cents. 

Mon, 03 Dec 2012 18:44:29 GMT

German equities advance on better Eurozone data

German shares rose on signs of growth in Chinese economy and better economic data on Europe that boosted up demand. The data on Euro-area's PMI indicated the manufacturing sector was shrinking at a slower-than-expected pace in November and adding to signs of Eurozone's recovery. However, concerns over the U.S. unsolved budget keep rising. The DAX index advanced 0.72% to 7,458.55.

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