Friday Flashback
THE WEEKLY WRAP: As the Abbott Government contemplated the latest outburst from Tasmania’s favourite Mistress of Meddling, Jacquie Lambie, over pay scales for soldiers, the Australian share market demonstrated its penchant for Friday afternoons by once again finishing the week in comfortable style.
Surprisingly it was the resources sector leading the way despite iron ore taking a beating in overseas markets on Thursday night.
Rio Tinto (ASX: RIO) and BHP Billiton (ASX: BHP) both welcomed the weekend to be 71 cents and 70 cents higher respectively.
Meanwhile the Aussie dollar hit a four-year low as speculators anticipated a strong US employment report.
The dollar bounced back on Monday Australian after US jobs figures flummoxed the market.
This rally came on the back of the US dollar falling against all major currencies after non-farm payrolls data on Friday night missed analyst expectations with the US economy adding 214,000 jobs in October, compared to forecasts of 235,000.
That’s where the joy ended unfortunately with the share market closing lower dragged down by falls to the big banks, retailers and health care companies.
It was good news for the big miners with BHP Billiton (ASX: BHP) gaining 19 cents to $34.68, while Rio Tinto putt on a healthy 54 cents to close at $61.24.
On Tuesday all eyes turned towards Victoria with the state election looming.
The latest state poll has guaranteed Clive Palmer more time in the spotlight and he hasn’t disappointed by talking up PUP’s chances of securing the balance of power in Victoria’s Upper House and announcing 21 Palmer United Party (PUP) candidates who will stand in all eight Upper House regions for the state election.
In Beijing Tony Abbott avoided making eye contact with Russian President Vladimir Putin as he waited for his shirt fronting opportunity.
The Russians appeared to be not too worried about the entire situation with a spokesman saying there would be very few people in the country who even knew, or cared, who Tony Abbott was.
Back home the Labor Party finally let voters know where it stands on something by announcing it wouldn’t play nice with the Liberal Party’s idea of what constitutes healthy Renewable Energy Target (RET) figures.
It all seems rather petty when the next day China and the United States, the world’s biggest greenhouse gas emitters, agreed on a set of greenhouse gas emission targets.
The agreement may be symbolic, however, as ABC environment online editor Sara Phillips said it, “is just the tonic the stalled international negotiations on climate change need”.
Once again the ball has landed in the court of King Clive, but he quickly returned serve saying PUP would not enter any deal with the Government now Labor had left the negotiating table.
The market was hammered again on Wednesday with any company with any attachment to iron ore feeling the pinch.
No joy in any sector with big banks also taking a hit, which all resulted in the market losing just under one per cent for the day.
Yesterday the market slogged through its fourth loss in a row, losing just under 100 points for the week so far.
And to round off the week nicely Clive Palmer described PUP senator Jacqui Lambie as a drama queen, saying she is focused on her own quest for power.
Proving to the electorate that not all Puppies are cute, Lambie has mase in clear she no longer intends attending party room meetings.
The Big Man laid down the gauntlet challenging his reprobate senator to either challenge for the Party leadership or get on with her job in the Senate.
Who said these minor parties have nothing to add to the political landscape?!
