Australian Stock Market Report – Afternoon 9/7/2012
The Australian sharemarket improved for the third time this week, with the All Ordinaries Index (XAO) rising by 0.4 pct or 17.2 pts to 4348.8. The gains over the last few days have helped the local market break a two week losing streak.
Global markets performed strongly last night, thanks in part to impressive economic news in the U.S and the announcement of a new bond buying program by the European Central Bank (ECB). The main goal behind the program is to push down government borrowing costs for some of the weaker Eurozone economies such as Italy and Spain. The ECB is the European equivalent of Australia's Reserve Bank ( RBA ).
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