US stocks finished the week with the 7th gain in eight sessions. Improvement in the trade deficit and some better than expected jobs data pushed the Dow up half a per cent. Across the Atalantic, London's FTSE 100 hit a four-month closing high for the second day in a row. Australian stocks finished Friday session down half a per cent, but they were up for the week. And the dollars settled just over 92.5 US cents.
China's trade surplus narrowed to 21.7 billion dollars in August driven by a surprisingly sharp rise in imports. The country's exports were up by more than a third compared to a year ago and that was in line with forecasts. But imports surged 35 per cent which was well above market expectations.
And Virgin Blue has been dealt another blow in its bid to form an alliance with the rival airline. The ACCC's issued a draft ruling, blocking Virgin's plan to offer joint services between Australia and New Zealand with Air New Zealand. The ACCC says the deal would be likely to reduce competition in the market for trans-Tasman flights. That comes a day after US authorities tentatively blocked Virgin Blue's joint venture with Delta Airlines on routes between Ausrtalia and the US.
|