Asian markets mostly dropped on Wednesday. Resources shares across the region were hit by falling metals prices. Japan's Nikkei 225 fell 1.5 per cent, South Korea's Kospi shed 1.0 per cent and Hong Kong's Hang Seng Index lost 0.8 per cent. The markets also weighed down by U.S. consumer confidence and German business sentiment. But China's Shanghai Composite rebounded 1.3 per cent as monetary tightening worries eased.

Australian shares posted a strong gain on Wednesday while Wall Street and Asian markets picked up on a brightened outlook and higher commodities prices. The local market was also lifted by a bunch of upbeat profit results. At the close, the benchmark S&P/ASX200 index surged 100.1 points, or 2.2 per cent, at 4667.9, while the broader All Ordinaries index jumped 96 points, or 2.1 per cent, to 4686.8.

Australian shares fell on Tuesday led by financials sector as investors remained concerns over Europe's financial health. At the close, the benchmark S&P/ASX200 index was down 16.3 points, or 0.4 per cent, at 4505.1. The broader All Ordinaries index fell 18.1 points, or 0.4 per cent, to 4520.7.

The Australian sharemarket extended last week's losing streak as latest report of China's growing manufacturing activity raised fears on a new round of credit tightening by the Chinese government. The S&P/ASX200 fell 45.5 points, or 1 per cent, to 4524.1, while the broader All Ordinaries index today lost 52.1 points, or 1.1 per cent, at 4544.8.

Yesterday the Australian sharemarket gained as the Chinese government released a report showing that China's exports jumped 17.7 per cent in December. The Australian dollar was stronger on Monday on the positive Chinese trade data and improved domestic jobs data. The benchmark S&P/ASX200 index advanced 38.6 points, or 0.8 per cent, at 4950.7, while the broader All Ordinaries index was up 39 points, or 0.8 per cent, to 4981.2.

Wall Street broke its winning streak and closed lower overnight after a disappointing report showed US housing starts fell 10.6 per cent in October and permits fell 4.0 per cent. The tumble suggested that the real estate sector is still under pressure.

Dr. Yvo de Boer, Executive Secretary of the UN agency in charge of the Kyoto Protocol, has just confirmed that a representative from their Accreditation and Project Assessment unit will be meeting with carbon buyers and sellers in China

Wall Street declined overnight on a weak housing report, despite some strong earnings results. The Commerce Department said that construction starts on privately owned homes rose 0.5 per cent to 590,000, lower than expectations.

Wall Street hit new highs for the year over optimism of the corporate earnings. The rise was led by Caterpillar as a broker said the company was among the best-positioned companies to benefit from improving global growth and spending on construction, infrastructure and commodities.

Overnight Dow Jones Industrial Average closed above 10,000 points for the first time in a year, as the investors were encouraged by the better-than-expected earnings from Intel and JPMorgan Chase. The gains in stocks market were also helped by the positive September US retail sales data, which could be a further confirmation of a recovery.