Westpac Banking Corp

Australian stocks ended flat on Wednesday as shares gave up early gains in the afternoon dragged by banks. Miners advanced as investors were optimistic about the iron ore prices. At the close, the benchmark S&P/ASX200 index was up 1.6 points at 4925.9 points, while the broader All Ordinaries index lifted 7.7 points, or 0.15 per cent, to 4947.2 points.

US shares fell on Thursday as the services sector index declined unexpectedly in November. The contraction also hurt sentiment ahead of the release of unemployment figure.

US stocks Wednesday climbed to near the peak of the year after Dubai's debt restructuring plan. The market was also supported by the optimism about the upcoming holiday shopping season while retailers Staples and Guess saw positive earnings in third quarter and provided guidance above market expectations.

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Overnight the US stocks closed higher on the positive Alcoa earnings and better-than-expected weekly jobless claims and consumer spending. Investors were also encouraged by the US retailers' first same-store sales gains in more than a year.

Wall Street closed flat yesterday after the market rallied for two days. Traders turned cautious before the third quarter earnings kick off. Alcoa (NYSE:AA), the first company to unveil its earnings, posted a better-than-expected result with third quarter net income of US$77 million, after three consecutive quarters of losses.

Wall Street ended the last trading session of July with a positive note on Friday. The Dow increased 0.86% for the week and 8.58% for the month thanks for the better-than-expected earnings reports. The US government reported on Friday that gross domestic product declined by 1% in the second quarter, while economists had expected that number to be around 1.5%. The result gave investors stronger confidence that the worst recession since the Great Depression is likely coming to an end.

The Australian shares yesterday started the new financial year with a significant fall led by financial and resources stocks. The benchmark S&P/ASX200 index lost 80.9 points, or 2.05 per cent, to 3874 points, while the broader All Ordinaries index was 75.5 points, or 1.91 per cent lower, at 3872.3 points.

The Australian shares closed lower as weaker commodities prices weighed on the resources sector. The benchmark S&P/ASX200 index fell 30.5 points, or 0.75 per cent, at 4031.7 points, while the broader All Ordinaries index shed 31.1 points, or 0.77 per cent, to 4030.4 points.

On Friday, the Australian market closed higher, lifted by the news of a massive joint venture between mining giants BHP Billiton and Rio Tinto after Rio scrapped the takeover deal with Chinalco. The benchmark S&P/ASX200 index was up 36.6 points, or 0.93 per cent, at 3971.2, while the broader All Ordinaries index gained 36.5 points, or 0.93 per cent, to 3969.0 points. Today the local market could be hit by lower commodities prices.