Royal Dutch Shell

Asian stocks markets were mostly higher on Wednesday. The Japanese market was buoyed by the positive machinery orders data, and the U.S. dollar dropped sharply against the yen after the data. World Bank President Robert Zoellick said on a conference in Singapore today that the US dollar's role as a reserve currency is intact, but the Chinese yuan could provide an alternative in the next 10-15 years.

Wall Street ended lower in light trading on Friday as reports showed weak consumer sentiment in August and an unexpected decline in July retail sales. The weak reports prompted investors to lock in gains from the recent rally.

Perth-based exploration company Emergent Resources Limited (ASX:EMG) (Emergent) is pleased to announce that it has commenced its third-phase drilling program at the company's flagship Beyondie Iron Project in the mid-west region of Western Australia.

The Australian shares ended slightly lower after rise in early trade. The benchmark S&P/ASX 200 index was down 5.2 points, or 0.1 per cent, at 4000.8 while the broader All Ordinaries lost 5.1 points, or 0.1 per cent, at 3992.9 points. For the week, both indices surged more than 5 per cent, the strongest week in four months. The local market started in positive territory today led by the gains in Wall Street.

Yesterday the Australian market proved defiant and held its ground despite massive falls in the US, according to CMC Markets. Interestingly, the share market didn't react too much to the interest rate decision.

Today is going to be another tough day after Wall Street stocks tumbling in late trade overnight as investors worry governments around the world will fail to avert a global recession.