phirang
09-02-08, 05:38 AM
http://www.bloomberg.com/apps/news?pid=20601081&refer=australia&sid=atHB.DP.nY24
Australia Cuts Key Rate for First Time Since 2001 (Update3)
By Jacob Greber
http://www.bloomberg.com/apps/data?pid=avimage&iid=iLc12GJ_cwdg
http://images.bloomberg.com/r06/news/enlarge_details.gif (http://www.bloomberg.com/apps/news?pid=photos&sid=atHB.DP.nY24)
Sept. 2 (Bloomberg) -- Australia's central bank cut its benchmark interest rate (http://www.bloomberg.com/apps/quote?ticker=RBACTR%3AIND) for the first time in seven years amid signs the nation's $1 trillion economy is slowing.
Governor Glenn Stevens (http://search.bloomberg.com/search?q=Glenn+Stevens&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) and his board reduced the overnight cash rate target by a quarter point to 7 percent in Sydney today, as forecast by 22 of 23 economists surveyed (http://www.bloomberg.com/apps/quote?ticker=RBACTR%3AIND) by Bloomberg News.
The biggest slump in retail sales in six years, a slide in business confidence and concern about the global credit squeeze meant ``there was now scope for monetary policy to become less restrictive,'' Stevens said. A report tomorrow will show gross domestic product expanded by the least in two years in the second quarter, according to a survey (http://www.bloomberg.com/apps/quote?ticker=AUNAGDPC%3AIND) of economists.
``This is a huge psychological step,'' said Hans Kunnen (http://search.bloomberg.com/search?q=Hans+Kunnen&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), head of investment market research in Sydney at Colonial First State Global Management, which holds about $128 billion of assets. ``It's taken a bit of the pressure-cooker atmosphere off the consumer and off business.''
Australia Cuts Key Rate for First Time Since 2001 (Update3)
By Jacob Greber
http://www.bloomberg.com/apps/data?pid=avimage&iid=iLc12GJ_cwdg
http://images.bloomberg.com/r06/news/enlarge_details.gif (http://www.bloomberg.com/apps/news?pid=photos&sid=atHB.DP.nY24)
Sept. 2 (Bloomberg) -- Australia's central bank cut its benchmark interest rate (http://www.bloomberg.com/apps/quote?ticker=RBACTR%3AIND) for the first time in seven years amid signs the nation's $1 trillion economy is slowing.
Governor Glenn Stevens (http://search.bloomberg.com/search?q=Glenn+Stevens&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) and his board reduced the overnight cash rate target by a quarter point to 7 percent in Sydney today, as forecast by 22 of 23 economists surveyed (http://www.bloomberg.com/apps/quote?ticker=RBACTR%3AIND) by Bloomberg News.
The biggest slump in retail sales in six years, a slide in business confidence and concern about the global credit squeeze meant ``there was now scope for monetary policy to become less restrictive,'' Stevens said. A report tomorrow will show gross domestic product expanded by the least in two years in the second quarter, according to a survey (http://www.bloomberg.com/apps/quote?ticker=AUNAGDPC%3AIND) of economists.
``This is a huge psychological step,'' said Hans Kunnen (http://search.bloomberg.com/search?q=Hans+Kunnen&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), head of investment market research in Sydney at Colonial First State Global Management, which holds about $128 billion of assets. ``It's taken a bit of the pressure-cooker atmosphere off the consumer and off business.''