News

August 24, 2008

That Was The Week That Was... In Australia

By Our Man in Oz

Minews. Good morning Australia, you seem to have had an interesting week.

Oz. We certainly have, with China delivering us a win and a loss at the same time. On the stock market there was a very impressive mood of recovery thanks to higher mid-week commodity prices. But from the Aussie point of view it was a different story at the Olympics, with Australia lagging behind as the UK turned on a star performance, and set the scene for a terrific London Olympics in 2012.

Minews. The games have been interesting but surely the real message lies in the economic resurgence of China.

Oz. Spot on. China “winning” the games is having a remarkable effect on confidence in the country, and that means a return of confidence in the Australian resources sector. During the week, as share prices rose on the Shanghai stock market, and commodity prices picked up strongly, you could see a mirror effect in Australia. Whether that continues next week seems open to question after...