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Sydney March 8, 1999: Financial Markets Anticipate Rally Amidst Global and Local News

Strategic Insights

— 1 min read

Amidst a bustling news cycle, Australian financial markets anticipate a rally this week, bolstered by Wall Street's Dow Jones index surging close to the 10,000-point milestone. Meanwhile, a series of local and global news stories continue to dominate headlines, from East Timor's independence struggle to the impact of the Asian economic crisis on Australia's economy. Key updates also highlight significant events in the financial sector, politics, and society.

Key Takeaways:

  • Australian financial markets are expected to rally this week, with the Dow Jones index poised to break the 10,000-point barrier, driven by Wall Street's surge.
  • The Federal Treasurer continues his campaign to lower the company tax rate to 30% and reduce concessions, amidst opposition from the Labor Party.
  • The World Trade Organisation is set to issue an interim ruling on the federal government's $55 million assistance package for Howe and Co Pty Ltd, potentially affecting Australian trade policies.
  • The Australian economy is expected to withstand the Asian economic crisis this year but will face a downturn after 2000, according to a new report.
  • In politics, the Coalition has abandoned plans to give each household cash or privatisation shares, while the NRMA has sued one of its directors, Ian Yates.
  • In society, the cane toad is rapidly establishing itself in Sydney, and doctors will not be allowed to see more than 80 patients a day under a new Medicare scheme.

Statistics:

  • Australian financial markets are expected to soar to record highs this week.
  • The Dow Jones index is poised to break the 10,000-point barrier.
  • The World Trade Organisation is set to issue an interim ruling on the federal government's $55 million assistance package for Howe and Co Pty Ltd.
  • The Australian economy is expected to withstand the Asian economic crisis until 2000.
  • The number of foreign tourists visiting Australia has significantly increased, with a 20% rise in the past year.
  • Australian businesses are expected to spend up to $50 million on refurbishment of the Regent Sydney hotel.
  • Goodwin fielders may cut 450 products from their range of goods.

Sources:

  • THE AUSTRALIAN FINANCIAL REVIEW
  • THE AUSTRALIAN
  • THE SYDNEY MORNING HERALD
  • THE DAILY TELEGRAPH
  • THE SUN-HERALD
  • THE AGE
  • THE COURIER MAIL
  • THE CANBERRA TIMES
  • THE ADVERTISER
  • ASIA PULSE (C) 1999 Asia Pulse Pte Ltd News Provided by COMTEX

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