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Market Report - Australia Shares Dip
In today's market report... Australian shares led most of the Asian region lower Tuesday. It comes as the nation's election impasse ended with the ruling Labor Party forming a minority government. Miners BHP Billiton and Rio Tinto declined after two independent MPs backed Labor. The decision raised the likelihood that a new 30 percent tax on iron ore and coal mining profits would go through. Separately, the Reserve Bank of Australia kept interest rates steady for the fourth straight month, while sounding less concerned about the global outlook. Meanwhile, the Bank of Japan also held its rates steady, seeing a growing economic recovery still intact. The Nikkei declined slightly. The euro slid from a three-week peak against the dollar after a Wall Street Journal report stoked fears about the efficacy of earlier European bank stress tests.
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