Sunday, September 14, 2008

9:25 p.m. EDT: Australian Stocks Open Down 1.5%; Central Bank Adds Reserves

From nineMSN:
Australian shares fell 1.5 percent in on Monday, with uncertainty over the fate of U.S. investment bank Lehman Brothers dragging down banks, while gains in miners saved the market from steeper falls....
Australia cenbank adds extra cash to banking system

Australia's central bank provided the banking system with more money than its estimated need on Monday as worries over the U.S. financial system sent interbank rates higher across the globe.

In its regular daily money market operation, the Reserve Bank of Australia (RBA) added a total A$2.1 billion ($1.7 billion) in cash. That was well above the market's estimated cash need of A$828 million, implying that commercial banks' cash balances with the central bank would expand....