Business

THE NEWS WRAP: Australian shares expected to rally today

Emma Krieger /

Australian shares are expected to rally today following an encouraging end to a turbulent week in the European and US markets.

 

US stocks ended higher on Friday following a rough week in which fears over the American economy and the Eurozone debt crisis wiped billions of dollars off the value of shares.

It’s expected that the recovery will lead to a 1% rise in Australian shares when the market opens this morning.

 

WA premier in Sunday opening pledge

 

WA premier Colin Barnett has promised to allow stores in Perth trade on Sundays if he is re-elected in 2013.

 

Barnett said that there was “strong community support” for allowing shops to open between 11am and 5pm on Sundays. However, the move is opposed by the WA Nationals, which form a coalition with Barnett’s Liberal party, as well as Labor.

 

Scammers turning to social media

 

Scammers are increasingly using social media to defraud consumers and businesses, the South Australian consumer affairs minister has warned.

 

Gail Gago said that fraudsters are using more sophisticated methods to con people, such as offering non-existent goods via social media sites in order to obtain money or personal information.

 

Markets

 

The Dow Jones Industrial Average recovered by 125.71 points to 11,269.02. The Australian dollar was up to 103.69 US cents. 

 

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