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Market Update

Australian Vehicles Sales Rise 2.9%, Stocks Rebound

Author: Marcus Jacob
Last Update: 12:30 PM ET October 15 2014

5:30 PM Sydney Australian market indexes recovered some of the weekly losses and motor vehicles sales in September increased 2.9%. China reported lower than expected inflation of 1.6% in September. Rio Tinto said iron ore shipment in September quarter increased 15%.

Australian market indexes recovered some of the losses of the week and motor vehicles sales in September increased 2.9%.

Markets were on the edge after China reported smaller than expected inflation. Inflation in the month declined to 1.6% from 2% in August and well below the government target of 3.5%.

The Australian Bureau of Statistics reported seasonally adjusted total number of new motor vehicles sales in September jumped 2.9% to 94,285 units followed by 1.8% decline in August.

On a yearly basis, new motor vehicle sales increased 0.8% after decreasing 3.5% in the last month.

Australian dollar closed at 87.26 U.S. cents and in stock trading turnover declined to 790 million shares worth $4.51 billion.

ASX 200 Index gained 38.20 or 0.7% to 5,245.60 and broader All Ordinaries Index jumped 34 to 5,238.

In stock trading, 868 million shares changed hands worth $5.39 billion.

Australian Stock Movers

A. P Eagers Limited climbed 3% to $5.42 after the automobile dealer forecasted underlying profit for the year may jump to between $100 million and $104 million compared to $87.3 million a year ago period.

Bluescope Steel Limited fell 0.8% to $4.98 after the steel producer reported restarting of Port Kembla waste gas cleaning plant is expected to cost between $10 million and $12 million.

Rio Tinto Limited gained 0.4% to $60.99 after the metal and minerals miner reported global iron ore shipments during the quarter ending in September climbed 15% to 78 million tons.

For the year, the miner estimated shipments of iron ore of about 300 million tons and production of nearly 295 million tons.

Rio Tinto reported total global iron ore production soared 12% to 76.8 million tons and total iron ore shipments jumped 3% sequentially and production climbed 5%.

In the quarter, mined copper production edged up 1% to 151.8 thousand tons and production of aluminum dropped 1% to 848 thousand tons.

The company lifted its copper production estimate for the year to 615,000 tons of mined copper from the earlier guidance of 585,000 tons and refined copper production to 300,000 tons from 260,000 tons.

REA Group Limited increased 1.2% to $41.14 after the online real estate advertising company divests its Hong Kong business to iProperty Group Limited for $15 million.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc