Summary: Leon and Garry talk about issues including: The Eurozone facing a crucial two weeks with the Spanish government injecting another 6 billion euro ($7.5 billion) into its bank rescue fund to cope with growing problems, Moody's lowering the European Union's long-term issuer rating outlook from stable to negative, activity in euro-zone factories falling further in August, US Federal Reserve chairman Ben Bernanke flagging more stimulus, while US and Chinese manufacturing continue to decline and a former Chinese central bank adviser warning the rapid internationalisation of the country's currency could destabilise its financial system. The RBA keeps interest rates on hold Australia’s economy continuing to grow solidly in the three months to the end of June despite signs that the mining boom is beginning to abate. Australian GDP grew by 0.6 per cent in the June quarter, following a blockbuster expansion of a revised 1.4 per cent in the three months to March Australia's current account deficit narrowing further than expected in the June quarter Australia's services sector contracting for the seventh straight month in August as cautious consumers and the high exchange rate continue to hurt the industry. Company gross profits falling 0.7 per cent in the June quarter, missing expectations of a rise. Retail sales in Australia falling 0.8 per cent against expectations in July The number of job advertisements on the internet and in newspaper fell for the fifth straight month in August, according to the ANZ Banking Group’s job advertisements survey The TD Securities- Melbourne Institute survey posting its largest monthly increase in inflation in almost 18 months but very little is from the carbon tax The Australian Industry Group, PwC Australian performance of manufacturing index showing that manufacturing production and employment improved in the month although both remain in the red Home prices in capital cities were unchanged in August, halting the short recovery brought on back-to-back rate cuts earlier this year, according to the RP Data-Rismark hedonic home value index Hundreds of jobs now at risk after ready-to-eat food manufacturer Australian Convenience Foods Group and clothing retailer Ojay went into administration Hundreds more Darrell Lea workers to lose their jobs after a deal was struck to sell the troubled chocolate maker Rio Tinto to trim jobs at its Argyle mine, famed for its rare pink diamonds, as it seeks to cut costs in a division the mining giant plans to exit BHP Billiton chief executive Marius Kloppers saying that he expects iron ore prices to rebound by the end of 2012, saying he has “categorical” confidence in the price of iron ore. Iron prices though continue to fall. At the same time, he presents a bleak outlook for an expanded Olympic Dam mine ever operating in South Australia The peak business group backing calls by the conservative states to distribute GST revenue according to population share as part of a sweeping overhaul of federal-state finances.
