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$586bn stimulus package BY CHINA

The Chinese government kicked off proceedings yesterday when it announced a $586bn stimulus package – equivalent to almost a fifth of its GDP last year – to boost domestic infrastructure spending and stimulate their economy which has dropped to an annualised GDP growth rate of 9%. All the cash will be used up by the end of 2010. Resources outperforming on the back of the news

The Dow was up 248. Up all session – up 265 at best. Market overlooked negative employment data and poor 3Q results - market had already factored in the bad news. Unemployment rocketed to 6.5% with a larger-than-expected fall in payrolls – was up a hefty 0.4% in October from September. President Elect Barak Obama said the US requires a fiscal stimulus plan and a rescue package for the middle class. Ford and General Motors ate through their cash reserves in the 3Q. Bonds down. Gold and metals up moderately. A$ up 1.38% against the US dollar – and up 2.39% this morning to 69.17c.

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List of Australian blue chip stocks

Australian shares gained 0.6 percent on Wednesday led by blue chip miners and financials on strong resource price


The biggest Blur chip stocks traded on the ASX, in terms of their market capitalisation, include:
BHP BillitonCommonwealth Bank of AustraliaTelstra CorporationRio TintoNational Australia BankAustralia and New Zealand Banking GroupRio tintoWestpac
The only stock to do worse than the S&P/ASX 200 is Harvey Norman Holdings Ltd [ASX: HVN]. Even so, it’s a better-than-the-bank 8.3% gain. The others have done much better: Qantas [ASX: QAN] up 36.1%; JB Hi-Fi [ASX: JBH] up 20.5%; Toll Holdings [ASX: TOL] up 25.3%; and Myer Holdings [ASX: MYR] up 37.1%. The benchmark S&P/ASX 200 index rose 27.1 points to trade at 4,977.3 by 2310 GMT. It fell 0.8 percent on Tuesday, its lowest close since February 7.