Markets shake off global unease

THE estate of Michael Jackson sued ABC and parent company Disney yesterday, saying a two-hour documentary on the singer’s last days improperly used the King of Pop’s songs, music videos and movies.

The lawsuit filed in federal court in Los Angeles alleges that last week’s special, The Last Days of Michael Jackson, illegally uses significant excerpts of his most valuable songs, including Billie Jean and Bad, and music videos, including Thriller THE Australian share market finished higher yesterday after energy stocks rallied on stronger oil prices and local retailers gained on news Amazon will block Australian consumers from buying products from its overseas sites.

The benchmark S&P/ ASX200 index closed up 27.2 points, or 0.45 per cent, at 6011.9 points, and the All Ords finished 29.7 points, or 0.49 per cent, higher at 6123.5 points.

US and European share markets recovered after heavy falls on Tuesday as Italy’s 5Star Movement party made a renewed attempt to form a coalition government — easing fears of new elections and eurozone instability.

Bell Direct equities strategist Julia Lee said the Australian market was tracking for a weekly decline of less than half a per cent.

“What’s been quite impressive has been how the Australian market has held up despite the volatility in markets that we have seen this week,” she said.

“Investors are more focused on the fundamentals in earnings and where the outperformance and underperformance is likely to be.”

Representatives from ABC said they had not yet reviewed the lawsuit but reiterated a statement from last week that the special was a piece of journalism and “did not infringe on his estate’s rights.”

As a work of news, the special would be entitled to fair use of excerpts of Jackson’s work, but the lawsuit dismisses the idea that the documentary had any news value, calling it “a mediocre look back at Michael Jackson’s life.”