The market is down 28. The SFE Futures were down 62 overnight.
Wall St. struggled overnight — down 161. Dow closed near its low with low volumes again. It was down 170 at worst. Oil price went backwards for the 6th straight session. Metals all closed lower.
A bit of economic news out today:
- The RBA left rates on Hold at 3% yesterday.
- Housing finance numbers better than expected in May. Home loan approvals +2.2% in May from April compared to expectations on 1.5%. Investor confidence increased to a seasonally adjusted 52.6 in 2Q from 33.7 in the 1Q.
- Consumer sentiment was up by a higher than expected 9.3% in the month of July from June.
- Job numbers tomorrow where most economists are expecting 25,000 job cuts last month and an unemployment rate of 5.9%.
In the news today:
- Bendigo & Adelaide Bank (BEN) has paid $5m for 50% of the Tasmanian Perpetual Trustee’s share in Tasmanian Banking Services.
- Eircom Holdings (ERC) has reached a conditional agreement with its bondholders to restructure the of its Israeli directories unit Golden Pages.
- Envestra (ENV) has completed a 3 year $280m facility with a syndicate of five banks.
- Leighton Holdings (LEI) has been awarded a AED 1.4bn project at the Khalifa Port and Industrial Zone by Abu Dhabi Ports.
- National Australia Bank (NAB) has created a new role to manage the exit of discounted businesses within nabCapital.
- Service Stream (SSM) has provided a market update and announces it CEO will step down.
- Australian Worldwide Explorations (AWE) has been fined NZ$52,000 in relation to an oil discharge at Tui oil fields.
- Lynas Corp (LYC) – the FIRB has asked China Nonferrous Metal Mining to resubmit its application for a majority stake in the company.
- Western Areas (WSA) has stuck a deal to sell up to 25,000 metric tons of nickel to China’s Jinchuan Group over two years.
- Macquarie Infrastructure Group (MIG) says it is reviewing options to enhance security holder value but hasn’t yet made any decision to those options.
In other news…
- JP Morgan has upped its target price’s on the healthcare sector to reflect earnings growth expectations. Cochlear (COH) up to 5802c from 5373c and Sigma Pharmaceuticals (SIP) to 101c from 89c.
- GSJB Were maintain their Hold recommendation on Transpacific Industries Group (TPI) and 180c target price after it provided a trading update yesterday.
- Credit Suisse has cut ConnectEast Group’s (CEU) target price to 45c from 67c despite maintaining their Outperform recommendation.
Dow Futures are down 14 at noon.
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