Australasian Investment Review (AIR) is a free daily news service with a weekly online magazine covering global financial markets with a focus on Australia, New Zealand and Asia.
Upmarket retailer OrotonGroup Ltd says it is well placed to see its way through the current financial crisis.
The market is up 23 outperforming the 27 point fall predicted by the SFE Futures this morning. Financials down 0.8%. CBA down 2% after announcing a $750 raising. WBC down 7.8% close to the $16 discounted $2.5bn placement price from its capital raising yesterday. Resources outperforming – up 1.9%. BHP and RIO up 2.5% and 2.6%. Fortescue up 9.8%. Glen Stevens said forecasts for China's growth were still too high and that the global recession will continue to take its toll on China. Industrials up 0.6%.
India has joined China, Australia, the UK, Europe and other major economies in stepping up the pace of interest rate cuts to try and ease the pain of the economic slowdown.
Lead by oil and metals, especially copper, the downward march of commodity prices continues apace.
The gathering pace of the global slump is forcing more and more central banks to hack their official interest rates lower.
It was hardly a ringing endorsement of the Qantas led marriage plans with British Airways; in fact it ended up as something of a thumbs down from local investors who have heard it all before.
Mining services group Boart Longyear will review its dividend payout after cutting its 2008 guidance.
No wonder the Big Three American car companies have returned to Washington with their begging bowls outstretched, asking for billions more than the $US25 billion offered by US politicians last month.
Our market is up 29 after being up 94 points earlier. The SFE Futures predicted a 70 point rise this morning. Resources had a strong start but are only 2.4% up nearing midday – BHP having a good day, RIO not so good. Financials up 0.6% - the banks have pulled back – up only about 1% now with CBA outperforming. Property trusts struggling – Westfield down 2.7%.
