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.
The market has been an up and down day – currently down 53 – up 11 at best, down 60 at worst. Better than the 98 point fall the SFE Futures predicted after further heavy falls on Wall Street. Financials outperforming relatively for most of the morning on the back of Macquarie Group's 1H result and 2H outlook. Property Trusts continue to struggle - down 2.8% - resources mixed despite metal price falling over in London overnight.
There was a bit of anti-climax in the news. It had been tipped by quite a few people, except it seems business economists in Tokyo.
Coca Cola Amatil has rejected an approach from beer group, Lion Nathan, describing it as "incomplete and non-binding''.
Building materials group James Hardie has dropped its interim dividend as returns from the slumping US housing sector continues to depress earnings.
Shares in Australia's second steel group, OneSteel fell 8.3%, or 27c to $2.97 after the company's annual meeting was told the company was looking at possible second half production cuts and was cutting costs.
CSR joined the new cash raising club yesterday, announcing plans to raise up to $482 million in new capital through a share placement and rights issue.
The market has lost most of yesterday's gains – down 94 or 2.2% - on the back of the Wall Street down overnight again. The SFE Futures suggested a 120 point fall this morning. Property Trusts and Resources both underperforming – Healthcare outperforming relatively. BHP Billiton down 5% on back of its less than inspiring 1Q production numbers and is responsible for wiping 22 points off the index on its own.
The US and European economies sent a far more realistic message last week about the outlook for the global economy than the weekend's Group of 20 meeting of leaders from the globe's 20 largest economies did in Washington.
Lend Lease CEO, Greg Clarke is leaving the company in June next year, but he reckons the company is in a good position to survive the deleveraging pressures in global and Australian markets.
The Ten Network's major shareholder, Canwest Global Communications Corp has reported a fourth-quarter loss of $C1.02 billion ($US834 million) after taking write-downs on its television business.
