Chris Becker

11

Market Morning

A relatively solid night on risk markets, with Iranian tensions pushing the price of oil ever higher, gold taking bigger strides and the Dow up to its May 2008 highs. Let’s have a closer look at what happened last night in detail: The UK FTSE finished up 21 points or 0.35% to 5937, still trying

12

February 24 Links: Crudely up

Markets: Up:  euro, gold, grains, ore, energies Flat: Stocks, Aussie,  metals, Treasuries Down: USD, CRB Sovereign Yields: Greece 2 Year 5 Year 10 Year Portugal 2 Year 5 Year 10 Year Ireland 2 Year 5 Year 10 Year Spain 2 Year 5 Year 10 Year Italy 2 Year 5 Year 10 Year Belgium 2 Year 5 Year 10 Year France 2 Year

4

Trading Day – 23rd February

Amongst the leadership squabbles in Australia, equity markets were subdued throughout Asia, with the S&P/ASX 200 Index again finishing flat for the day, losing just 7 points or 0.1% to 4293 points, remaining below 4300 points and going nowhere as we move into the backend of the earnings season: Before we go on, as I missed Market

4

Chart of the Day: Mamma Mia!

Saw this on the Twitter feed this morning, always good charts from Scotty Barber at Reuters: Not sure if permabulls understand the wealth effect too well (look to our own bourse and suffering Baby Boomer super accounts) but this is looking very Japanese to me, with the core difference that Italy is still on the

6

February 23 Links: Ruddy Hell

Markets: Up:  USD, gold, grains, ore, energies, CRB Flat: Aussie, euro,  metals, Treasuries Down: Stocks Sovereign Yields: Greece 2 Year 5 Year 10 Year Portugal 2 Year 5 Year 10 Year Ireland 2 Year 5 Year 10 Year Spain 2 Year 5 Year 10 Year Italy 2 Year 5 Year 10 Year Belgium 2 Year 5 Year 10 Year France 2 Year 5

5

Trading Day – 22nd February

Although Chinese manufacturing data came out weak, for the 4th month in a row, equity markets eventually rallied throughout Asia, with the S&P/ASX 200 Index actually finishing flat for the day after a sell off in the afternoon to 4293 points, in a very busy corporate earnings day (a reason why I’m writing this at 6pm and

15

Market Morning

The dealmakers and can kickers failed to ignite equity markets overnight, but they sure put a kick up the commodity complex, particularly gold and oil which raced ahead of the Greek “success”. Let’s have a closer look at what happened last night in detail: The UK FTSE finished down 17 points or 0.3% to 5928,

19

Small business bankruptcy jumps

According to Dun and Bradstreet in their latest Business Failures and Start-ups Analysis (full report at bottom of post), the number of small businesses that went bankrupt over the last 12 months has jumped by 48%, although the December quarter of last year did improve slightly from the September quarter. However, the main trend in

1

Market Morning

Equity markets in Europe increased overnight, but had no further leads as US markets were closed for a public holiday. As mentioned this morning, it seems all risk markets are rising at once, so let’s have a closer look at what happened last night in detail: The UK FTSE finished up 40 points or 0.7%

8

Trading Day – 20th February

The bulls were out in force today in Asia, even though the Japanese trade deficit blew out, the news the Chinese authorities eased reserve ratios for lending (hence signalling a slowing Chinese economy) boosting risk-on plays across the board, with the S&P/ASX 200 Index gaining 60 points or 1.4% to 4256 points, regaining all of Thursday’s losses:

1

Data for the Week

The corporate earnings season rolls into its 3rd official week, with a light week for local data, eyes are on the wage labor index and the RBA’s minutes from last weeks rates meeting. The big reporters this week include property stars GPT, Mirvac Group (MGR), and Lend Lease (LLC), alongside the smaller banks, Bendigo/Adelaide (BEN)

13

Trading Day – 17th February

Rebounding from overnight leads the S&P/ASX 200 Index gained 14 points or 0.3% to 4195 points, still below 4200. Other Asian markets had much better days, with Japan’s Nikkei 225 up 1.7% to 9394, well above resistance at 9000 points and building on its breakout whilst the volatile Hang Seng is currently up nearly 1% to 21464

11

ANZ picks up the slack at Megabank

The ANZ division of Megabank has announced a solid performance for the second quarter of FY11 (Sept to Dec 2011) after yesterday’s lacklustre result from the Westpac division. The headlines: unaudited profit after tax was $1.7 billion underlying profit increased 4.6% on the first quarter, or 4.1% on the same quarter in FY10 customer deposits

2

Market Morning

Equity markets in Europe slipped last night before regaining ground as positive US data buoyed the broader US bourses, as unemployment claims fell, housing starts rose and manufacturing data improved. Successful debt auctions in Europe also helped offset the continued nervousness around the Greek bailout deal, which is delayed again. Not all risk assets have

11

Trading on thin margin

Three interesting releases this week that in context provide an insight into the sentiment around Australian stock market. Let’s have a closer look. One of the key factors in a new bull market in stocks, just like property, is a propensity for investors to borrow more on expectation of higher earnings – alongside a move

86

Trading Day – 16th February

So the S&P/ASX 200 Index finally cracked today – but to the downside, falling below 4200 points for the first time in 20 trading days falling 71 points or 1.7% to 4181. The tight trading range has clearly been broken as the market continues to refuse to break free and go over 4300 points. A break of

0

Earnings Roundup – Thursday

The earnings avalanche rolls on, here’s a roundup of today’s reporters, updated throughout the day as the results come in, then collated here for the week: Qantas – QAN Covered here. Adelaide Brighton – ABC The cement and lime producer Adelaide Brighton (ABC) announced full year results to the market today, coming up with a

6

The Flying Wombat empties the pouch

Qantas (QAN) announced their interim results to the market this morning, and amidst the massive slump in profits – down some 80% on the previous period, mainly due to the industrial dispute – they announced the sacking of 500 staff: Qantas will cut about 500 jobs as a result of a review of its maintenance

11

Westpac slips up

There is mounting evidence that not all is well at MegaBank, with the Westpac (WBC) division announcing a slip in its profit in its quarterly update this morning as the earnings vice handle is squeezed a notch tighter. Here are the headline details, the devil after: cash earnings for 3 months to 31 December 2011

0

Market Morning

Equity markets in Europe and USA did not respond in kind to the Asian rally yesterday, with very mixed data flow. Recessions in Italy, whilst Germany slipped and France gained, Greece continued to commit suicide, and US data and Fed talk spooked. Here is what happened last night in detail: The UK FTSE finished down

37

Trading Day – 15th February

So what moved the markets today? Perhaps a speech by the Bank of China Governor that it is ready to step in and help Europe (via the EFSF)? Alongside the realisation that the Bank of Japan will do whatever it can to restart the flagging Japanese economy, Asian markets jumped at the news, including the S&P/ASX

8

Earnings Roundup – Wednesday

The earnings avalanche rolls on, here’s a roundup of the minor reporters, updated throughout the day as the results come in, then collated here for the week: Dominoes Pizza (DMP) The fast food retailer has posted an exceptional HY profit result this morning, leading the share price up by over 8%, with net profit after

26

CBA sticky tapes profit together

Australia’s largest building society, Commonwealth Bank (CBA) reported their half year results to the market this morning and it makes for confused reading, either by design or default. Cash earnings were up 7% on the first half 2011 results, to $3.56 billion but actual net profit earnings increased by some 19%, with solid Return on

6

Market Morning

Equity markets in Europe and USA were flat on continued Greek ructions and staid US data, particularly retail sales which came in at half expectations. Here is what happened last night in detail: The UK FTSE finished flat at 5899, still above its resistance level at 5700 points with the German DAX losing just 10

0

Trading Day – 14th February

Well that could have been a Valentine’s Day Massacre if it wasn’t for the Bank of Japan announcing another round of QE – this time only $130 billion (in USD). The S&P/ASX 200 Index fell pretty much from the open absorbing the Moody’s downgrade of European sovereigns, losing over 1% before the BoJ announcement at 2.30pm before

0

GWA and Paladin disappoint

Only two relatively minor results from earnings season today – an avalanche tomorrow and Thursday. Keep up to date as I will update the weekly summary posts on the sidebar throughout the day and note special/unusual results (alongside the ASX8) as separate posts. GWA Group (GWA) GWA Group, a manufacturer and distributor of commercial and

0

Week 2 Earnings Roundup

Earnings season is now in full gear, so get your roundup here at MacroBusiness for Week 2, with this post updated daily throughout the week – look on the sidebar for easy access. In the Week 1 Roundup we saw quite a few majors starting off the earnings season, including BHP-Billiton, (BHP) Rio Tinto (RIO)

6

Moody’s downgrades Europe

Big news this morning just as Asian markets began to reach for the “green” buy buttons on their consoles: Moody’s downgraded, well pretty much all of Europe. Again. Here’s the press release (emphasis added), with the catch in the last paragraph: As anticipated in November 2011, Moody’s Investors Service has today adjusted the sovereign debt

0

Market Morning – February 14th

Equity markets in Europe and USA rallied on the news the Greek Parliament voted for a new austerity package, with risk appetite extending to commodities, particularly crude – perhaps on rising Iranian tensions – except gold, which continues to underperform. Here is what happened last night in detail: The UK FTSE finished up nearly 1%

10

Trading Day – February 13th

The S&P/ASX 200 Index again started off shakily as the Greek parliament “voted” for another austerity package to save its economy, and then jumped out of the gates and climbed solidly for most of the day, rising almost 1% or 39 points to 4285 points taking back all of Friday’s losses: I mentioned on Friday