Australian Economy

Midday Market Roundup 19/08/2008

🕔8/19/2008 12:34:00 PM

It's a sea of red today – down 91 – after a shabby session on Wall Street overnight. The SFE Futures suggested an 85 point fall. Resources down 2.2% - BHP down 3.1% the after announcing a 6th consecutive record FY profit yesterday that came in line with expectations. Financials down led again by Babcock & Brown (BNB) – down another 9.5% today ahead of its result on Thursday. RBA Minutes are expected later on today. The market is factoring in a 100% chance of a 25bp rate cut next month and a 50% chance of a 50bp cut. .

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BHP's 2008 Result On Target

🕔8/19/2008 8:17:00 AM

BHP Billiton, the world's largest mining company, says 2008 net profit came in line with analysts estimates at $US15.39 billion, a result that was slashed by almost $US1 billion in higher currency costs from the weak US dollar and the stronger Aussie currency.

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BHP Confident About 2009 And Resources

🕔8/19/2008 8:13:00 AM

So what lies ahead in the coming year, and a bit more for the world's major mining group?

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BlueScope's Mixed Earnings Message

🕔8/19/2008 8:10:00 AM

The market was left very much undecided about the 2008 result for steel major, BlueScope Steel and the outlook for 2009.

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Seek Does Well

🕔8/19/2008 8:05:00 AM

Online employment agency Seek again emphasised the bargain the Fairfax Media group, under former CEO, Fred Hilmer, missed out on when it allowed James Packer to outbid them and pick up a 25% stake a few years ago.

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Australia Market Report of August 18: Resource Sector Under Pressure

🕔8/18/2008 12:30:07 PM

Economists said resource shares are likely to remain under pressure, dragging the rest of the Australian share market down. The Australian dollar is likely to decline further as falling interest rates and commodity prices weigh on the currency.

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Midday Market Roundup 18/08/08

🕔8/18/2008 11:43:00 AM

We have started off the week OK – up 36 – the SFE Futures suggested an 8 point fall in the market this morning. Resources up 1.4%, Financials up 0.4% after another 6% fall from Babcock & Brown this morning with Babcock & Brown Power down 30.6% on news of a big provision. MQG also down 2.6%. Market is waiting for BHP Billiton's result – Last year they came out at 3:55pm. Expecting record $15.7bn profit. Commentary on China all important and will set tone for the resources sector which has fallen over 25% since May 19th.

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