The market is down 25 (down 72 at worst) following the Dow wiping-off nearly an entire week of gains. Seems the credit crisis is not over after all. Financials underperforming – down 1.3% following the 5% drop in the US financial sector. Resources down 0.4% after significant 3% falls in BHP and RIO in the US last night. Most of the big industrials struggling – down 0.8%. SFE Futures down 58.
The market is up 8. An unremarkable day. Financials down 0.7% after a dull performance overnight in the US. Resources up 0.2% after a strong lead from BHP, RIO and energy stocks in the US. Metal prices up. The SFE Futures were up 15 this morning.
Yesterday poor housing finance figures added to the downward pressure on official interest rates, so what happens with today's jobs figures for July?
Life will not be the same again for ports and transport group, Asciano.
Shares in West Australian Newspapers slumped after the company's earnings fell short of forecasts and it sounded a cautious tone about its outlook for advertising revenue.
The market liked the modest improvement in earnings for Adelaide-based Hills Industries with the shares up 3.9% (slightly better than the overall rise in the market) or 13 cents to $3.46.
The market is up 132. Financials rocketing – up 4.2% after the strong lead from the US. The main theme has changed in the last 24 hours from inflation fears and pressure on interest rates to lower inflation and interest rate cuts. It is a very important change in market thinking and at the risk of crying "Wolf" is a significant foundation for a market rally from here….whereas other rallies have been little more than a thrashing herd changing direction.
