So far we've only seen some scattered June 30 reports: a couple of filings from investment companies associated with Goldman Sachs JBWere, some tiddler industrials and yesterday's annual report from GUD Holdings, the Sunbeam and water products company.
Superficially the Australian and New Zealand economies are in a similar position.
World gold prices took a pounding this week, especially Wednesday night and the $US25 an ounce drop had the expected impact on the shares of the country's biggest gold miner, Newcrest Mining which also issued its 4th quarter and 2008 financial year production report.
Our market is a little sleepy today – down 4. The SFE Futures suggested a 12 point rise in the market this morning. The switch out of resources into financials is continuing but without much conviction. Financials up 1.3%, resources down 2.3% led by both BHP and RIO, both over 2% lower. The big fall in the oil and gold price has meant that BHP, RIO, Woodside and Newcrest have between them knocked 20 points off the index. The resources sector is now down 17% from the recent top.
Yes inflation remains a problem in Australia, and no it won't mean higher interest rates, not when the banks have added more than half a per cent to the Reserve Bank's 1% of increases in the past 11 and a half months.
It was an excellent final quarter and full 12 month production report from BHP Billiton: records for many of its commodities, especially the important iron ore business.
Macquarie Group is still standing nearly a year into the credit crunch and despite repeated assertions that it would be the first cab off the rank among Australian financials to tumble over.
