Local and Global News | Stocks for Breakfast

21 Sep 09

Tasty Tips – Local and Global News

1. Dow rises 36 pts or 0.37% to 9820, S & P up 3 pts or 0.265 to 1068. Market moved higher on heavy turnover due to September expiry. With very little economic news around to give investors a guide stocks edged cautiously higher as most analysts are tending to play the “overbought” card.

2. Gold fell $3.20 to $1010.30 with silver also losing 20 cents to $17.06 and platinum $3.30 to $1338.20. News that the IMF will sell 403 tonnes of gold to raise approx $13b did little to affect the price as most of the fall was attributed to a stronger $US

3. Base metals were lower on the LME with lead and copper down 4% and 3.3% respectively. Aluminium, zinc and nickel all fell around 2.5%. Tin went against the trend registering a small rise

4. Oil fell 43 cents to $72.04 on a stronger $US in featureless trade

5. European markets were mixed with the CAC and DAX easing while the FTSE rose slightly as selected buying in defensives issues offset some profit taking in commodity based stocks, although trading volumes were very light

6. $AUS currently trading at 86.73 US cents

7. Independent assessor says PT Bumi Resources’ 70 cent bid for the remaining shares in Herald Resources is neither fair nor reasonable

8. Royal Bank of Scotland becomes the 2nd bank behind Lloyds to try and find ways of diluting its involvement in the British governments expensive insurance scheme for toxic assets

9. Switzerland reportedly getting tougher on its banks worrying some new regulations could restrict business

10. Qantas says it is yet to see signs of improvement in business conditions

11. Citigroup have a “HOLD” on AMP

12. Goldman Sachs have “BUYS” on DJS, PPL and PMV with “HOLDS” on ORL, MAP, SHV, SGP and AIA

13. Perth’s commercial property market predicted to experience a massive fall in the price of prime office property according to a report by BIS Shrapnel

14. Australian market down 3.5 pts to 4690 in early trade, New Zealand up 16 pts to 3172 in morning trade

eggs-benedict

Dow rises 36 pts or 0.37% to 9820, S & P up 3 pts or 0.265 to 1068. Market moved higher on heavy turnover due to September expiry. With very little economic news around to give investors a guide stocks edged cautiously higher as most analysts are tending to play the “overbought” card.

Gold fell $3.20 to $1010.30 with silver also losing 20 cents to $17.06 and platinum $3.30 to $1338.20. News that the IMF will sell 403 tonnes of gold to raise approx $13b did little to affect the price as most of the fall was attributed to a stronger $US

Base metals were lower on the LME with lead and copper down 4% and 3.3% respectively. Aluminium, zinc and nickel all fell around 2.5%. Tin went against the trend registering a small rise

Oil fell 43 cents to $72.04 on a stronger $US in featureless trade

17 Sep 09

Tasty Tips – Local and Global News

1. Dow rises 108 pts or 1.1% to 9791, S & P up 16 pts or 1.5% to 1068. Equities closed at their highest level since October 6th led by financials, particularly insurers. Strong metal gold and oil prices drove miners and energy stocks higher. Tullow Oil rose $21 to $199 on news of a strike off the coast of Sierra Leone, a find analysts believe could lead to further discoveries in that area. Market was also aided by a 0.8% increase in industrial production for August with the CPI figure up 0.4% in line with economists’ expectations

2. Gold rose $13.90 to $1020.20 on a weaker $US, silver added another 43 cents or 2.5% to $17.43.

3. Base metals all rose between 2% and 6% with Lead the best performer in active trading

4. Oil rose $1.41 to $72.34 on news of a larger than expected decline in US crude reserves to the lowest level since January, and the $US falling to its lowest level against the euro in nearly a year

5. Major European markets all rose around 1.5% on the better economic news from the U.S. and Bernanke’s comments a day earlier

6. $AUS currently trading at 87.32 US cents, a 12 month high

7. Venezuela and China unveil a $US16b deal to drill for oil in the Orinoco basin

8. UBS heads the table in fees and commissions from the $147b in capital raisings by Australian companies

9. UK unemployment climbs to 7.9%, its highest rate in 13 years

10. U.S. current account deficit falls 5.5% in 2nd quarter to its lowest level in over 7 years

11. Macquarie Airports says it is seeing early signs of a recovery in air traffic numbers

12. Survey shows Australian business confidence is at a 2 year high

13. Goldman Sachs have a “BUY” on GNC with “HOLDS” on AWB, AIA, TEL, BWP, MAP and SDL

14. Deutsche Bank have a “BUY” on MAP with a “SELL” on BLD

15. Lion Nathan’s board reiterates its support for Kirin’s offer for the remainder of the company’s shares

16. Australian market up 45 pts or 1% to 4698 in early trade , New Zealand up 22 pts or 0.73% to 3140 in morning trade

chocmilk

Dow rises 108 pts or 1.1% to 9791, S & P up 16 pts or 1.5% to 1068. Equities closed at their highest level since October 6th led by financials, particularly insurers. Strong metal gold and oil prices drove miners and energy stocks higher. Tullow Oil rose $21 to $199 on news of a strike off the coast of Sierra Leone, a find analysts believe could lead to further discoveries in that area. Market was also aided by a 0.8% increase in industrial production for August with the CPI figure up 0.4% in line with economists’ expectations

Gold rose $13.90 to $1020.20 on a weaker $US, silver added another 43 cents or 2.5% to $17.43.

Base metals all rose between 2% and 6% with Lead the best performer in active trading

Oil rose $1.41 to $72.34 on news of a larger than expected decline in US crude reserves to the lowest level since January, and the $US falling to its lowest level against the euro in nearly a year

Major European markets all rose around 1.5% on the better economic news from the U.S. and Bernanke’s comments a day earlier

14 Sep 09

Tasty Tips – Local and Global News

1. Dow loses 22 pts or 0.23% to 9605, S & P down 1.4pts to 1042. Market traded in a narrow range between positive and negative territory before finishing slightly easier after a 5 day rally . The largest falls were in the energy sector due to the weaker oil price where Chevron and Exxon fell just under 1%.

2. Gold jumped $9.60 to $1006.40 closing above $1000 for the first time since February as the $US hit new lows against the euro

3. Oil lost $2.65 to $69.29 after the 4 day rally. Profit taking ahead of the weekend coupled with concerns the commodity is overpriced with stockpiles still high helped push the October contract down

4. European markets were little changed although the FTSE managed to rise 0.5% in quiet trade

5. Base metals were easier on the LME with Zinc falling just under 3% and Lead down 2.5%. Copper , Aluminium and nickel fell marginally while Tin was the only gainer rising 1.2%

6. $AUS currently trading at 86.20 US cents

7. RIO receives approval from Brazilian authorities to sell its Corumba iron ore mine to Vale SA

8. Cadbury criticises Kraft for having a “low growth” business model in the wake of the rejection of Kraft’s takeover bid

9. China hits out at US tariffs on its tyre exports and plans to investigate possible unfair practices in the US export of car parts creating more tension between the 2 countries

10. IMF chief warns the global crisis isn’t over yet despite more positive signs from Europe’s larger economies

11. The Bank for International Settlements says financial markets are showing signs of normalising with money markets recovering to levels not seen since early last year

12. Japan Airlines considers a $3.24b capital raising to help finance restructuring according to a report in a Japanese newspaper

13. The final investment decision for the $50b Gorgon gas project appears imminent with an announcement expected today

14. NAB reported to be under close scrutiny by the ACCC over its $385m move for Challenger’s mortgage business

15. Sigma posts a 5% 1st half profit rise to July 31st of $32.2m, up from $30.7m in pcp. Interim div 3 cents unchanged

16. Deutsche Bank have a ‘BUY” on CMJ with “HOLDS” on BHP, NWS and ABB and a “SELL” on WHS

17. Goldman Sachs have a “BUY” on TRS with “HOLDS” on ASX, WHS, UGL and MND and a “SELL” on IRE

18. Citigroup have “BUYS” on CMJ and WHS

19. Australian market down 16 pts or 0.34% to 4579 in early trade, New Zealand up 10 pts or 0.33% to 3147 in morning trade

toast

Dow loses 22 pts or 0.23% to 9605, S & P down 1.4pts to 1042. Market traded in a narrow range between positive and negative territory before finishing slightly easier after a 5 day rally . The largest falls were in the energy sector due to the weaker oil price where Chevron and Exxon fell just under 1%.

Gold jumped $9.60 to $1006.40 closing above $1000 for the first time since February as the $US hit new lows against the euro

Oil lost $2.65 to $69.29 after the 4 day rally. Profit taking ahead of the weekend coupled with concerns the commodity is overpriced with stockpiles still high helped push the October contract down

European markets were little changed although the FTSE managed to rise 0.5% in quiet trade

8 Sep 09

Tasty Tips – Local and Global News

1. Wall St closed for Labour Day holiday

2. Gold remained steady at $996.60 with other precious metals little changed

3. Base metals rose between 0.5% and 1.8% on the LME with zinc the exception down 1.%

4. Oil lost 2 cents to close at $68.00

5. European markets posted gains of around 0.75% with Kraft’s bid for Cadbury creating most interest

6. $AUS currently trading at 85.5 US cents

7. AGL Energy selected as the renewable energy supplier for South Australia’s new desalinisation plant

8. Kuwait’s oil minister sees no need to cut production and believed OPEC were in agreement to maintain current output

9. Atlas Iron bids for Warwick Resources valuing the target at $64.4m by offering 1 Atlas share for every 3 Warwick shares

10. Deutsche Bank have “HOLD” recommendations on CSR, SEK and ELD

11. Goldman Sachs have “BUYS” on AQP, LGL and MCU with “SELLS” on CEU and SIP

12. Citigroup have “HOLDS” on TOL and SIP

13. Downer EDI says it has new contracts and work under management worth $500m

14. Australian market up 41 pts or 0.93% to 4502 in early trade, New Zealand up 13 pts or 0.41% to 3135 in morning trade

1. 200 jobs will be lost at Huntsman’s petrochemical plant after the US based company announced the closure of the Melbourne operation

2. Australian business confidence soars to its highest level in almost 6 years in August

3. Energy Minerals receives an $83.6m cash offer of $1.02 a share for 70% of the company from China Uranium Development

4. FerrAus says the Chinese government owned China Railway Materials has agreed to take a 12% stake in the company equating to 22.9m shares at a price of 55 cents

choccycake

Wall St closed for Labour Day holiday

Gold remained steady at $996.60 with other precious metals little changed

Base metals rose between 0.5% and 1.8% on the LME with zinc the exception down 1.%

Oil lost 2 cents to close at $68.00

European markets posted gains of around 0.75% with Kraft’s bid for Cadbury creating most interest

$AUS currently trading at 85.5 US cents

7 Sep 09

Tasty Tips – Local and Global News

1. A report by BNP Paribas expects platinum prices to rise in 2nd half 2010

2. Royal Bank of Scotland close to finalising a deal to sell its assets in China, India and Malaysia to Standard Chartered for $384.43m according to a report in The Guardian

3. Job ads rise 4.1% in August for the first time since April 2008

4. Macquarie Airports says an independent expert has found the proposed transaction to raise new equity capital is fair and reasonable

5. Goldman Sachs have “BUYS” on CXP and FXL

6. UBS have a “NEUTRAL” recommendation on CXP

7. Deutsche Bank have “BUYS” on LGL, TAH and MGR with a “HOLD” on BBI

pasta

A report by BNP Paribas expects platinum prices to rise in 2nd half 2010

Royal Bank of Scotland close to finalising a deal to sell its assets in China, India and Malaysia to Standard Chartered for $384.43m according to a report in The Guardian

Job ads rise 4.1% in August for the first time since April 2008

Macquarie Airports says an independent expert has found the proposed transaction to raise new equity capital is fair and reasonable

SFB

1 Sep 09

Tasty Tips – Local and Global News

1. Dow falls 48 pts or 0.5% to 9496, S & P down 8 pts to 1020. The fall in Shanghai caused a nervous opening on Wall St with industrials, materials and energy stocks the hardest hit although the market did finish above the day’s low

2. Gold fell $5.30 to $953.50 while silver recovered an early fall posting a gain of 11 cents to $14.89, palladium also gained ground

3. Oil lost $2.78 to close at $69.96 as the fall in China increased demand concerns for energy and doubts over the strength of the US and Chinese economies

4. Base metals were sharply lower on the New York Mercantile Exchange with Copper losing 4%, its largest one day fall since June 22nd . The LME was closed

5. The FTSE was closed for a bank holiday, the CAC, DAX and Milan MIB30 all fell around 1% as the fall in Shanghai equities set a negative tone from the opening

6. $AUS currently trading at 84.29 US cents

7. Survey shows Australian manufacturing activity grew for the first time in 15 months in August

8. A report in the New York Times says banks have repaid the government $4b of their obligations from profits

9. China and Russia are reportedly in talks over a potential currency swap

10. Japanese Industry production rose 1.9% in July for the 5th consecutive month

11. Gunns requests trading halt extension until tomorrow

12. Deutsche Bank have “BUYS” on AVO and PPX with “HOLDS” on ANZ and AOE and a “SELL” on GNS

13. Goldman Sachs have “BUYS” on STO, AGO, AVO, DOM and ANZ with “HOLDS” on FLX, IIF, PPX and ASX and a “SELL” on AVG

14. Citigroup have a “BUY” on ANZ and “HOLDS” on IIF and PPX

15. RBS have “BUYS” on PDN, ASB, PLI, WCB and IPD and “HOLDS” on FLX, CSS, BKL, DVN and OAK

16. UBS have “BUYS” on AVO, DOM and GNS with “NEUTRALS” on MAP, PPX, ANZ and FLX and a “SELL” on IIF

17. Nexus to conduct a capital raising to cover cost increases to the Longtom gas project

18. Australian market down 5 pts to 4479 in early trade, New Zealand down 20 pts or 0.65% to 3078 in morning trade

chickenburger

Dow falls 48 pts or 0.5% to 9496, S & P down 8 pts to 1020. The fall in Shanghai caused a nervous opening on Wall St with industrials, materials and energy stocks the hardest hit although the market did finish above the day’s low

Gold fell $5.30 to $953.50 while silver recovered an early fall posting a gain of 11 cents to $14.89, palladium also gained ground

Oil lost $2.78 to close at $69.96 as the fall in China increased demand concerns for energy and doubts over the strength of the US and Chinese economies

Base metals were sharply lower on the New York Mercantile Exchange with Copper losing 4%, its largest one day fall since June 22nd . The LME was closed

The FTSE was closed for a bank holiday, the CAC, DAX and Milan MIB30 all fell around 1% as the fall in Shanghai equities set a negative tone from the opening

$AUS currently trading at 84.29 US cents

31 Aug 09

Tasty Tips – Local and Global News

1. Dow lost 36 pts or 0.38% to 9544, S & P down 2 pts to 1028. The small rise in consumer spending in July (up 0.2%) did little to enthuse investors and the market drifted lower in quiet trade. The figure was in line with analysts’ expectations and represented a rise for the 3rd consecutive month

2. Gold rose $11.50 to $958.80 with silver jumping nearly 4% or 56 cents to $14.78. Platinum and palladium also firmed

3. Base metals all moved higher on the back of the weaker $US with Lead up nearly 5% and Copper up 3.3% the standouts. The rise in copper was notable as Shanghai stockpiles now stand at the highest level in 2 years

4. Oil for October delivery rose 25 cents to $72.74 despite little demand for energy and relatively large world surpluses. The commodity has risen 81% since March

5. Major European markets were better with the FTSE, DAX and CAC all gaining around 1% again in subdued trading

6. $AUS currently trading at 84.32 US cents

7. Felix Resources reports a 42% rise in net profit for fiscal 2009 of $267.6m up from $188.5 in pcp. Final div 50 cents fully franked

8. ANZ says its 10 month cash profit is flat as rising bad loans especially in New Zealand affect strong revenue growth

9. Hays, the International recruitment consultancy, reports a 20% increase in the number of Britons seeking work in Australia and New Zealand

10. Capral to raise $47m via a placement at 25 cents raising $37.5m and a 1 for 1 rights issue to raise a further $9.7m

11. RBA tipped to leave rates on hold but most observers expect rates to hit 5% within the year

12. ABS figures expected to show GDP grew by 0.7% in June quarter according to the average of 14 economists surveyed

13. GPG reports a half year loss to June 30th of $AUS42.65m

14. Wise Owl have a “BUY” on Customers Ltd (CUS) with a target price of $3.50

15. Deutsche have “BUYS” on SHL, HVN, PNA and AMC with “HOLDS” on SGM, CTX, AIA, VRL, BBP and ABB

16. Goldman Sachs have “BUYS” on PNA, SHL, AQP and RHC with “HOLDS” on ABB, AIA, CTX, CYG, GMG, HVN, SGM and SHV and a “SELL” on ENV

17. UBS have “BUYS” on AIO, HVN, AIA, SGM, PNA and HDF with “NEUTRALS” on SHL, CTX, ABB, AHE, ENV and NUF

18. Citigroup have “BUYS” on SHL, DOW, AQP and SSM with “HOLDS” on SGM, HVN, HGG and PNA and a “SELL” on GMG

19. Paperlinx reports a $798.2m loss compared to a profit of $72.2m in pcp and cancels final div after incurring impairment charges and losses totalling $727.9m

20. Gunns plans to raise $145m share placement to help fund the purchase of ITC Timber from Elders. Full year profit fell 1% to $56.2m, final div 2 cents down from 4 cents in pcp

21. Australian market up 34 pts or 0.75% to 4530 in early trade, New Zealand up 13 pts or 0.43% to 3122 in morning trade

1. Company gross operating profits fall 7.8% in June quarter, seasonally adjusted, down 14.7% over the year, according to figures released by the ABS

2. RBA says total credit provided to the private sector by financial intermediaries rose 0.2% in July compared to a 0.1% rise in June

3. General Motors says it will invest $US347m in a light commercial vehicle production venture with Chinese automaker FAW Group

4. Inflation rises 1.7% in August from one year earlier comfortably below the RBA’s 2% to 3% guideline

5. Fresh data shows new home sales were flat in July

6. Elders Ltd in trading halt pending capital raising thought to total around $250m

bowlofcereal

Dow lost 36 pts or 0.38% to 9544, S & P down 2 pts to 1028. The small rise in consumer spending in July (up 0.2%) did little to enthuse investors and the market drifted lower in quiet trade. The figure was in line with analysts’ expectations and represented a rise for the 3rd consecutive month

Gold rose $11.50 to $958.80 with silver jumping nearly 4% or 56 cents to $14.78. Platinum and palladium also firmed

Base metals all moved higher on the back of the weaker $US with Lead up nearly 5% and Copper up 3.3% the standouts. The rise in copper was notable as Shanghai stockpiles now stand at the highest level in 2 years

Oil for October delivery rose 25 cents to $72.74 despite little demand for energy and relatively large world surpluses. The commodity has risen 81% since March

Major European markets were better with the FTSE, DAX and CAC all gaining around 1% again in subdued trading

$AUS currently trading at 84.32 US cents

28 Aug 09

Tasty Tips – Local and Global News

1. Dow rises 37 pts or 0.4% to 9580, S & P up 2.8 pts to 1031. The market rose for the 8th consecutive session. Volume was again low with a continued positive response to the latest economic data released over the last week

2. Gold rose $1.50 to $947.30 on the back of a weaker $US. Silver lost yesterdays 3 cent rise to close at $14.22. Platinum futures rose after mineworkers at Anglo Platinum, the world’s largest producer, rejected the company’s latest pay offer raising concerns supplies will fall

3. Base metals on the LME were easier for choice with lead the biggest loser down nearly 2%. Copper. Nickel and zinc were lower while aluminium and tin registered small gains

4. Oil gained $1.06 to $72.49 mainly on the lower $US in an otherwise featureless day

5. European markets all fell 0.5% to 1% with the DAX registering the highest fall down 51 pts to 5470. Bank shares, pharmaceuticals and chemical issues bore the brunt of the falls

6. $AUS currently trading at 84.00 US cents

7. Caltex 1st half profit rises 52% from $196m to $298m Company says “it wouldn’t be prudent to pay an interim dividend”

8. Sonic Healthcare posts an annual profit rise of 29% to $315m

9. Sims Metal reports a full year net loss of $150.3m including impairment charges of $191m compared to a profit of $440.1m in pcp. Final div 10 cents down 65 cents from last year

10. Harley Davidson to open show rooms in India following other luxury brands such as Audi, Mercedes Benz and Rolls Royce

11. Dell’s 2nd quarter profit falls 23% to $US472m but company anticipates a better 2nd half

12. Gunns in trading halt while it conducts talks on a potential acquisition deal

13. The U.S. banking industry lost a collective $US3.7b in the 2nd quarter due to write downs and bad loans according to figures released by the Federal Deposit Insurance Corporation (FDIC)

14. Babcock and Brown Power in trading halt until about 11.30am pending the release of its financial results

15. Automotive Holdings Group reports a profit of $24.1m in year to June 30th down from $53.2m in pcp. Company remains confident about the future

16. Reserve Bank expected to leave rates unchanged at next week’s meeting

17. Commonwealth Bank says it will raise $900m with the issue of a new Tier 1 hybrid security. Offer opens September 7th and closes October 2nd

18. Wise Owl recommend dividend trades on TTS and CAB

19. Citigroup have “BUYS” on TTS, CMJ, RHC and IFN with “HOLDS” on WOW, CWN, GPT, TOL, CAB and VPG and a “SELL” on HGG

20. Deutsche Bank have “BUYS” on CWN, TOL, TTS, RHC, IFN and CAB with “HOLDS” on WOW, GPT, OZL, AIR, HGG, VBA and KCN and a “SELL” on MRE

21. Goldman’s have “BUYS” on FKP, KCN, AUB, CWN, ELI, OZL, RDC, HSP, AIR and NPX with “HOLDS” on NUF, HGG, IFN, IGO, SUL, TOL, TTS, VBA and WOW and “SELLS” on CAB, GPT and MRE

22. UBS have “BUYS” on CAB, SUL, FKP, GCL, AUB, WOW, CWN, TTS,IFN, VBA and BBI with “NEUTRALS” on TOL, RHC, AIR, OZL, ROC, TOX, MAH, NPX and TSE and a “SELL” on MRE

23. China’s Baosteel will take up to 15% of Aquila investing about $286m for just under 44m shares

24. Japan’s consumer prices fall 2.2% in July from a year earlier, the fastest pace on record as deflation deepened the world’s number 2 economy

25. Australian market up 35 pts or 0.8% to 4493 in early trade, New Zealand up 24 pts or 0.8% in morning trade

coldbeer

Dow rises 37 pts or 0.4% to 9580, S & P up 2.8 pts to 1031. The market rose for the 8th consecutive session. Volume was again low with a continued positive response to the latest economic data released over the last week

Gold rose $1.50 to $947.30 on the back of a weaker $US. Silver lost yesterdays 3 cent rise to close at $14.22. Platinum futures rose after mineworkers at Anglo Platinum, the world’s largest producer, rejected the company’s latest pay offer raising concerns supplies will fall

Base metals on the LME were easier for choice with lead the biggest loser down nearly 2%. Copper. Nickel and zinc were lower while aluminium and tin registered small gains

Oil gained $1.06 to $72.49 mainly on the lower $US in an otherwise featureless day

European markets all fell 0.5% to 1% with the DAX registering the highest fall down 51 pts to 5470. Bank shares, pharmaceuticals and chemical issues bore the brunt of the falls

$AUS currently trading at 84.00 US cents

27 Aug 09

Tasty Tips – Local and Global News

1. Dow rose 4 pts to 9543, S & P unchanged at 1028. An increase in new home sales and selective buying in consumer stocks were the main features in a dull market. Turnover was again very light. Some buying in telecommunication companies also featured while industrials tended lower

2. Gold lost 20 cents to $945.80 and silver lost 5 cents to $14.25. Other precious metals did little in quiet trade

3. Base metals all lost ground on the LME albeit only minor amounts. Copper stockpiles showed a small increase which set the tone for the day. Lead lost 0.5% after the strong rises over the last couple of days

4. Oil lost 62 cents to close at $71.43 after an unexpected rise in crude inventories. Most traders were banking on another fall of about 1m barrels

5. Major European markets all fell around 0.5% despite a report showing German business confidence improved for a 5th consecutive month

6. $AUS currently trading at 82.63 US cents

7. Cabcharge reports a 4% increase in profit to June 30th of $61.4m compared to $59m in pcp. Final div 17 cents taking full year payout to 34 cents

8. OZ Minerals reports a 1st half loss of $580.7m after one off loss on asset sales.

9. Country Road posts a 60.4% lift in annual net profit to June 30th of $15.65m up from $9.76m

10. Woolworths reports a 12.8% rise in full year net profit to June 30th of $1.84b compared to $1.63b in pcp. Final div 56 cents up from 48 cents last year

11. WPP Group, the world’s largest marketing company by revenue reports a 48% fall in 1st half net profit to June 30th of $211.9m

12. GM Europe, owner of Vauxhall and Opel has sought insolvency advice as the deadline for the sale of the company approaches

13. GPT Group posts a 1st half loss of $1.195b but says the outlook for Australian real estate is improving

14. ConsMedia announces annual net profit of $426.99m to June 30th including the $346.5m gain on PBL Media, and plans to buy back 10% of its shares. Final div 6 cents

15. Crown posts a loss of $1.197b year ended June 30th compared to a profit of $3.546b in pcp. Result arrived after the company wrote down the value of its North American investments by $1.440b. Normalised net profit was $280.7m

16. Ramsay Healthcare increases annual net profit by 15.5% to June 30th of $106.47m from $92.2m in pcp. Company announces capital raising of $260m. Final div 21.5 cents fully franked, year’s total 38 cents up from 32.5 cents last year

17. PetSec Energy reports a $US9.1m 1st half loss down from $US18.1m loss in pcp including impairment costs and other charges. No dividend will be paid. Underlying net profit was $US6.1m down 46% on the$US11.2m in pcp

18. FKP Property group reports a full year net loss of $319.4m compared to a profit of $146.3m in pcp

19. Air NZ annual profit slumps 90% in the year to June 30th to $NZ21m from $NZ218m a year earlier

20. Deutsche bank have “BUYS” on LGL, TCL, AIO, GFF, CMJ, HSP and AIX with “HOLDS” on KSC, BBI, AOE, SGX, SEK, SEV, WTF, TPI, SPT and EHL with “SELLS” on MCC, TSE and PBG

21. Goldman Sachs have “BUYS” on AIO, AIX, LGL, MCC, MCU and TGG with “HOLDS” on AEZ, BBI, BDG, CMJ, GFF, IFL, KZL, PBG, TCL, TPI, WDC and TSE and a “SELL” on SEV

22. RBS have “BUYS” on WDC, GFF, TSE, TPI, IOF and MCC with “HOLDS” on FGL and CMH and a “SELL” on SEV

23. Eldorado makes all share takeover bid for Sino Gold offering 0.55 Eldorado share for each Sino share. Sino board recommends the deal with Eldorado to seek an Australian listing

24. Maryborough Sugar Factory announces a $90.4m off market merger with Tully Sugar Limited

25. Australian market down 21 pts or 0.47% to 4443 in early trade New Zealand up 3 pts to 3093 in morning trade

brownie.slice-737720

Dow rose 4 pts to 9543, S & P unchanged at 1028. An increase in new home sales and selective buying in consumer stocks were the main features in a dull market. Turnover was again very light. Some buying in telecommunication companies also featured while industrials tended lower

Gold lost 20 cents to $945.80 and silver lost 5 cents to $14.25. Other precious metals did little in quiet trade

Base metals all lost ground on the LME albeit only minor amounts. Copper stockpiles showed a small increase which set the tone for the day. Lead lost 0.5% after the strong rises over the last couple of days

Oil lost 62 cents to close at $71.43 after an unexpected rise in crude inventories. Most traders were banking on another fall of about 1m barrels

Major European markets all fell around 0.5% despite a report showing German business confidence improved for a 5th consecutive month

$AUS currently trading at 82.63 US cents

26 Aug 09

Tasty Tips – Local and Global News

1. Dow rises 3 pts to 9509, S & P down 0.5pt to 1025.5. In a fairly featureless day in what was described as one of the slowest days in volume stocks virtually marked time. Boeing rose $1.26 to $47.13 on news that Canadian airline WestJet had ordered 14 of its 737-700’s. Economic data related to housing due this week could well be the catalyst for some movement.

2. Gold fell $11 to $943.70 with platinum and palladium lower as well, silver rose 3 cents to $14.19

3. Base metals were flat to slightly firmer, copper rose 2.5% on rumoured re stocking in some warehouses . Lead was the big mover jumping 9% on news that China’s Henan province had shutdown a smelter with an annual capacity of 240,000 tonnes

4. Oil continued its rise with another 63 cent jump to $73.82 ( a 10 month high) still digesting the shock 8.4m barrel drop in U.S. inventories announced last week

5. European markets gained around 1% on the back of Ben Bernanke’s comments on the global economy with energy and financials the best gainers

6. $AUS currently trading at 83.73 US cents

7. Foster’s posts net profit for fiscal 2009 of $438.3m up 292.3% from $111.7m in pcp . Net profit before significant items up 4% to $741.5m, write downs totalled $397.6m. Final div 15.25 cents year’s total 27.2 cents

8. Aristocrat reports a 1st half net loss of $33.4m compared to a profit of $70.4m in pcp. Included was a one off impairment charge of $79.9m. Interim div 4.5 cents down from 14 cents

9. Suncorp posts a 40% fall in profit for fiscal 2009 to $348m compared to $583m in pcp. Final div 20 cents down from 55 cents in fiscal 2008

10. Centro Retail Group posts a $2.68m loss for year ended June 30th after property revaluations

11. Mirvac reports annual loss to June 30th of $1.08b due to property write downs and a loss on inventory. Final distribution 0.2 cents down from 8.23 cents in pcp

12. Flight Centre reports 72% fall in annual profit to $38.16m down from $134.78m. No final div. Company says results for the new financial year are encouraging

13. Hastie Group posts a 53% jump in profit to $58.34m year ending June 30th . final div 5 cents fully franked down from 9 cents last year

14. Woolworths to move into hardware with a bid for Danks Holdings Ltd at $13.50 per share. WOW says it has entered into an equity agreement with US home retailer Lowes Companies Inc. to make the bid

15. Citigroup have “BUYS” on FXJ, GFF, CGF, IOF,PBG, AEO and TWR with “HOLDS” on ASX and AWB and a “SELL” on WOR

16. UBS have “BUYS” on FXJ, MOF, AEO and WOR with “NEUTRALS” on CEU, ASX, SKI, CGF, IOF, MCW, AWB and MRM

17. Deutsche have “BUYS” on WOR, AEO, ORG and AWB with “HOLDS” on CEU, CGF, PRT and ASX and “SELLS” on FXJ, IOF and PBG

18. Goldman Sachs have a “BUY” on AIR with “HOLDS” on WOR, BSL, AWB, AEO, BRG, CGF, SKI, FXJ, IOF, PFL and PRT and a “SELL” on CEU

19. Spotless profit up 64% to $47.1m for fiscal 2009. Final div 6 cents. Company plans to raise $100m via $71m placement at $2.16 to institutions and balance through share purchase plan

20. Australian market down 19 pts or 0.4% to 4415 in early trade, New Zealand up 7 pts or 0.25% to 3075 in morning trade

croissant_jam

Dow rises 3 pts to 9509, S & P down 0.5pt to 1025.5. In a fairly featureless day in what was described as one of the slowest days in volume stocks virtually marked time. Boeing rose $1.26 to $47.13 on news that Canadian airline WestJet had ordered 14 of its 737-700’s. Economic data related to housing due this week could well be the catalyst for some movement.

Gold fell $11 to $943.70 with platinum and palladium lower as well, silver rose 3 cents to $14.19

Base metals were flat to slightly firmer, copper rose 2.5% on rumoured re stocking in some warehouses . Lead was the big mover jumping 9% on news that China’s Henan province had shutdown a smelter with an annual capacity of 240,000 tonnes

Oil continued its rise with another 63 cent jump to $73.82 ( a 10 month high) still digesting the shock 8.4m barrel drop in U.S. inventories announced last week

European markets gained around 1% on the back of Ben Bernanke’s comments on the global economy with energy and financials the best gainers

$AUS currently trading at 83.73 US cents

24 Aug 09

Tasty Tips – Local and Global News

1. Dow rises 156 pts to 9506, S & P up 18 pts to 1026. US equities moved higher as US Federal Reserve chief, Ben Bernanke said “the prospects for a global economic recovery appear good” . Also aiding sentiment was the news of a record lift in existing home sales for July. The market finished at its highest level since November 2008

2. Gold for December jumped $12.90 to $954.70 on a weaker $US. Silver also reversed the recent falls gaining 2% or 28 cents to $14.16

3. Base metals all improved with copper jumping over 5% or 14 cents on the New York Mercantile Exchange. On the LME copper rose 3.5% with all other metals gaining at least 1%

4. New York oil for October delivery closed up $1.47 at $73.89 as news of lower US crude reserves and a strong equity market pushed the contract to the highest level since October 2008

5. European markets all rose 2.25% to 3.4% . The FTSE closed 107 pts higher at 4850 with the CAC the best performer up 120 pts to 3615

6. $AUS currently trading at 83.88 US cents

7. Wise Owl have a speculative “BUY” on AND coupled with dividend trades on AMP and QBE

8. FXJ underlying net profit falls 40% to 226.7m. Net loss for the year was $380.1m after write downs in the value of its mastheads and goodwill . No final div

9. Austereo full year profit falls 15.2% to $41.4m as company braces for a tough fiscal 2010

10. Breville reports a 43% fall in net profit to June 30th of $11.76m down from $20.8m in pcp. Final div 1.5 cents down from 2 cents. Total payout 5.5 cents from 10.5 cents previously

11. Australian Maritime says the cost of cleaning up the oil spill off W.A.’s north west coast will “cost millions” with the Thai based rig operator to foot the bill

12. Fortescue and BC Iron expect to formalise their Nullagine joint venture in W.A. today

13. Worley Parsons posts a 13.6% rise in full year profit to $390.5m but says it is unlikely to repeat the performance in 2010

14. Challenger Financial posts net loss for fiscal 2009 of $90.7m but normalised net profit was $218.9m up 0.5%. Company says it is well funded with $530m in capital surplus over regulatory minimum and approximately $900m in cash and cash equivalents

15. ASIC to take over supervision of all Australian financial markets Treasurer Wayne Swan said in a statement today

16. Brazil discovers an enormous offshore oilfield in territorial waters , the biggest Western Hemisphere discovery in 30 years

17. Iraq oil exports reach their highest level since 2003

18. Citigroup have “BUYS” on WBC, STO, SKT and MCW with “HOLDS” on WES, FGL, IAG, TEL, BBG, APN and IRE and a “SELL” on MDT

19. Goldman have ‘BUYS” on BBG, MCW and WBC with “HOLDS” on APN, IAG, MAP, MDT, SLM and SKE and “SELLS on IRE and CEU

20. UBS have “BUYS” on TLS, WBC, IAG and APN with “NEUTRALS” on TEL, MAP, BBG, DUE and CBA

21. Deutsche Bank have “BUYS” on MAP, BBG, MOF, REA, MLE and RIO with “HOLDS” on IAG, TEL, APN, IRE, SLM, FGL, MOC and WBC with a “SELL” on MCW

22. RBS have “BUYS” on BXB and APN with “HOLDS” on WBC, AMP, IAG, BBG, RIO, PDN and IRE

23. ConnectEast reports annual net loss of $531.5m to June 30th and announces a n equity raising of about $421m

24. Centrebet posts a 36.6% drop in annual net profit to $8.32m. Final div 5 cents unfranked down 1 cent from pcp

25. Australian market up 77 pts or 1.8% to 4383 in early trade, New Zealand up 25 pts or 0.85% to 3060 in morning trade

toast

Dow rises 156 pts to 9506, S & P up 18 pts to 1026. US equities moved higher as US Federal Reserve chief, Ben Bernanke said “the prospects for a global economic recovery appear good” . Also aiding sentiment was the news of a record lift in existing home sales for July. The market finished at its highest level since November 2008

Gold for December jumped $12.90 to $954.70 on a weaker $US. Silver also reversed the recent falls gaining 2% or 28 cents to $14.16

Base metals all improved with copper jumping over 5% or 14 cents on the New York Mercantile Exchange. On the LME copper rose 3.5% with all other metals gaining at least 1%

New York oil for October delivery closed up $1.47 at $73.89 as news of lower US crude reserves and a strong equity market pushed the contract to the highest level since October 2008

European markets all rose 2.25% to 3.4% . The FTSE closed 107 pts higher at 4850 with the CAC the best performer up 120 pts to 3615

$AUS currently trading at 83.88 US cents

20 Aug 09

Tasty Tips – Local and Global News

1. Dow rises 61 pts or 0.66% to 9279, S & P up 6.5 pts or 0.7% to 996. Equities opened lower in very quiet trading and remained so until a report showed a significant reduction in crude oil stockpiles over the last week. Oil stocks such as Chevron and Exxon rallied and dragged the market back into positive territory albeit on very low turnover. Some industrial companies finished lower such as John Deere after reporting 3rd quarter profit down 27% due to a drop in sales outside the U.S. and Canada

2. Gold rose $5.60 to $944.80 as the $US declined against the euro. Silver continued its fall losing a further 8.5 cents to $13.87 with the metal at this month’s low. Platinum and palladium gained ground on gold’s lead

3. Base metals were mixed with copper and aluminium easier, lead flat with zinc and nickel slightly higher

4. Oil rose $3.23 to $72.42 on a weaker $US and the 8.4m barrels drop in inventories reported by the Dept. Of Energy

5. Major European markets were mixed and traded in a narrow range but above their lows for the day

6. $AUS currently trading at 82.97 US cents

7. QBE posts record 1st half earnings to June 30th of $1.02b up 19%. Interim div up 1 cent to 62 cents

8. Downer reports full year net profit of $189.4m up 14% from $165.8m. Final div up 13.5 cents to 16 cents

9. Lend Lease reports full year loss of $653.6m after property write downs.

10. MIG reports net loss of $1.7b after asset write downs

11. Santos 1st half profit falls 66% to $101.7m Interim div unchanged at 22 cents

12. AMP reports net profit for 6 months to June 30th of $362m down 1% from pcp. Interim div 14 cents down from 22 cents

13. Brambles posts profit fall of 30% to June 30th of $US452m Final div 12.5 Australian cents, full year 30 cents down 4.5 cents on pcp

14. AGL Energy posts 11% profit increase for fiscal 2009 of $1.596b including a $1.441b from asset sales including interests in PNG. Final div 28 cents, full year 54 cents up 1% on pcp

15. Citigroup have ‘BUYS” on WPL, MQG, ORG, STO, QAN, AMC, ILU and WHK with “HOLDS” on CSL, BBG, BOQ, SKC and PPT and “SELLS” on BLD and SEK

16. Goldman Sachs have “BUYS” on QAN, BLD, CEY, DMP, ORG and TRS with “HOLDS” on AAX, CSL, ILU, PPT, SKE, WPL, BOQ, MQG, BLY and CGG

17. Deutsche have ‘BUYS” on ORG and AVO with “HOLDS” on WPL, CSL, QAN, TEL, SKC, PPT, ILU, BBG, CEY, AAX and IRE and “SELLS” on BLD and BOQ

18. ASX reports 14.3% fall in annual profit to June 30th of $313.6m down from $365.95m in pcp

19. Macquarie Media posts full year loss of $84.6m to June 30th due to hefty charges and advertising downturn

20. Australian market up 35 pts or 0.8% to 4423 in early trade, New Zealand up 6 pts or 0.2% to 3087 in morning trade

krispy kreme patriotic

Dow rises 61 pts or 0.66% to 9279, S & P up 6.5 pts or 0.7% to 996. Equities opened lower in very quiet trading and remained so until a report showed a significant reduction in crude oil stockpiles over the last week. Oil stocks such as Chevron and Exxon rallied and dragged the market back into positive territory albeit on very low turnover. Some industrial companies finished lower such as John Deere after reporting 3rd quarter profit down 27% due to a drop in sales outside the U.S. and Canada

Gold rose $5.60 to $944.80 as the $US declined against the euro. Silver continued its fall losing a further 8.5 cents to $13.87 with the metal at this month’s low. Platinum and palladium gained ground on gold’s lead

Base metals were mixed with copper and aluminium easier, lead flat with zinc and nickel slightly higher

Oil rose $3.23 to $72.42 on a weaker $US and the 8.4m barrels drop in inventories reported by the Dept. Of Energy

Major European markets were mixed and traded in a narrow range but above their lows for the day

$AUS currently trading at 82.97 US cents

19 Aug 09

Tasty Tips – Local and Global News

1. Dow gains 82 pts or 0.9% to 9217, S & P up 10 pts or 1.0% to 989. After the declines of the last 2 days Wall St rallied on the back of a better than expected earnings reports from Home Depot and Target and a broker upgrade on Amex. A cautious feeling among investors and traders over the light volume of business at the moment still overhangs the market and could easily cause equities to mark time coupled with the lack of earnings and economic news in the coming weeks

2. Gold rose $3.40 to $939.20 but Silver continued yesterdays fall, albeit only losing another 1.5 cents, to $13.96. Palladium and platinum recorded rises of 1.85% and 0.8% respectively

3. Base metals rebounded from the sell off yesterday all gaining between 1.5% and 2.5%. Copper was steady while Nickel lost 1.5% being the exceptions

4. Oil broke its 2 day losing streak with a 3.7% rise or $2.44 to $69.19 on a reported reduction in U.S. crude inventories

5. European markets closed all closed nearly 1% higher recovering some of yesterdays lost ground

6. $AUS currently trading at 82.94 US cents

7. CSL profit rises 63% to $1.15b year ending June 30th from $708m in pcp. Revenue up 32% to $5.06b, final div 40 cents compared to 23 cents previously

8. Macmahon Holdings full year profit down 65% to $17.2m. Company doesn’t declare a final div compared to 3.5 cents in pcp but is confident of an earnings recovery for fiscal 2010

9. Qantas posts an 88% fall in net profit to $117m from $969m a year ago. Company does not declare a final div after paying 17 cents last year and announces plans to cut costs by $1.5b over next 3 years

10. Boral posts a 42% fall in annual profit to $142m from $243m in the previous year. Final div 5.5 cents, total annual payout 13 cents down 62% on fiscal 2008

11. Iluka reports a $56m loss in 1st half 2009 against a profit of $15.6m in pcp. Revenue fell 57% to $182.3m, company declares no interim div

12. Hewlett Packard 3rd quarter profit falls 19% to $1.64b on a 2.1% fall in revenue

13. Australia secures its biggest ever resources deal by signing a $50b agreement to supply LNG to China

14. CBA says it has subscribed for about $160m of new shares in China’s Bank of Hangzhou

15. RBA says Australian loan defaults are set to rise in the coming months

16. Domino’s Pizza expects profit to grow up to 15% in fiscal 2010 after lifting earnings by 29.7% to $15.35m in year to June 30th

17. Goldman Sachs have “BUYS” on AMC, OST, DXS,OKN and NAB with “HOLDS” on MND, CFX, CPA, GWT, JHX, RIV, UGL, WSA, BEN, CGF and FGL

18. Deutsche have “BUYS” on BSL, CFS, OST, NAB, RIO and AVO with “HOLDS” on DXS, JHX, UGL, CPA, MND, WSA, ISF, GWT, SAI, NWS, CGF and EXT

19. Citigroup have “BUYS” on NAB, WES, FXJ, GWT and SAI with “HOLDS” on CFS, OST, TEL, DXS, JHX, UGL, CGF and CPA

20. Origin Energy posts a 20% rise in full year underlying profit to June 30th to $530m compared to $443m in pcp. Final div 25 cents total payout for the year, 50 cents

21. The Reject Shop posts a profit for fiscal 2009 of $19m up 13.9% on pcp. Company forecasts profit for 2009/10 to be around $21.5m but warns of tough trading conditions ahead. Final div 23 cents fully franked making total payout 55 cents compared to 48 cents last year

22. Perpetual full year profit to June 30th falls 71% to $37.7m compared to $128.8m in pcp due to lower equity markets

23. Biota posts a $38.2m annual net profit to June 30th compared to a loss of $6.48m in pcp after Relenza royalties of $45m

24. Australian market up 40 pts or 0.9% 4426 in early trade New Zealand up 24 pts or 0.8% to 3096 in morning trade

chocmilk

Dow gains 82 pts or 0.9% to 9217, S & P up 10 pts or 1.0% to 989. After the declines of the last 2 days Wall St rallied on the back of a better than expected earnings reports from Home Depot and Target and a broker upgrade on Amex. A cautious feeling among investors and traders over the light volume of business at the moment still overhangs the market and could easily cause equities to mark time coupled with the lack of earnings and economic news in the coming weeks

Gold rose $3.40 to $939.20 but Silver continued yesterdays fall, albeit only losing another 1.5 cents, to $13.96. Palladium and platinum recorded rises of 1.85% and 0.8% respectively

Base metals rebounded from the sell off yesterday all gaining between 1.5% and 2.5%. Copper was steady while Nickel lost 1.5% being the exceptions

Oil broke its 2 day losing streak with a 3.7% rise or $2.44 to $69.19 on a reported reduction in U.S. crude inventories

European markets closed all closed nearly 1% higher recovering some of yesterdays lost ground

$AUS currently trading at 82.94 US cents

18 Aug 09

Tasty Tips – Local and Global News

Peanut_Swirl_Brownies

1. Dow falls 186 pts or 2% to 9135, S & P down 24 pts or 2.4% to 979. The biggest one day percentage loss (5.8%) since November by the Shanghai Composite Index sparked a major fall in the U.S. Few sectors escaped the selling with majors such as Alcoa, down 6.5% US steel down 8.3% and Peabody Energy off 7.1% bearing significant portions of the declines.

2. Gold fell $12.90 to $935.80, with Silver recording a drop of over 5% or 74 cents to $13.97

3. Base metals recorded falls between 1% and 3%. Copper finished down 2.3% in New York after being down over 3% earlier in the day. Latest LME inventories show copper stocks rose 1175 tonnes to 294,050. There is still concern over the scale of long positions in the tin market compared to the amount available in LME warehouses

4. Oil fell in line with equities losing 76 cents to $66.75 in New York with stockpiles and demand worries overshadowing concerns about the first hurricane in the Gulf for the season

5. Major European markets all lost between 1.5% an 2.2% falling to the lowest level in 2 weeks. The banking sector bore the brunt of the falls with Santander, Barclays, Credit Suisse and UBS all losing between 2% and 3.8%. Doubts over the world economy coupled with the speed of the recent rally generated the negative sentiment

6. $AUS currently trading at 82.38 US cents

7. James Hardie post 1st quarter loss to June 30th of $US77.9m compared to a profit of $1.4m in previous quarter. Result includes asbestos liabilities, legals and tax adjustments. Excluding those charges net operating profit was $US41.6m up 4%

8. GWA net profit rises 5.3% to $48.3m in line with company guidance and says it continues to assess acquisition opportunities

9. American International Group says it will pay new CEO an annual salary of $US7m

10. OneSteel’s profit falls 6% to $230m slightly better than the average of $204m predicted by analysts. Final Div 4 cents down from 13.5 cents in pcp

11. Study finds some 90% of US paper currency contain traces of cocaine

12. Chicago Volatility Index spiked to more than 16% and a 5 week high on falling US equities before closing at 27.9, a rise of 14.9%

13. NAB to pay $385m for Challenger Financial Services mortgage management business

14. United Group reports a net profit of $142.48m in fiscal 2009 up 8.7% on pcp. Final div 35 cents making total for year 64 cents fully franked, compared to 58 cents in prior year

15. US Federal Reserve expects bank lending to remain tight through the second half of the year

16. The publisher of Readers Digest to file for bankruptcy protection with a plan to swap some debt for ownership of the company

17. Citigroup have “BUYS” on NCM and IFN with “HOLDS” on BXB, BSL and ANN and “SELLS” on FMG and BLY

18. RBS have “BUYS” on BSL, ANN, NCM, MSB and TSE with a “HOLD” on NHC and a “SELL” on FMG

19. Goldman Sachs have “BUYS” on MSL and NCM with “HOLDS” on ANN, BSL, IMD, PGA and IFN

20. Deutsche Bank have “BUYS” on LEI, ANN, BLY, RIO and IFN with a “HOLD” on NCM and a “SELL” on FMG

21. Origin Energy says it has secured a site in Qld. for its proposed LNG plant with joint venture partner ConocoPhillips

22. Monadelphous Group reports a 6.8% increase in annual profit to June 30th of $74.24m. Final div 44 cents, total payout for the year 74 cents up 2.8% on pcp

23. STW Communications records 8% jump in net profit to $12.8m in 1st half to June 30th. Interim div 1.5 cents down from 4.8 cents in pcp

24. Australian market down 21 pts or 0.5% to 4376 in early trade, New Zealand down 23 pts or 0.75% to 3062 in morning trade

Dow falls 186 pts or 2% to 9135, S & P down 24 pts or 2.4% to 979. The biggest one day percentage loss (5.8%) since November by the Shanghai Composite Index sparked a major fall in the U.S. Few sectors escaped the selling with majors such as Alcoa, down 6.5% US steel down 8.3% and Peabody Energy off 7.1% bearing significant portions of the declines.

Gold fell $12.90 to $935.80, with Silver recording a drop of over 5% or 74 cents to $13.97

Base metals recorded falls between 1% and 3%. Copper finished down 2.3% in New York after being down over 3% earlier in the day. Latest LME inventories show copper stocks rose 1175 tonnes to 294,050. There is still concern over the scale of long positions in the tin market compared to the amount available in LME warehouses

Oil fell in line with equities losing 76 cents to $66.75 in New York with stockpiles and demand worries overshadowing concerns about the first hurricane in the Gulf for the season

Major European markets all lost between 1.5% an 2.2% falling to the lowest level in 2 weeks. The banking sector bore the brunt of the falls with Santander, Barclays, Credit Suisse and UBS all losing between 2% and 3.8%. Doubts over the world economy coupled with the speed of the recent rally generated the negative sentiment

$AUS currently trading at 82.38 US cents