tip off

Morning Market Report

The market is up 31. SFE Futures were up 5 this morning.

Dow Jones was down 42. The Dow was down 110 at worst. Global markets have begun the week on a cautious note although our market has been lifted today by a Greek deal — European officials have struck a deal this morning to reduce Greece’s debt to GDP ratio to 124% by 2020 so releasing bailout funds.

The fiscal cliff was being discussed in the US again overnight as their markets reopened after Thanksgiving and Black Friday. No progress of note. They will continue to meet this week. Data showed that Black Friday sales were down 1.8% on last year’s despite a 3.5% lift in foot traffic. Metals mixed, Oil and Gold down.

Best sectors  — Utilities (+1.0%) and Technology (+0.5%). Worst sectors  — Telecoms (-1.2%), Energy (-1.0%) and Consumer Goods (-0.7%).

European markets down  — UK FTSE down 0.56%, German DAX down 0.23%, France down 0.79%, Spain down 0.44%, Italy down 0.74% and Greece down 0.06%. The Stoxx Europe 600 index was down 0.6% with all 10 of the benchmark’s industrial sectors finished the day in the red, Technology (-3.0%), Financials (-0.9%) and Energy (-0.8%). According to Bloomberg, the Stoxx Europe 600 index is currently priced at 11x forward earnings, down on the 13 times level seen ahead of the GFC. European markets likely to rally on the Greek deal tonight.

  • Eurozone finance ministers and the IMF have reached a new agreement on the debt target for Greece. Greece’s international lenders agreed to reduce Greek debt by 40 billion euros to 124% of GDP by 2020. The deal will help recapitalise Greek banks and help the government pay wages, pensions and suppliers in December. To reduce the debt to 124% ministers are putting together a package of steps.
  • CSL Limited (CSL) —  Profit guidance upgrade  — CSL has lifted their FY profit guidance on the back of a strong performance from their subsidiary CSL Behring. The company now expects an increase of about 20% in profit from last year. CSL had previously expected to post a 12% rise in net profit from last year’s $990 million result. CSL is up 7.35% to 5023c.
  • Tatts Group (TTS) —  The SA government has awarded Tatts Group a contract to manage the lottery and Keno services in the state for the next 40 years. The company has agreed to pay $427 million for the agreement to be financed from debt. The company has also reaffirmed its commitment to its current dividend policy. TTS is up 2.3% to 289.5c.
  • Fortescue Metals Group (FMG)  — Chairman Andrew Forrest says delayed projects which were put on hold three months ago due to falling iron ore prices, could be restarted by the end of 2013. FMG is up 1.05% to 384c.
  • Wesfarmers (WES) —  Is considering implementing $1 bet limits on their poker machines as they try to distance their business from the gambling sector. WES is up 0.29% to 3512c.

For a 5 day FREE TRIAL of the MARCUS TODAY newsletter Click Here. You will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including:

  • Overnight developments, news, comments, rumours, broker recommendations and ideas from Marcus and his Team.
  • Our Portfolio recommendations which is actively managed on behalf of subscribers … no “set & forget”. Everything you need to effortlessly managed your own long term investment portfolio.        
  • Daily Technical Trading ideas and data, including daily scans of the ASX 300 for stocks changing trend.
  • Stock Database — all the numbers with comments on the top 300 stocks and more.
  • Educational section - Marcus’s Educational and Entertaining articles.

Subscribe to MARCUS TODAY.  We are sure you will enjoy and profit from what we offer … we have one of the highest re subscription rates in the financial newsletter industry.

Womens Agenda

loading...

Smart Company

loading...

StartupSmart

loading...

Property Observer

loading...