The market is up 4. SFE Futures wereup 5 this morning.
US market up 149. The Dow was up 159 at best with jobs numbers below expectations (but last month’s revised up) and some major local economic data coming in better than expected and company earnings continued to beat analyst’s forecasts. US non-farm payrolls were up 157,000 in January, which was inline with the forecast. Data was revised over the past year and job gains in the two previous months were upgraded by 127,000. The unemploymentrate was up to 7.9% from 7.8%. Perversely the weak number was well received as an indication the Fed is not about to lift its quantitative easing program. The ISMmanufacturingindex was up from 50.2 to 53.1 in January; Consumersentiment was up from 71.3 to 73.8; Constructionspending was up by 0.9% and in Chinese the official PMI manufacturing gauge was down from 50.4 to 50.6. Bestsectors — Telecoms (+1.9%), Financials (+1.3%), Industrials (+1.2%) and Basic Materials (+1.2%). Europeanmarketsmixed — UK FTSE up 1.12%, German Dax up 0.74%, France up 1.10%, Spain down 1.59%, Italy down 0.69%. Denmark had to nationalise its fourth largest bank. Metalsup — Copper up 1.55%, Nickel up 1.62%, Aluminium up 1.63%, Lead up 0.78%. Over the week metals were up (+7.2% nickel). Spotironoreup 70c to $153.20. Over the week iron ore was up $4.20. The VIX Volatility Index fell almost 10.0%, and ended near its 52-week low of 12.29. Over the week the US two-year bond yield was down 1.4bpts and 10 year yield was up 7bpts.
RBA Meeting and Rates Decision on Tuesday. There is now a 27% chance of a rate cut down from 37% last week.
Australian company reportingseason gets going with COH, TCL, PRY, WEB, REA, FXL, TLS & NCM with results this week.
MacquarieGroup — Operational brief on Tuesday.
NAB — Q1 Trading update on Thursday.
QantasAirways (QAN) — Will be increasing the number of Asian destinations they fly to. QAN is down 0.16% to 153.75c.
Fortescue (FMG) — Has agreed to stop work on the development of IronOreHoldings’ (IOH) Iron Valley deposit in WA. IOH is down 4.71% to 81c & FMG is up 1.88% to 488c.
ArgoInvestments (ARG) — HY report. Net profit of $86.28 million.
NextDC (NXT) — Appoints new Chief Technology Officer.
SundanceResources (SDL) — Requests extension to Voluntary Suspension.
Sedgman (SDM) — Trading update — Expects to report profit in line with market consensus $12.3m. SDM is down 9.91% to 95.5c.
AWE — Upgraded to Buy from Neutral from Goldman Sachs.
LincEnergy (LNC) — Down another 11.40% after Fridays report.