The market is up 8. The SFE Futures were up 13 overnight.

Quiet night on Wall St. The Dow closed up 5. Up 50 at best and down 33 at worst. The oil price broke a 6 day losing streak putting on 21c. Gold up $7. A$ up to 78.38c from 77.99c.

The RIO “Spy scandal” has caught international attention spurring doubts about the commercial sense in dealing with the Chinese. They have detained four RIO employees including the head of the iron ore division based in Shanghai. It is hard not to see it as a consequence of the collapse of the Chinalco deal with the Chinalco spokesman saying overnight that “Rio Tinto has no business credibility as a company”.

Making the news today…

  • Boart Longyear (BLY) has authorized its lenders to refinance and extend its credit facilities at a lower level. It plans to complete refinancing by the end of 2009.
  • Transurban (TCL) said toll revenue for the June Q increased by 5.1% to $195.5m from last year. Toll revenue increased 7.5% to $778.7m from last year.
  • St. Barbara (SBM) announced 2H Gold output of 134,321 ounces, which is within previous guidance.
  • Minara Resources (MRE) said its Murrin Murrin mine produced 7842 tons of nickel in the 2Q.
  • WorleyParsons (WOR) has appointed a project manager for its Oakajee Port and Rail project.
  • Envestra (ENV) changed the date of its dividend policy.
  • ANZ Bank (ANZ) — Joyce Phillips has joined the management board.
  • Minemakers (MAK) has acquired 94.32% of Bonaparte Diamond.
  • National Australia Bank (NAB) will announce its FY result on the 28th of October.

Also in the news…

  • Warren Buffett commented that the US economy was not yet in recovery and could need more federal stimulus.
  • The Seven Network (SEV) bought another 3% of Consolidated Media Holdings (CMJ) yesterday, taking its stake to around 18%, only a day after buying up 11% of CMJ.
  • Street Talk says Rio Tinto is unlikely to sell its packaging business to Amcor until August when RIO has had the chance to write down the remaining packaging assets in its accounts and any sale might also be timed to coincide with Amcor’s profit result.
  • Merrill Lynch has upped its recommendation on the media sector saying signs of the bottom have emerged.

The Dow Future are down 13 at midday.

MARCUS PADLEY is the Author of the MARCUS TODAY Daily Stockmarket Newsletter.

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