The market is having another big day. Up 73 much in line with the SFE Futures that were up 72 this morning. The ASX 200 is now up 7.8% or 289 points in a week having fallen 9% or 370 points from the high on June 12th.

Dow was up 256 overnight. Third rise on the trot. Average volumes. FOMC Minutes saw the Fed upgrade their 2009/2010 GDP forecasts and although that has made the headlines here this morning the suggestion is that they didn’t really impact the market.

China’s economy expanded by 7.9% in the 2Q compared to the same time last year. Economists were forecasting a number close to 8.0% although the unofficial guidance is 7.5%.

In the news today…

  • An appeal to the New Zealand High Court is on the cards for the National Australia Bank (NAB) after a court decision ruled against its Kiwi division, Bank of New Zealand, and its ability to amend tax assessments for 1998-2005.
  • AMP Ltd (AMP) — Former St. George CEO Paul Fegan has been appointed to the board of AMP.
  • Neptune Marine (NMS) has secured $25m worth of new projects.
  • Consolidated Media Holdings (CMJ) — Seven Network upped its stake to 19.91% yesterday.
  • Iluka Resources (ILU) quarterly report is also out. Zircon sales volumes fell to 67,493 metric tons, down 17% from last year. Sales, before hedging, were $195.2m , or 49% lower than a year ago. ILU up 3.05%.
  • Sino Gold (SGX) released record 2Q production figures and says it is on track to achieve FY gold output at the upper end of its guidance of 210,000-230,000 ounces, at less than $US400 an ounce. SGX up 5.8%.
  • Karoon Gas (KAR) has hit a fresh yearly high this morning. Now over $10 having been 300c on 15 April. Up 233% in 3 months.
  • Lynas Corporation (LYC) has received supply chain related approvals.
  • Macquarie Infrastructure Group (MIG) has provided a portfolio valuation update.
  • Sino Gold Mining (SGX) said it is on track to deliver FY fold output at the upper end of its guidance of 210,000-230,000 ounces.

Also in the news…

  • China has overtaken Japan as the world’s second-largest stock market by value for the first time in 1 1/2 years.
  • The Consolidated Media Holdings (CMJ) saga continues with Kerry Stokes spending another $28m yesterday buying another 1.5% of the company.
  • Rio Tinto (RIO) released 2Q production numbers late yesterday. They have been described as a strong set of numbers, particularly in iron ore and thermal coal.
  • JP Morgan maintain their recommendation on Primary Health Care (PERY) to Overweight saying the stock is trading at around 11.7x PER.

The Dow Future are down 19 at noon.

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

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