The market is up 46. The SFE Futures were up 28 this morning.

Wall Street closed up 30 overnight. The Dow was up 31 at best and down 45 at worst. Core PPI fell 0.6% — no inflation in the US. No need to raise interest rates. Good for the A$ and the Aussie markets therefore. US Results — Of the 463 S&P 500 companies who have reported Q3 results in the US, 80% beat estimates, 6% were in-line, and 14% were below estimates. Baltic Dry Index bashing along again … all good for resources. Oil price closed slightly higher and Gold was up 20c to $1139.40. The Aussie dollar fell slightly.

Making the news today…

  • Street Talk in the AFR says QBE Insurance (QBE) is running the numbers on Insurance Australia Group (IAG) again. It is believed QBE will make a move for IAG sooner rather than later and this time around offer a reasonable price that the IAG board will seriously consider. The news hasn’t done much for the IAG share price which is only up 5c to 398c. QBE up 39c to 2283c.
  • In a company presentation, AXA Asia Pacific (AXA) has reiterated this morning that AMP’s takeover offer undervalues the company. It says net inflows are improving, FUM have grown strongly in the past 6 months and that it has a unique exposure to Asia. The balance sheet remains strong and it has $5.5bn in capital resources. AXA up 5c to 589c.
  • AWB Ltd (AWB) announces a net loss of $250.8m, in line with guidance. The result was impacted by the discontinuing businesses AWB Brazil and Hi-Fert and other extraordinary items. It won’t pay a dividend after paying 9c last year. Profit before these items fell 29% to $93m from $131.5m. AWB up 1c to 127c.
  • AED Oil (AED) has bought a subsidiary of Brunei-based Nations Petroleum Co., paying $US3m cash and issuing 24m new AED shares, valuing the deal at $16.9m. AED up 7.8% to 61.5c.
  • Boral (BLD) tells shareholders at an investor conference in Asia that it expects 2H FY09 tough market conditions to continue in the 1H FY10 and 2009 to be the bottom of the cycle in the US and Australia. BLD up 2c to 583c.
  • Cabcharge Australia (CAB) — AGM — tells investors that despite signs a recovery is evident, it will be slow. Assuming “economic conditions continue to improve”, CAB will be looking to grow its business via acquisitions.
  • Macarthur Coal (MCC) says it expects a profit for the Dec 2009 half of between $30m and $38m and that China coal imports are up significantly in recent months. MCC up 4% to 1059c.
  • Australian leading index increased in September to 5.8% compared to 3.8% in August.
  • Stocks hitting fresh yearly highs today: BHP Billiton (BHP), Flight Centre (FLT), Orica (ORI) and Austin Engineering (ANG).

The Dow Futures were up 24 at midday.

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