The market is down 20. The SFE Futures were down 42 this morning.

Wall Street closed down 122 on Friday. The Dow was down 1 at best and down 163 at worst and had its worst month since February 2009 — down 7.9%. Fitch cut Spain’s debt rating to AAA from AA+ and predicts that government debt is likely to reach 78% of national income by 2013. Metals struggled in London, the oil price fell 58c to $73.97 and Gold increased 30c to $1212.30. The Aussie dollar fell to 84.50c from 85.11c Friday morning.

Wall St. CLOSED tonight for MEMORIAL DAY HOLIDAY

In other news today…

  • Healthscope (HSP) — HSP has received two more takeover proposals in addition to the one they received earlier in the month from private equity groups. The bids value the company at $1.84bn or 584c a share. HSP up 5.16% to 550c.
  • Gunns (GNS) up another 31% to 52c after Chairman John Gay announced his resignation on Friday and is no longer associated with the company. Talk of a bid coming its way.
  • Sigma Pharmaceuticals (SIP) has granted Aspen Pharmacare Holdings access to undertake due diligence after they received a non-binding indicative offer from them last week. SIP up 1c to 51c.
  • Transurban (TCL) will proceed with their $542.3m capital raising after Australia’s Takeover Panel said they will not intervene. TCL’s majority shareholder, CP2, had applied to the Panel to have the raising cancelled or significantly altered. TCL down 6c to 431c.
  • GWA International (GWT) has sold their European sanitaryware business, Wisa Beheer to a group of local management. They will receive EUR11.7m with the deal to be completed this week. It will result in a $3.5m net loss if their FY accounts. GWT unchanged at 310c.
  • ACCC boss Grant Samuel has concluded that the demerger of Orica’s (ORI) DuluxGroup consumer business is in the best interest of shareholders. ORI up 14c to 2548c.
  • Lihir Gold (LGL) has lowered its ore reserves and mineral resources at its Bonikro operation due to mining depletion and an increase in the gold price assumption. LGL up 1c to 396c.
  • Australian company gross operating profits increased by 3.9% to a seasonally adjusted $57.24bn in the 1Q. Profits did fall 1.3% from a year earlier.
  • Australia’s Current Account deficit fell to seasonally adjusted $16.55bn in the 1st Q of 2010. Economists expected $16.2bn.
  • Stocks hitting fresh 52 week highs include: Healthscope (HSP) and STW Communications (SGN). Stocks hitting fresh lows include Ausenco (AAX) and Geodynamics (GDY).
  • The RBA decides on interest rates tomorrow. Most economists say the RBA will Hold.

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