The market is up 46. The SFE Futures were up 30 this morning.

Wall Street closed up 46 overnight with the S&P 500 recovering about half of yesterday’s 1.2% loss. Consumer credit fell $3.6bn in July, slightly better than the $5.2bn expected by economists. The Fed’s “beige book” showed 5 of the 12 Fed regions had seen “mixed or slowing activity”, up from just 2 regions the month before. Metals were up on the LME. The oil price rose $0.58 to $74.67 and Gold fell $1.80 to $1257.50 after yesterday’s record high. The AUD at 91.02c down from 91.59c yesterday.

Today’s main points…

  • The ACCC has rejected NAB’s revised bid for AXA Asia Pacific. NAB up 3.38%, AXA down 9.19%.
  • AMP falls slightly down 2c to 502c. There is talk that they could bid for AXA although they are likely to match the NAB bid.
  • Santos (STO) has sold 15% of their proposed LNG JV in QLD to France’s Total SA for $650m and another 5% from Petronas. STO down 4.7% on disappointment with the capital raised and on concerns they will need a bigger capital raising than previously expected. Rumours of a $2.1bn raising in the pipeline.
  • Avoca Resources (AVO) will merge with Turkish gold producer Anatolia Minerals Development to create Alacer Gold Corporation. The new company will have a combined market cap of about approximately $2.18bn. AVO up 1.2%.
  • According to India’s leading newspaper, the Business Standard, India’s NMDC Ltd is planning to start talks with Riversdale Mining (RIV) about acquiring a minority stake believe to be around 10%. RIV up 3.07%.
  • § No word yet from Leighton Holdings (LEI) on when chief operating officer David Stewart will replace Wal King as CEO. King has occupied the top role for the past 23 years. LEI up 3.7%.
  • Gindalbie Metals (GBG) announced a FY net loss of $2.5m. GBG up 1.09%.
  • ARB Corp (ARP) has released a Market Update. All seems to be going to plan – sales revenue up 19.3% and net profit up 44.8% to $32.63m. ARP up 1.9%.
  • QLD Premier Anna Bligh will decide next week whether or not to float QR National after 10 coalminers lifted their bid to $5.2bn.
  • Rio Tinto and Japanese steel mills have settled on a 13% price cut for iron ore shipments made between Oct-Dec. RIO up 1.1%.
  • Foster’s board yesterday rejected a $2.3bn-$2.7bn takeover offer for their wine business. Most brokers agree that a bid for their wine division can only be a good thing for their demerger plans. FGL up 0.32%.

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