The market is down 58. The SFE Futures were up 3 this morning.

The Dow Jones closed up 3 overnight and the S&P 500 was unchanged. Trading volume dropped to its lowest level for the year with no economic reports out and the bond market closed for a public holiday. Markets are looking towards whether the Fed will continue its bond-buying program at the next FOMC meeting on Nov 2. The oil price fell 45c and gold was up $9.10 to $1354.40. The Aussie dollar fell to 98.40c.

Today’s main points…

  • Business conditions improved in September but business confidence dropped slightly, a NAB survey shows. NAB says this “reflects the multi-speed economy now emerging”, with conditions strongest in mining and transport and utilities but weak in manufacturing and wholesale.
  • Many analysts believe that Woolworths (WOW) will announce another $700m share buyback next year after announcing yesterday a big scale back for those who participated in their latest share buyback. WOW down 0.07%.
  • James Packer has lifted his stake in Consolidated Media Holdings (CMJ) to over 50% after their latest share buyback. Kerry Stokes’ Seven Group Holdings (SVW) also lifted their stake to 24.4% from 22.1%. CMJ down 0.09%.
  • Flight Centre (FLT) says if the sales growth experienced in the past quarter continues, their profit will be at the top end of guidance and expectations. FLT unchanged at 2349c.
  • WorleyParsons (WOR) says they will not have to issue a profit warning as a result of the strong $A. Around 75% of their revenue comes from their overseas businesses. Credit Suisse does and cuts their recommendation to Underperform from Neutral. WOR down 1.33%.
  • Bendigo Mining (BDG) has threatened to terminate its $162m merger with BCD Resources (BCD) over a potential loan default. Bendigo served a notice of “potential default” to BCD and says it will terminate its proposed merger, unless BCD remedies the default by 5pm on Wednesday this week.
  • Metcash has appointed Fiona Balfour to its board of directors effective November 25. MTS up 0.46%.
  • Financial Times says China sitting on a $1.5bn paper profit trading in copper. China’s State Reserves Bureau is said to have bought between 250,000 and 300,000 tonnes of copper, nearly 2% of global annual production, in early 2009 for less than $3,500 a tonne. The copper price hit a 2-year high yesterday of $8,349 a tonne.

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