The market is up 28. The SFE Futures were up 41 this morning.

The Dow Jones closed up 80 overnight. Financials were up 2.3% on better than expected results from Citigroup. Industrial production fell unexpectedly but the NAHB housing market index rose for the first time since June. Gold was up 10c to $1372.10 and the oil price rose $1.83. IBM and Apple both fell in after hours trade in the US on late results setting the tone for tonight perhaps. The Aussie dollar dropped to 98.98c this morning but is now at 99.27c. Geithner said he wanted to “strengthen confidence in the US$”.

Today’s main points…

  • The RBA Minutes suggest more interest rate rises are on the way with this month’s decision to leave them unchanged “finely balanced”. But they say they can’t “wait indefinitely”. CPI numbers on October 27 precede the next meeting in early November and could be a catalyst. They express no concern over the rising A$. A$ up to $99.30.
  • Macmahon Holdings (MAH) issued a profit warning saying it now expects to break even in the first half. MAH down 20.3%.
  • OZ Minerals (OZL) reported a 5.2% drop in quarterly copper production from a year ago, but gold production more than doubled. It says it is on track to meet full year guidance and increased full year gold production guidance by 10%. OZL up 2.19%.
  • Fortescue (FMG) will offer $US2.04 billion of senior unsecured notes to fund its iron ore mine expansion plans. FMG up 2.4%.
  • Cape Lambert Resources (CFE) has been granted 3 new reconnaissance exploration licences adjoining its key asset, the Marampa iron ore project in Sierra Leone. CFE up 4.94%.
  • Rare earths project miner Lynas Corp (LYc) up 4.2% as the Chinese press run another story on cutting export quotas for rare earths next year.
  • Flight Centre (FLT) has bought 80% of UK-based gapyear.com, which provides information, products and a social network to travellers undertaking an overseas break from study or work. FLT up 1.62%.
  • US broker Sanford S Bernstein suggest BHP should bid for RIO. Even if they got Potash Corp they would be back in cash in 2013.
  • Charter Hall Group (CHC) has entered into a 50-50 joint venture with a Malaysian TA Global Berhad on its $600m development of more than 500 dwellings on the 13.6 hectare former Prince Henry Hospital site at Little Bay, in Sydney’s south-east. CHC up 1.77%.

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