The market is up 15. The SFE Futures were up 4 this morning.

The Dow Jones closed up 38 overnight after being up as much as 106  but fell from there to be down 42 on comments from Geithner that the US wouldn’t let the US$ weaken. There is a G20 meeting this weekend in Korea and a “currency war”is brewing. A number of companies reported better than expected earnings including EBay, McDonald’s, Caterpillar and Travelers Co. Initial unemployment claims fell more than expected. Gold was down $81.80 to $1325.60 and the oil price fell $0.74 to $81.80. The AUD fell 97.73c.

Today’s main points…

  • BHP Billiton held its AGM in London overnight. BHP Chairman Jac Nasser said the long term outlook remains strong but global recovery could still stall. BHP up 0.56%.
  • Woodside Petroleum (WPL) released 3rd Q production numbers. Produced 18.3m barrels of oil equivalent, down 11% on last year. Revenue up 15% on last year. WPL down 0.72%.
  • The ACCC says Australian banks signalling their intentions about interest rate movements are “bordering on conduct that could be treated as anticompetitive” and could be the subject of possible action. “There’s a constant problem when you’ve got competitors signalling to each other as well as signalling to the public what they intend to do with their prices, in the case of the banks, interest rates.”
  • CBA first quarter funds under management were up 4.4% to $151bn driven by flows into Global Equities and strong investment market returns.  CBA up 0.84%.
  • MAp Group (MAP) has had 3rd Q results — Sydney airport EBITDA up 14% in nine months. CEO Kerrie Mather said “Sydney Airport has delivered another outstanding result achieved through a combination of strong traffic growth, commercial expansion and solid cost management”. MAP up 1.69%.
  • ACCC says it will undertake a review of James Packer’s 18% purchase of Ten Network (TEN). Packer will receive a $20m cheque after TEN declared an unexpected special dividend on top of its final dividend. TEN up 0.64%.
  • Newcrest Mining (NCM) says it can extract an extra 9m ounces of Gold from its Lihir Island mine in PNG via a new operating methodology. NCM yesterday reported weaker-than-expected 1Q production. Citi has NCM at Overweight and both RBS and Morgan Stanley rate NCM as Hold. NCM down 0.9%.
  • Kalgoorlie’s Phoenix Gold has lodged a prospectus to raise up to $8m and float on the ASX.
  • QR National broker firm allocations have accounted for 20-25% of the expected total shares to be offered — there was a small scaleback on applications. It is a bit below best expectations for a 40% retail participation.

For a free 5 day obligation free trial of the MARCUS TODAY newsletter (and no we won’t ask for a credit card number) please Click Here — you will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including overnight developments, news, comments, rumours, broker stuff and Ideas from Marcus and his Team. You will also be given a password to the MARCUS TODAY website including access to our Recommended Portfolio which is actively managed on behalf of subscribers.…no “set & forget”. Everything you need to effortlessly managed your own long term investment portfolio.

It includes an Income Portfolio. And for the traders we monitor short and medium term trades on top of the portfolio. Members also get access to our Database — all the numbers with comments on the ASX 200 stocks and more. Members also get access to our Educational section which includes an archive of Marcus’s Educational and Entertaining articles. We are sure you will enjoy and profit from what we offer. Thousands of subscribers enjoy and profit from our services every day. We have one of the highest re-subscription rates in the financial newsletter industry.

For your FREE TRIAL —  Click here

To Subscribe to MARCUS TODAY  — Click Here

Peter Fray

Fetch your first 12 weeks for $12

Here at Crikey, we saw a mighty surge in subscribers throughout 2020. Your support has been nothing short of amazing — we couldn’t have got through this year like no other without you, our readers.

If you haven’t joined us yet, fetch your first 12 weeks for $12 and start 2021 with the journalism you need to navigate whatever lies ahead.

Peter Fray
Editor-in-chief of Crikey