The market is up 20. The SFE Futures were up 30 this morning.

The Dow Jones closed up 10 overnight after closing lower the previous two days. The Fed said it would buy $105bn of government bonds starting this week. Initial and continuing unemployment claims fell more than expected. The US dollar index was again up, while the AUD was testing parity at 100.53c. The Gold price fell by $10.80 and the oil price gained $1.09 to hit a TWO-year high of $87.81.

Today’s main points…

  • Hong Kong’s Wah Nam International has made unsolicited takeover bids for both Brockman Resources (BRM) and FerrAus (FRS). BRM up 16%, FRS up 20.9%.
  • Lend Lease Corp (LLC) has partnered with New York investment firm NRDC Equity Partners to make a preliminary bid for Centro Properties (CNP). LLC up 0.86%. CNP down 3.03%.
  • Our market struggled yesterday on a report that China’s central bank was ordering some Chinese banks to lift their required reserve ratios by 0.5% to curb excessive lending and inflation.
  • Bow Energy (BOW) — Trading Halt — Intends to raise around $78m: $48m via an institutional placement and $30m via a share purchase plan — to fund CSG activities.
  • Commonwealth Property Office Fund (CPA) has bought three Melbourne office buildings from the Grocon Group at a cost of $581.4m. CPA in a trading halt.
  • ANZ Bank receiving plenty of attention in the press after announcing it would lift its standard variable mortgage rate and business lending rates by 39bps, more than the RBA’s 25bps rise. ANZ up 0.68%.
  • QR National chairman John Prescott says the $6bn IPO will not have to be re-priced and it will float within the forecast rage of 250c — $3 a share. The offer closes this Friday.
  • New Hope (NHC) reported record coal sales for the October quarter on the back of record export sales. Coal sales were up 14% on the prior quarter, and up 24% on the same quarter last year. This was partly due to rail and port capacity being inaccessible to competitors due to high rainfall. NHC up 1%.
  • Fairfax Media (FXJ) at the AGM the CEO says trading conditions have improved in first 4 months of FY11. Has experienced a 4% rise in revenues from a year ago and expects high-single digit earnings growth in the 1st half of next year. FXJ down 1%.
  • Lend Lease (LLC) == Told shareholders at its AGM that its operating outlook remains positive and ROE of 15% is expected in the medium term. LLC up 0.72%.
  • NAB goes 78c ex dividend tomorrow. NAB up 0.47%

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