The market is down 47. The SFE Futures were down 5 this morning.

The Dow Jones closed down 40 overnight after an 11.7% rally in a week from low to high. The Nasdaq was up 0.6%. Google’s quarterly results came in well above expectations (stock up 7% after hours). JP Morgan was down on results sending Financials to a 2.4% loss. China’s trade surplus narrowed for a second straight month in September as both imports and exports were lower than expected. The trade deficit was unchanged in August. On the back of that Metals were down up on the LME. The gold price fell $14.10 to $1668.50. The oil price fell $1.34 to $84.23. The Aussie dollar down at 101.51¢, from 102.16¢.

  • Leighton Holdings (LEI) has received a US$518 million contract from Iraq’s South Oil Co. as part of a project to develop two offshore platforms, a pipeline and a mooring system as part of an effort to stabilize and expand Iraq’s crude oil capacity. Leighton said they received another US$79.9 million contract for work on the single point mooring system for South Oil. LEI down 1.3% to 2037¢.
  • Qantas Airways (QAN) CEO Alan Joyce says the current round of industrial disputes has had an impact on bookings and damaged the brand. QAN said they would cut capacity by grounding five aircraft — four Boeing 737s and one 767 — for at least a month. QAN down 1¢ to 156¢. The stock is down 16% since listing in 1994 against a market up 116%.
  • Beach Energy (BPT) has reported strong oil drilling results at their two wells in Abu Sennan, Egypt. MD Reg Nelson said, “Africa represents huge opportunities, there’s been some very big discoveries there the last few years. There is quite established infrastructure there, we’ve really encountered no difficulties after the unrest in Egypt.” BPT up 0.9% to 113¢.
  • ANZ Banking Group (ANZ) said Alistair Currie has been appointed COO with responsibility for technology, shared services and operations including ANZ’s Bangalore, Manila and Chengdu hubs, property and major projects.  ANZ down 9¢ to 2101¢.
  • Alumina (AWC) said that John Pizzey will succeed Don Morley as chairman when he retires on Nov. 30. AWC down 2.1%.
  • Deutsche Bank has acquired a a 5.6% stake in Foster’s Group (FGL). FGL unchanged at 528¢.
  • The International Monetary Fund’s outlook on the Asia-Pacific region forecasts strong growth in Australia and Asia  but says any worsening in Europe’s debt crisis posed an ”extreme downside risk” to the region. They say a severe global slump would wipe 2% off the Australian economy’s growth rate, with commodity demand and prices falling sharply.
  • China is set to release its CPI and PPI data today.

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