The market is up 3. The SFE Futures were up 26 this morning.
The Dow Jones closed up 291 overnight. After seven days of losses the S&P 500 closed up 2.9% and only four stocks in the index fell. But trading volume was light with just 6.2bn shares traded. European leaders discussed new approaches for containing the region’s debt crisis. Officials from Germany and France said they planned to fast-track new rules to tighten euro zone budgetary discipline and were exploring how to secure deeper and more rapid fiscal integration among euro zone countries. The IMF also denied a report that they were planning an Italian rescue plan. Metals were all up on the LME, the Oil price is up $1.01 at $97.78 and Gold put on $27.70 to $1716.20. The Aussie dollar traded closer to parity at 98.98c from 98.09c.
- Qantas (QAN) released 1st H 2012 earnings guidance and operating statistics for October. Although many brokers maintain their Buy recommendations this morning, most cut their target prices. QAN up 1.5c to 152c.
- VDM Group (VMG) is up 6.8% after they won a $30.6m contract from BHP Billiton (BHP). They have now won over $130m worth of new work this financial year. BHP down 14c to 3471c.
- Suncorp (SUN) has provided a management update. Chief risk officer Robert Stribling will leave in June 2012. SUN down 14c to 788c.
- White Energy (WEC) is considering legal action against their JV partner Bayan Resources after an agreement between the two of them broke down. WEC up 6.6% to 48c. They are down from 427c last year.
- Extract Resources (EXT) says talks between them and Epangelo Mining over a 10% stake in Extract’s Husab uranium project are well advanced. EXT up 1.4% to 794c.
- UGL Ltd (UGL) announces they have been awarded $200m in new resources contracts. The contracts are across coal, oil and gas, and iron ore industries. UGL up 5c to 1243c.
- Austar (AUN) down today after the ACCC delayed a decision to approve Foxtel’s takeover bid for Austar to allow Foxtel to make more submissions. AUN down 4c to 113c.
- Fitch Ratings has upgraded Australia’s foreign currency issuer default rating to AAA from AA+ and has affirmed Australia’s local currency rating of AAA with a stable outlook.
- The federal government has cut its growth forecast for the Australian economy to 3.25% this financial year and in 2012/13. They also cut their 2012-13 surplus expectations to just $1.5 billion, down from $3.5bn in May.
- Japan’s unemployment rate rose to a worse-than-expected 4.5% in October from 4.1% in September
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