The market is up 42. The SFE Futures were up 37 this morning.

The Dow Jones closed up 62 overnight. Dow up 75 at best. Financials outperformed, up 2.1% as they absorb the implications of this weeks ECB loan auction. The third estimate of Q3 GDP growth was 1.8%, down from the 2.0% second estimate. The consensus was for GDP growth to remain at 2.0%. In a sign of an improving labor market, initial jobless claims fell unexpectedly for a second week. Metals were mixed, the oil price put on 86c to $99.53, Gold fell $6.70 to $1606.60 and the Aussie dollar improved to 101.33c from 101.03c.

Main points

  • Santos (STO) has sourced $US1.2bn of financing from export credit agencies for their $US16bn gas export JV at Gladstone in QLD. STO up 8c to 1246c.
  • Fairfax Media (FXJ) will merge their community newspapers in Victoria with Metro Media Publishing. They will pay $35m for a 50% voting and economic interest in MMP, which will continue to hold its existing assets with 100% of the community newspapers. The merger is subject to ACCC approval. FXJ up 0.5c to 71.5c.
  • Murchison Metals (MMX) has settled legal proceeding with Chameleon Mining removing key issues in the way of completing the $325m sales of their interest in the Jack Hills iron-ore project and the Oakajee port and rail project to Mitsubishi Corp. MMX up 9% to 42.5c.
  • Dart Energy (DTE) agreed to buy out JV partner, BG Group, from 14 coal seam gas licenses in the UK, increasing its net prospective resource in the country to around 5.2 trillion cubic feet. DTE up 5% to 38.5c.
  • Monadelphous Group (MND) announced they have secured a $330m contract to build a jetty and ship berth in Australia. MND up 2.5% to 2006c.
  • Qantas Airways (QAN) has released monthly traffic and capacity statistics. November passengers are up 3.2% for the year. QAN up 1.3% to 149c.
  • Gloucester Coal (GCL) confirms the merger proposal this morning and that majority shareholder Noble Group will accept the$2.3bn reverse takeover by Yanzhou Coal, sealing the deal. They will create a newly listed company on the ASX. GCL up 25% to 880c this morning.

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