The market is up 29. The SFE Futures were up 27 this morning.
Dow Jones up 72. The Dow was up 75 at best and down 26 at worst. US markets were all up on the lowest volumes for the year (US$3.78bn) thanks to a shortened trading session ahead of the Independence Day holiday tonight (US markets closed). Stimulus hopes — Otherwise markets were up on a Chinese press article talking about a further interest rate cut in China and there is hope that the ECB will cut rates from 1.0% to 0.75% at its meeting on Thursday. European markets have had their biggest three day gain of the year. Greece has downgraded their GDP forecast for 2012 to -6.7% as they talk to the troika and attempt to get their bailout terms watered down. Metals — Aluminium up 3.99%, Lead up 3.34%, Copper up 2.44% and Nickel up 3.20%. Oil is up $3.68 to $87.61. Gold is over $1600 again up $19.90 to 1617.60. BHP and RIO ADRs were up 1.26% and 2.66%. BHP is set to open up 58c on our market today. The A$ is at 102.82c.
- David Jones (DJS) — ASIC has begun questioning stockbrokers over trades conducted the day DJS went up 15% after the takeover bid that was then withdrawn two days later. DJS is up 0.86% to 235c.
- Origin Energy (ORG) says they have given their final commitment by approving an investment decision on their $23bn APLNG project in QLD. ORG is up 4.54% to 1289c.
- Echo Entertainment (EGP) — Genting is stepping up efforts to ensure they receive approval to lift their stake beyond the 10% mark. Crown says they are seeking regulatory approval to increase their stake in EGP to 25%. EGP is down 0.23% to 429c.
- Eureka Energy (EKA) — Aurora Oil and Gas (AUT) will go ahead will the full takeover of shares in EKA after receiving more than 90% acceptances. EKA is unchanged on 45c & AUT is up 3% to 330c.
- Telstra (TLS) has made a deal with Australia Post to deliver managed IP networks, mobile devices, coverage and secure cloud computing services. TLS is down 0.4% to 371.5c.
- Flinders Mines (FMS) is once again looking for a potential buyer after the deal with Magnitogorosk Iron and Steel was terminated. FMS is up 8% to 13.5c.
- Commonwealth Bank (CBA) is looking to expand its network of 100 branches in Indonesia. The bank considers the country an emerging market with good growth opportunities. CBA is up 0.36% to 5351c.
- Transfield Services (TSE) has won $200m in contracts which includes providing operations and maintenance services, road upgrades and a providing shutdown mechanical and electrical maintenance. TSE is up 1.63% to 186.5c.
- Retail Sales rose 0.5% to $21.3bn which was higher than expected. Analysts were expecting a 0.3% rise in sales for May.
- The AIG/CBA Performance of Services Index rose by 5.3 points to 48.8 in June. The services sector continued to shrink but at a much slower rate than previous months
- Marcus Today has added a new trade to the current trades section. To see what company has been bought sign up for a free trial at – www.marcustoday.com.au.
For a five day FREE TRIAL of the MARCUS TODAY newsletter 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:
Get Crikey FREE to your inbox every weekday morning with the Crikey Worm.
- Overnight developments, news, comments, rumours, broker recommendations and ideas from Marcus and his Team.
- Our Portfolio recommendations which is actively managed on behalf of subscribers … no “set & forget”. Everything you need to effortlessly
- managed your own long term investment portfolio.
- Daily Technical Trading ideas and data, including daily scans of the ASX 300 for stocks changing trend.
- Stock Database — all the numbers with comments on the top 300 stocks and more.
- Educational section — Marcus’s Educational and Entertaining articles.
Subscribe to MARCUS TODAY. We are sure you will enjoy and profit from what we offer … we have one of the highest re subscription rates in the financial newsletter industry.