The market is down 9. SFE Futures were up 6 this morning.

US market down 22. The Dow was up 22 at best and down 44 at worst. US stocks were again lightly traded (4.6bn shares traded compared to the YTD daily average of 6.8bn) as markets wait for the outcome of the meeting between global central bank officials at Jackson Hole this Friday and the Bernanke speech. European Central Bank President Draghi cancelled his trip to the Jackson Hole symposium due to workload commitments expected over coming days – a conspiracy theory suggests he may make some of his own announcements around the same time although the next ECB meeting is on September 6th.

US consumer confidence disappointed – it came in at a nine month low of 60.6 for August missing forecasts of 66.0. The S&P Case-Shiller home price index saw its fifth straight gain in June with home prices up 0.9% in June. The annual reading is now at +0.5% which is the first annual gain in almost 2 years.

European markets down — UK FTSE down 0.02%, German DAX down 0.64%, France down 0.90%, Spain down 0.88%, Italy down 0.13% and Greece down 2.27%. Catalonia, the largest of Spain’s 17 regions, had asked for a €5bn bail out from the country’s national rescue fund. These regions account for around one-third of total Spanish public sector spending. Valencia has already put their hand out for funds. Spain’s economy contracted by 0.4% cent (in-line with forecasts) in the second quarter of 2012 according to recent data. Metals mixed — Copper down 1.10%, Nickel down 1.49%, Aluminium up 0.76% and Zinc up 0.41%. Oil up 58c to $96.05. Gold down $6 to $1669.60. Construction Work Done drops 0.2% in the June Q versus a forecast increase of 1.9%. The Aussie dollar down slightly post data.

  • WorleyParsons (WOR) — FY result below expectations — Net profit of $335m down 3%. WOR is down 3.74% 2511c.
  • Transfield Services (TSE) — Guidance at lower end & CEO resigns — Net profit of $84.8m. Net profit pre-amortisation was $106m down 17% and above consensus of $102m. TSE is down 6.83% to 191c.
  • Southern Cross Media (SXL) — EBITDA was below expectations — Net profit was $95.02m up 48.3% from $64.06m. SVW is down 1.2% to 121c.
  • Roc Oil (ROC) — Interim result above expectations — Net profit of US$28.6m down 6.6% from $34.3m but above consensus of $27.5m. ROC is up 3.15% to 32c.
  • Ausdrill (ASL) — FY result above consensus — Net profit was $112.2m up 53% and above consensus of $110.7m. ASL is down 0.25% to 345c.
  • Austal (ASB) — FY result misses consensus — Operating profit was $11m down 49% from $21.89m. ASB is down 1.35% to 144c.
  • Goldman Sachs says 70% of companies have now reported — 42% of companies beat expectations and 17% missed headline expectations.
  • Gillard government removes carbon tax floor — The carbon price is expected to fall to $12 a tonne when the floor price is removed in 2015.
  • Resources down again today — FMG down another 15c to 376c, Atlas Iron who presented here this morning and continue to be optimistic about the iron ore price finding a floor down 7.6% today.

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