The market is up 17. SFE Futures were up 6 this morning.

Dow Jones down 20. The Dow was down 58 at worst as it continued its three day losing streak. It was the lowest volume this year not helped by US bond markets that were closed for the Columbus day holiday killing equity interest as a lot of traders take a long weekend in sympathy. All global markets have started the week down or flat.  The World Bank cut their growth projections for the Asian region (almost all commodities down). Reuters report: “For the region as a whole, the World Bank now expects developing East Asia to grow by 7.2% this year and 7.6% in 2013, down from earlier estimates of 7.6% and 8.0%.” Growth in China in 2013 is now expected at 8.1% rather than 8.6%. The eurozone has launched the permanent €500 billion European Stability Mechanism, the ESM replaces the temporary European Financial Stability Facility (EFSF), which used €192 billion of its €440 billion in loans to Ireland, Portugal and Greece. The ESM will have €700 billion by 2014 with €80 billion in cash and €620 billion in callable capital from euro members.

European markets down — UK FTSE down 0.50%, German DAX down 1.44%, France down 1.46%, Spain down 0.80%, Italy down 1.98% and Greece was down 0.59%. The Stoxx Europe 600 index was down 1.0% with Financials (-1.3%), Industrials (-1.1%), Basic Materials (-1.0%), Telecoms (-0.9%) and Utilities (-0.9%).

Metals down — Copper down 1.38%, Nickel down 3.25%, Aluminium down 1.66% and Zinc was down 1.69%.  The spot iron ore price up $6.20 to $110.40.

  • The IMF has cut its Global GDP forecast to 3.3% (from 3.5%) in 2012 and 3.6% (from 3.9%) in 2013. US GDP growth is expected at 2.2% and 2.1%. Euro zone GDP is expected at -0.4% then +0.2%. See below for more detail.
  • The NAB business survey business confidence index is up from -3 points to 0. The business conditions index fell from 0 to -3. Confidence among businesses improved in September but remains downbeat.
  • BHP Billiton (BHP) have announced the issue of Aussie dollar senior unsecured medium term bonds. The company has also confirmed they are looking to make job cuts within their iron ore division in an effort to control costs due to weaker demand for key industrial commodities. BHP is up 0.84% to 3353c.
  • Leighton Holdings (LEI) says their Victorian desalination plant has achieved preliminary commercial acceptance which is a key contractual milestone. The plant successfully delivered 150,000 m3/day (50GL per annum). LEI flat at 1751c.
  • Senex (SXY) says they are keeping their options open in regards to rival oil and gas company Acer Energy (ACN) after they appeared on the takeover target’s register with a 6.4% stake. ACN is currently the subject of a $118m takeover bid by Drillsearch Energy (DLS). SXY is flat at 64.5c and DLS is down 0.6% to 159c.
  • Billabong International (BBG) has appointed Ian Pollard as chairman and director to help a turnaround amid speculation that private equity group TPG may withdraw their $695 million takeover bid. BBG is up 3.47% to 104.5c

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