Jul 23, 2013

Morning Market Report

Incitec Pivot will take a $23 million hit as a result of the temporary closure of a Queensland ammonia plant, which went offline in early July due to issues with its iso-thermal shift reactor.

Morning Market Report

The market is up 15 points. ASX 200 Futures were up 14 this morning. The Dow Jones finished up 2 on low volumes — it was up 32 at best and down 28 at worst.

About the only events of the night were a baby boy (8lbs 6oz) and a set of disappointing home sales numbers which fell 1.2% amid concerns that the mortgage rate is set to rise in the US. Some relief in Europe as Portugal’s said the government would remain and they would live up to the terms of their bailout conditions. The Portuguese 10-year bond yield dropped 41bp. The S&P 500 was up 3 and hit another new record closing high. 

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