The market is down eight points. ASX 200 Futures were up 1 this morning.
The Dow Jones finished up 48. It was up 91 at best and down 16 at worst.
The S&P 500 closed up 4 to 1635.
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Syria — concerns about the outbreak of military action in Syria remain. From past experience you buy the moment the first missile is fired.
The oil price up another 1% having spiked 3.92% yesterday on the threat of military action.
Pending home sales came in lower than expected at -1.3% versus consensus for +0.2%.
The iron ore price is down 20c at $138.50.
Metals down — Nickel the worst down 1.73%.
US Economics tonight — Initial jobless claims, second estimate of second quarter GDP
In Europe tonight — German preliminary CPI and unemployment.
RESULTS & STORIES
- RBC Capital Markets is positive on the iron ore price. It notes the price has rebounded as improving construction in China increased steel demand and steel mills began restocking before Chinese National Day holidays begin in October. In the short term they expect iron ore price to be range bound.
- Billabong (BBG) down another 7% first thing — It is down 33% from 71.5c in three weeks. The broker reaction to the results this week tells the story, most have downgraded to Sell.
- David Jones (DJS) — Shares are up 4% after their sales report. Fourth quarter sales fell 2.9% better than an expected fall of 3.8%. It thinks competitive pressures will continuing over the next 12 months. Consumer sentiment will also continue to subside.
- Westfield Group (WDC) — in line — Underlying profit up 3% to $729 million which was in line with a broker forecast. Net profit fell to $534 million from $837 million due to an increase in property development and project management costs and $119 million in financing costs. It has reiterated financial year guidance for a small increase in earnings and dividend. Revenue down 0.3% to $1.18 billion. Interim dividend of 25.5c. Reaffirmed financial year earnings guidance of 66.5c.
- Westfield Retail Trust (WRT) — Profit of $402.1 million. Distribution of 9.93c per stapled security up 3.8%.
- Qantas Airways (QAN) — Up 10% on results first thing — Net profit of $5 million up from a $245 million loss last year. Underlying profit was $192 million up from $95 million and above an expected $67.4 million. Its international division posted a loss of $246 million but up from last year’s loss of $484 million. Earnings from domestic business were $365 million down from $463 million.
- Ramsay Healthcare (RHC) — Down 3% on results initially — Posted a $266.4 million profit up 9.1% from last year’s $244.1 million. The result was lower than an expected $272 million. Revenue was $4.18 billion up 5.6%. Fully-franked final dividend of 41.5c. The company said it would pursue more public/private partnerships.
- Perpetual (PPT) — up initially on results — underlying profit of $75.9 million up 16% and above an expected $72.9 million. Statutory NPAT of $61 million up 128%. Fully franked final dividend of 80c. Transformation 2015 program, cost cutting, stronger equity markets and improved cash flows resulted in the strong profit result.
- Corp Travel (CTD) — Net profit of $13.1 million up 16%. Dividend of 10.5c. EBITDA of $21 million up 20%. Total revenue of $78.8 million up 21%.
- Forge Group (FGE) — Down 5% on results first thing.