Feb 27, 2014

Morning Market Report

Qantas is to cut 5000 more jobs and to cut capex by $1 billion in the 2015 and 2016 financial years.

The market is down 21 points. The Dow Jones was up 19 at 16,198. The market rose in early trade but then range traded around yesterday’s closing level before rising late in the session in a 100-point range.

Housing data dominated the US market –– New home sales rose 9.6% in January to a five-and-a-half-year high with a seasonally adjusted annual rate of 468,000 units compared to the 400,000 units expected, easing recent market concerns. Earlier in the day, weekly mortgage applications fell to the lowest level in nearly two decades heading into the normally buoyant spring housing season

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