- Consumer Confidence falls below 100 to 99.5.
- Australian Economic data today -- Westpac/Melb Institute consumer sentiment, housing finance numbers.
- Going ex-div today -- AHE (8.5c), BRG (14c), IFL (22.5c)
- RBA Deputy Governor Philip Lowe presents to the ASIC Annual Forum in Sydney
- US economic data tonight -- Mortgage applications, EIA oil and gasoline inventories, $21 billion 10-year Treasury auction, federal budget
- US companies reporting tonight -- Express, Williams-Sonoma, Krispy Kreme, Vail Resorts
- OrotonGroup (ORL) -- Shares fell 5.29% yesterday after the luxury retailer posted disappointing profit results. Profit fell 66%, following a downgrade last month. They blamed the weak result on increased discounting. Earnings from operations fell 24% to $8 million, which was in line with guidance. The company flagged plans to open more Oroton stores in Asia, roll out a new store concept in Australia, open more than a dozen Brooks Brothers stores this year and build the GAP brand. But the new plans failed to offset higher costs and the loss of earnings from Ralph Lauren, which continues to detract. The interim dividend was cut from 22¢ to 8¢. Full Year guidance was unchanged at EBIT $13 million -- $15 million.
- David Jones (DJS) -- Closed down 0.89% yesterday after the new Chairman, after one day in the job, confirmed that Paul Zahra will continue in his current role as CEO & MD and the search for an external candidate will discontinue. Zahra had announced in October 2013 that he would step down once the company found someone to replace him. But shareholders had urged him to stay. The news should be a positive for the stock -- bringing an end to the turbulence and uncertainty. The next question is who will lead if the proposed merger with Myer goes ahead, Bernie Brookes or Paul Zahra.
Morning Market Report
Concerning data from markets across the globe in the wake of recent Chinese announcements.