The market is up 11. The SFE Futures were down 3 this morning.

Wall Street closed up 56 overnight. Earnings numbers were a lot more encouraging overnight. Technology and energy stocks outperformed. Stress tests on European banks will likely dictate which way the market will go in the near term – the results come out on Friday. The oil price put on 54c to $76.55 and Gold fell $6.20 to $1182. The Aussie dollar improved to 86.86c compared to 86.60 yesterday morning.

In other news…

  • RBA Minutes have been released. The minutes suggested that the RBA will wait for the CPI numbers for the 2nd Q due out on the 28th July. There is a 30% chance of a rate rise by the end of the year according to the Futures markets. The European stress test results will also have an influence on their next move.
  • Baltic Dry Index….just broke a run of 35 consecutive falls. It is down 60% since May 26th on a combination of new fleet capacity and on destocking of iron ore by Chinese Steel Mills.
  • The Australian says the Basel Committee on Banking Supervision has set out plans for “macro prudential” regulation which will use the banking regulator to assist in controlling excesses in the business cycle. Basically they want to guarantee that what happened during the GFC doesn’t happen again.
  • Iluka Resources (ILU) announced a 9.6% fall in production in the June Q. Total mine sands production was 418.2 kilotonnes from 462.5kt. ILU up 4c to 539c.
  • Aquarius Platinum (AQP) continues its roller coaster ride — up nearly 12% to 444c after falling 24.5% yesterday after announcing they would hold a meeting with Department of Mineral Resources officials to discuss regulations at their South Africa mine.
  • Paladin Energy (PDN) has forecast a 62% jump in uranium oxide production in 2011 after a 60% increase last year as it ramps up output from its 2nd mine in Malawi. It also secured a ₤1.5m contract with an Asian utility. PDN down 9c to 352c.
  • Macquarie Group (MQG) would make around $50m on its investment in Intoll (ITO) if it is acquired by a Canadian pension fund. MQG up 8c to 3854c.
  • Centennial Coal (CEY) says Banpu has received approval from the Bank of Thailand for their remit foreign currency to pay the consideration under their takeover bid for CEY. CEY up 3c to 594c.
  • St. Barbara (SBM) said they produced 62,644 ounces of gold in the 4th Q, lifting their FY production to 231,018 ounces, exceeding their guidance of 230,000 ounces. SBM last traded at 32.5c.
  • Stock hitting fresh yearly lows today include: AWE Ltd (AWE), Cabcharge (CAB) and Carrick Gold (CRK). Sandfire Resources (SFR) has hit a fresh yearly high today.

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