The market is up 15. The SFE Futures were up 50 this morning.

Wall Street closed up 127 on Friday. The S&P 500 was up for the 4th day straight for its longest winning streak in 7 weeks. The Dow rose 428 points over the past 4 days on improved economic reports. Nonfarm payrolls fell 54,000, better than the 120,000 fall expected and Private payrolls grew by 67,000, better than the 44,000 expected. The Unemployment rate rose 0.1% to 9.6. The oil price dropped $0.42 to $74.60 and Gold fell $2.30 to $1251.10. The Aussie dollar is buying US 91.59c.

Today’s main points…

  • Macquarie Group updated its outlook for the 1st half and now expects profit to fall 25% on last year due to weak global conditions. But says earnings should remain in line with last year – some brokers still looking for a profit increase this year will likely be downgrading tomorrow. MQG down 4.33%.
  • Brambles subsidiary CHEP Automotive has secured a tender to provide pooling services to GM Europe until July 2016. BXB up 0.34%.
  • Aevum Ltd (AVE) has labelled Stockland Group’s (SGP) 150c a share takeoveroffer as “inadequate, opportunistic and unsolicited”. They reiterated to shareholders that the offer be rejected. AVE up 0.29%, SGP up 0.25%.
  • Insurance Australia Group (IAG) said it was too early to determine the extent of damage from the earthquake in Christchurch but reiterated their FY11 guidance and said the claim costs be entirely covered by its reinsurance arrangements. Suncorp-Metway (SUN) say their financial exposure is limited due to “NZ’s statutory framework” and their “conservative reinsurance arrangements”. IAG down 0.58% and SUN up 0.23%.
  • The high court has agreed to hear an appeal from the ATO regarding deductions BHP Billiton claimed between 2002 and 2006 involving its iron processing plant at Boodarie. BHP may be forced to pay the $600m tax bill. BHP up 0.05%.
  • Banpu has extended the Centennial Coal (CEY) takeover offer period to September 27. CEY unchanged at 603c.
  • We have the US markets closed for the Labor Day holiday tonight, an RBA Meeting tomorrow that is unlikely to stir the markets much. The main news this week will be the POLITICS – the Independents are due to make a decision today or tomorrow morning.
  • Fair number of ex dividends today keeping things under wraps (BHP, AMP, AGK, LEI, LLC, MND, OST, PAN to name a few).

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