The market is unchanged at 4688. The SFE Futures were down 3 this morning.

The Dow Jones closed up 9 overnight after being up as much as 88. Retail sales grew almost twice as fast as expected in October for the strongest monthly gain since March. US bonds fell on criticism of the Fed’s quantitative easing. 30 year bond yields at the highest since May. Eurozone debt issues (Ireland and Greece) are re-emerging. Gold was up $3 after falling $37.81 yesterday. Oil was down 2c. The A$ fell to 98.44c from 98.80c.

Today’s main points.

  • The RBA’s minutes of the Melbourne Cup Day meeting are out. They say the decision to raise rates was finely balanced, the decline in inflation is now largely complete, resources sector growth outlook is very strong, GDP to rise gradually. Seen as “Dovish” the A$ has dropped to 98.48c.
  • All but one of AXA Asia Pacific’s (AXA) six independent directors have recommended the latest takeover bid from AXA SA and AMP Ltd to shareholders. AXA up 1.62%.
  • BHP Billiton (BHP) up 0.27% after it dropped its Potash bid and reinstated its share buyback. Their AGM is in Perth today. Talk that they will increase their buyback and indicate a project rather than acquisition focus.
  • OneSteel (OST) down 4% as it holds its AGM after yesterday announcing a $US932m takeover of Anglo American’s grinding media and steel products businesses.
  • The Wall Street Journal says the ANZ Bank (ANZ) has missed out on buying a majority stake in Korea Exchange Bank after Lone Star signed a MOU to sell its 51% (US3.8bn) stake in to Hana Financial. ANZ up 0.91% – many analysts believed ANZ would have had to raise capital to fund the purchase.
  • Suncorp (SUN) has sold its Tyandall Investment business and will remain its biggest customer after entering a strategic partnership with the acquirer.  SUN unchanged at 938c.
  • OceanaGold (OGC) has appointed Mick Wilkes as its new CEO. OGC down 2.78%.
  • Sandfire Resources (SFR) — Trading Halt — wants to raise $102m through a 1-for-12 accelerated non-renounceable entitlement offer and institutional placement.
  • Webjet down 7% this morning on a Market update. After a series of profit upgrades this one is a bit bland suggesting growth is slowing. On a PE of 19x and a 2.1% yield there’s no room for disappointement.
  • Tabcorp (TAH) has completed its retail bookbuild with a clearing price of 715c a share. TAH down 0.97%.

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