The market is down 92. The SFE Futures were down 63 this morning.

The Dow Jones closed down 253 on Friday. Dow down 282 at worst. The payrolls number disappointed the market with no additional jobs created in August. The unemployment rate held steady at 9.1%. Financial sector was the worst, down 4.1% after falling 2.4% on Thursday. The FHFA filed a lawsuit against 17 banks as they try to recoup $196bn in losses from mortgage backed securities bought by Fannie Mae and Freddie Mac. Bank of America fell 8.3% with some questioning why they have to pay Buffett a 10% yield to borrow $5bn.

ECB President Trichet urged Italy to approve its austerity plan when the country’s senate begins its debate tomorrow. The oil price lost $2.48 to $86.45 and the Gold price was up $47.80 to $1876.90. The Aussie dollar fell from 107.29¢ to 105.94¢. US Markets are closed tonight for the Labor Day Holiday. Greek 2 year bonds yield 47% (wide spreads … no market basically). Main events this week — a German Court decision on Thursday, Obama’s address to Congress on jobs on Thursday and an RBA Meeting here tomorrow.

Today’s news …

  • Lend Lease (LLC) has been awarded a $115m contract by the Queensland Department of Transport.  LLC down 4.5% to 794¢.
  • News Corp (NWS) deputy COO, James Murdoch, said he will forgo a $US6m bonus because “it was the right thing to do” in light of the phone-hacking scandal. Two board members also announced their resignations. NWS down 2.5% to 1552¢.
  • QR National (QRN) has signed $900m rail project deal with a consortium of coal miners to build the Gladstone LNG project in Queensland. Construction will begin in early 2012 and has a planned completion date of March 2015. QRN up 1¢ to 327¢.
  • Peabody Energy and ArcelorMittal have extended the offer period on their $16 takeover bid for Macarthur Coal (MCC) until September 27. MCC up 5¢ to 1600¢.
  • SAB Miller has referred statements made by Fosters Group (FGL) in their results presentation to the Takeovers panel. They argue FGL are misleading investors about future profitability. SAB Miller is trying to avoid having to pay a higher price and it also suggests they are also reasonably confident that there is not going to be a counterbid. FGL down 1.5¢ to 485.5¢.
  • The total number of job advertisements in Australian newspapers and on the internet fell 0.6% in August – the 2nd consecutive monthly fall, according to an ANZ jobs ads index.  Total jobs ads were 6.1% above their level a year earlier.
  • The TD Securities-Melbourne Institute inflation gauge fell 0.1% in August, after prices rose 0.3% in July. The fall in consumer prices was largely due to a fall in the price of fruit and vegetables.
  • Business inventories rose 2.5% in the June quarter after rising 0.7% in the March quarter. Economists had expected a 0.4% rise.

With the GERMAN COURT DECISION able to de-rail the European bailout on Thursday the market is going to remain on tenterhooks although the chances of a decision going against the bailout legality appears to be over-emphasised by the bears and doesn’t appear to be worrying most economists. The German High Court is considering on 7th September whether Germany’s commitment to the EFSF goes against EU law, or against the German constitution. The issue relates to the Maastricht Treaty which states member states cannot assume the debts of other states, additionally whether the German Chancellor’s decision to fund the bailout facility was required to be first presented to the German Parliament.

No change … we’re still cautious on the market and not looking to buy anything just yet. Read more at Marcus Today.

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