The market is down 31. Dow Jones was down 138 on above ‘heavy’ volume as it was when it fell 263 on Friday (volume confirms the trend). The Dow was down 196 at worst on further global growth concerns and rumours of possible downgrades to France and Germany’s economic outlook. Eventually Egan Jones (rating agency) downgraded Germany from A to A+.

European markets down — UK FTSE down 0.96%, German Dax down 2.34%, France down 2.35%, Spain down 1.83%, Italy down 0.96%.

Metals down — copper down 2.64%, nickel down 1.78%, zinc down 1.01%, aluminium down 0.92%.

  • Woodside Petroleum (WPL) — First quarter production report — WPL remains on track to meet its financial year production guidance after revealing first-quarter production in line with expectations. WPL is down 0.71% to 3483c.
  • Bank of Queensland (BOQ) — Reported cash earnings of $119.9m up 16% and above an expected $113 million. Statutory profit was up 37% to $100.5 million. The bank’s cash net interest margin increased 2 basis points to 1.66%. BOQ is down 1.35% to 947c.
  • Wesfarmers (WES) — Third-quarter retail sales — Has posted an increase in sales at its Coles division driven by strong volume growth particularly in grocery. Total sales for Coles grew 6.4% to $8.35 billion up from $7.845 billion. Coles liquor business remained a drag on overall growth in the division. Food and liquor arm grew 6.6% to $6.49 billion. WES is up 0.83% to 4225c.
  • Fortescue Metals (FMG) — Quarterly production report — Says iron ore mined was up 51% on quarter at 25.3 million tones. The company says third-quarter iron ore shipments were up +1% on quarter.
  • Iluka (ILU) — Quarterly production report — The combined production of zircon, rutile and synthetic rutile in the March quarter was 110.9 thousand tonnes, lower than the preceding December 2012 quarter (down 33.2%) and the March 2012 quarter (down 48.9%). ILU is down 4.84% to 883c.
  • Telstra (TLS) — Has signed a $1.1bn contract with the Defence force for the provision of telecommunications services. The six and a half year contract will enable Defence to transform its communications technology including better integrating fixed telecommunications with satellite and tactical networks. The contract will create 350 jobs including recruiting some of the nation’s leading IT, network and security experts. TLS is up 0.83% to 486c.
  • BHP Billiton (BHP) — Newly appointed CEO Andrew Mackenzie has shaken up the company’s management team. Among the changes — the head of BHP’s petroleum division Mike Yeager will leave the company in July and be replaced by Tim Cutt. Below is the new senior management team which will take effect 10 May 2013. BHP is down 3.28% to 3101c.
  • Australian Pharmaceutical Industries (API) — Half-year result — Net profit of $12.9 million, down from $18.3 million in the pcp. Underlying Net profit was up 6.8%. Fully franked dividend of 1.5c. API is down 1.08% to 46c.