The market is down 3. ASX futures were down 1 this morning. The Dow Jones finished up 106overnight. The Dow was up 218 at best.

The US Case/Shiller house price 20 index was up 10.1% in March, beating the forecast of 10.02% and taking the annual rate to 10.9%, the strongest reading since 2006. US consumer confidence was up from 69.0 to 76.2 in May beating the forecast of 71.0, a 2008 high.

US 10-year bond yield was up 16bpts to 2.17% hitting a 12-month high. Best sectors — consumer discretionary, healthcare, financials.  Worst sectors — utilities.

European markets up — UK FTSE up 1.62%, Germany up 1.16%, France up 1.39%, Spain up 1.77%, Italy up 2.10%. This follows near 1% rises on Monday.

Metals up — copper up 0.29%, nickel up 0.45%, aluminium up 0.65%, lead up 2.44%. Gold was down $6.701 to $1379.90. Spot iron ore was down $3.10 to $117.80, the lowest levels since mid-December.

  • ANZ Plans $425m share buyback no earlier than June 13,2013. The buyback will largely offset the value of ordinary shares issued under the DRP and Bonus option plan for the 2013 interim ordinary dividend. ANZ is down 0.85% to 2784c.
  • Wesfarmers (WES) — Strategy briefing day presentation — Coles is trialing a new range of formats for its underperforming liquor business. It has introduced a warehouse-style model to compete against Dan Murphy’s. The trial, which began last week, is part of a larger strategy for Coles to improve its liquor operation which remains behind the pace of Woolworths and Dan Murphys. WES posted a $1.28 billion profit this fiscal year. The company is looking to deliver stable and growing dividends over time. WES is down 2.35% to 4025c.
  • Goldman Sachs has research out today saying it is moving overweight miners with a buy on BHP and underweight banks with a sell on Westpac.
  • Aristocrat Leisure (ALL) — Second-half net profit of $52.6 million, up 11% from $47.3 million and in line with expectations. Its earnings in the six months to March were lower than in the previous corresponding period, but lower interest expenses due to smaller debt, plus cost cutting measures helped deliver profit growth. Unfranked interim dividend of 7c up from 2c. Dividend payout ratio increased to 60%-80% of normalised net profit, due to its strengthening financial position. ALL is up 6.67% to 432c.
  • Westield Group (WDC) reaffirms 2013 dividend guidance at 51c.
  • PIMCO has commented that Australian interest rates are likely to fall further on a weaker growth outlook. The A$ falls to US$0.9557 the lowest level since October 2011.
  • The amount of construction work done fell 2% in the March quarter. Expectations were for a 2% rise. Total building work done fell 1.1%. Engineering work done was down 2.5%.
  • Programmed (PRG) — Financial year profit of $32.1 million, up 3%. Revenue up 9% to $1.5 billion from $1.4 billion. PRG is up 5.12% to 226c.