The market is down 14. The SFE Futures were down 4 this morning.

Wall Street closed down 38 overnight. Disappointing economic numbers stalled three consecutive sessions of gains. Oil hit a three week high — up $1.21 to $82.55. Federal Reserve Chairman Bernanke talked about the economy expanding at a moderate pace and Meredith Whitney, the US bank analyst credited with predicting the GFC, was on CNBC overnight talking about the US and European banks sectors describing stress tests as “negotiated” and European banks as “Zombie banks”. She expects the financial sector to see poor revenue growth well into 2011. Gold price was up $2 to $1186.10 and the Aussie dollar fell slight to 91.32c from 91.35c.

In other news…

  • The RBA left rates unchanged at 4.5% yesterday … as most economists expected. Comments suggest they are now ‘on watch’ for inflation which doesn’t seem to be an issue for now. Some brokers expect rates to remain on hold until next year.
  • Linc Energy (LNC) has sold their Galilee coal tenement to Adani Mining. The sale involves $500m cash upfront, plus a royalty of $2 per tonne over 20 production years. The total estimate revenue from the sale is estimated to reach $3bn over the life of the royalty. LNC down 4c to 182c. The stock is up from 100c already this month.
  • Kathmandu (KMD) — Profit warning — Down 12% or 21c to 147c — FY earnings guidance says EBIT is expected to be between $NZ47m-NZ$48m, below previous guidance of NZ$50.6m.
  • Recent earnings downgrades — NUF, ISF, SIP, ERA, AWC, VBA, QAN, QBE, AUN, IAG, IPL, CTX, SUN, MQG, PRG, WOW, ELD, AWE, TOL, KMD
  • Recent earnings upgrades — TSE, ABC, TEN, IFL, MGX, BLD, GMG, ANN, MCC, AGL, FGL, FLT, KCN, UGL and SEK.
  • AXA Asia Pacific (AXA) — Interim Profit Result — Underlying earnings up 6% to $270.3m, in line with analysts expectations. Net profit fell 19% to $219.2m. CEO says he is pleased with the result. The figures could well be irrelevant if the NAB succeed with their takeover attempt. The NAB has resubmitted a revised takeover offer to the ACCC which includes the sale of AXA’s North West.net Investment platform to IOOF. Their South East Asian businesses, which parent AXA SA want to get a hold of as part of the takeover, showed impressive growth. AXA down 15c to 525c.
  • Gloucester Coal (GCL) in a trading halt. The AFR was on the money this morning when it reported that GCL was about to launch a capital raising. They look likely to also announce an acquisition. GCL last traded at 1247c.
  • Stock hitting fresh yearly highs today include: Integra Mining (IGR), Magellan Financial Group (MFG). Stocks hitting fresh lows include Capral (CAA.

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