The market is down 23. The SFE Futures were up 11 this morning.

Wall St closed up 46 overnight. Economic reports were disappointing with the NY Empire State Manufacturing index falling unexpectedly, industrial production slowing and warnings of further home price falls on excess supply. Gold was down $3.70 after yesterday’s $25.60 rise to a new record high. The oil price fell $0.78 to $76.02. The Aussie dollar dropped to 93.94c, a level not seen since before the GFC. The July 2008 high was 98.49.

Today’s main points…

  • Myer (MYR) reported FY results at the top end of their guidance but narrowly missed more optimistic analyst expectations.  MYR is up 5c to 398c, but still below the 410c IPO price from October last year.
  • Aevum (AVE) is waiting on an independent expert’s opinion before making a decision on Stockland’s increased takeover offer of $1.80 a share, up from $1.50. Aevum says it is still holding talks with other parties, including FKP Property Group, on a superior offer. AVE unchanged.
  • AGL Energy (AGK) has named Jerry Maycock as their new Chairman. Mark Johnson will step down from the role after their AGM next month. AGK up 0.88%.
  • BHP and RIO have asked the ACCC to delay the decision on whether to approve their iron ore JV. A sign perhaps that the JV may not go ahead. The JV is still subject to approval from European regulators. BHP down 0.94%, RIO down 0.82%.
  • Merrill Lynch believes private equity could pay up to $3.5bn for Foster’s Group (FGL) wine operations and still comfortably generate a pre-tax internal rate of return of 25%. They recently rejected a $2.3-2.7bn offer. They say the wine cycle looks to have bottomed. FGL up 0.98%.
  • The AFR says Karoon Gas (KAR) will try to raise around $120m from a share placement at $7, a 10.8% discount to their last trading price of 785c. Talk of Boston-based Wellington Capital taking up half of the placement. KAR is in a trading halt.
  • The Melbourne Institute inflationary expectations survey says Consumers expect prices to rise in September, reversing falls over the past four months, due to strong jobs and economic growth,. This follows four months of falling inflation expectations.
  • Conquest Mines (CQT) is up 15.7% after the company announced it has entered into a share price agreement with Heemskirk Consolidated to acquire 40% of Heemskirk’s interest in the Pajingo gold mine. CQT has made a takeover bid for North Queensland Metals (NQM) — the owner of the remaining 60% of Pajingo.

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