The market is up 14. The SFE Futures were down 20 this morning.

The Dow Jones closed down 22 overnight. Dow up 28 at best and down 47 at worst. The S&P 500 closed down 0.4%, its sixth straight loss and the longest losing streak since February 2009. The World Bank cut their forecast for 2011 economic growth to 3.2% from 3.3%. US economic data failed to inspire and Greece reported disappointing employment numbers. Metals were mixed. The oil price put on $1.65 to $100.74 and Gold fell $5.30 to $1538.70. The Aussie dollar fell to 106.44c from 107.18c.

In the news today…

  • Newcrest Mining (NCM) has cut their FY gold production by up to 5.4% to 2.7m ounces. They blame power problems at their Lihir Island min in PNG and other site delays. NCM down 40c to 3726c.
  • Fairfax Media (FXJ) have confirmed that they are undertaking a strategic review of its assets with a view to selling the radio assets, Trade Me and all other like assets. FXJ up 0.5c to 100c.
  • BHP Billiton (BHP) says it has been notified that union workers at 6 of its Australian joint-venture coal mines with Mitsubishi Corp plan rolling strikes beginning next week. BHP up 8c to 4287c.
  • Mesoblast (MSB) up 11% to 886c after announcing favourable phase 2 clinical trial results showing that Revascor did increase bloody supply to damaged heart muscle.
  • Noble Group wants to acquire all the shares in Territory Resources (TTY) that they don’t already own in an offer than values TTY at $132.6m or 50c a share. TTY up 8.5% to 51c.
  • Qantas Airways (QAN) has been granted an interim authorization for their proposed trans-Pacific route JV with American Airlines. QAN down 2% to 1919c.
  • Mermaid Marine (MRM) has been awarded 2 contracts by Woodside Petroleum (WPL) worth $60m. MRM up 4c to 300c.
  • Linc Energy (LNC) up 6% to 318c after announcing they have spudded their first oil well, Haystack 1, in the Arckaringa Basin, South Australia.
  • Australian Agricultural Company (AAC) down 2.4% to 139c after announcing that the government imposed ban on exports of live cattle will cut EBITDA to $50m-$60m from previous estimates of $60m-$70m. They say they can redirect sales of most cattle.
  • Carsales.com (CRZ) CEO Greg Roebuck said he wants to step back from day-to-day management of the company. CRZ up 5c to 466c.
  • Weak job numbers have seen the A$ drop below 106c this morning (down over 0.5c). Although the unemployment rate stayed at 4.9% the number of jobs created rose by just 7,800 against forecasts of +25,000.

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