The market is down 12. The SFE Futures were up 18 this morning.

US Markets were closed overnight for the Independence Day Holiday. European markets mostly up UK FTSE up 0.46%, DAX (Germany) up 0.32%, CAC40 (France) down 0.11%. The main news overnight was credit agency Standard & Poor’s saying that current debt relief for Greece, including the proposal for a rollover, would “likely” amount to a default. Eurozone ministers will meet on July 11th to discuss the next package. After falling to a six week low, the Gold price put on $13.90 to $1496.50 and the oil price increased 6c to $95. The Aussie dollar drifted to 107.34c from 107.77c.

In the news today…

  • RBA Meeting and interest rate decision at 2.30pm – no-one expecting any rise in rates after recent week economic numbers against the background of Greek issues. Suggestions that unless the CPI number on July 28th (for the 2nd Q) is a problem we might now be waiting until November or 2012 for a rate rise.
  • Virgin Blue (VBA) and Qantas (QAN) up 10.5% and 6.5% yesterday as Tiger Airways suspends operations for a week with some questions over whether they will continue to operate in Australia. VBA up 0.5c to 32c and QAN up 4c to 201c.
  • Panaust (PNA) said their Phu Kham operations in Laos were interrupted for the second time in a week after severe rainfall at the site. PNA down 9c to 388c.
  • Lynas Corp (LYC) up 8% yesterday up 0.5c to 189.5c today – after Japan’s Mitsubishi Financial Group took a 9.99% stake in the company. They are now the second-largest shareholder behind Morgan Stanley. They bought 170.1m shares in a series of transactions between May 24 and June 7 for $324m.
  • Campbell Brothers (CPB) has sold their asset management business, PearlStreet Energy, to Monadelphous Group (MND) for $4m. CPB down 3c to 4630c and MND down 7c to 1855c.
  • Treasury Wine Estates (TWE) put on over 9% yesterday after an article on Bloomberg said China’s Bright Food was considering launching a takeover offer. This has since been denied pushing TWE down 2.1% to 359c.
  • Murchison Metals (MMX) has been belted by brokers this morning with severe target price cuts after the feasibility study for the Jack Hills Mine and the Oakajee port and rail JV has seen significant extra costs and uncertainty. MMX down another 12% today to 65.5c.
  • Generating Holding has completed the acquisition of a majority stake in Transfield Services Infrastructure Fund (TSI). TSI unchanged at 84.5c.
  • Australia’s Balance of Trade has come in at a seasonally adjusted surplus of $2.33bn in May, compared with an upward seasonally adjusted $1.67bn in April.

For a free 5 day obligation FREE TRIAL of the MARCUS TODAY newsletter Click Here. You will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including:

  • Overnight developments, news, comments, rumours, broker recommendations and ideas from Marcus and his Team.
  • Our Recommended Portfolio which is actively managed on behalf of subscribers.…no “set & forget”. Everything you need to effortlessly managed your own long term investment portfolio. It includes Income Portfolio recommendations.
  • Daily Technical Trading ideas and data, including daily scans of the ASX 300 for stocks changing trend.
  • Stock Database – all the numbers with comments on the top 300 stocks and more.
  • Educational section – Marcus’s Educational and Entertaining articles.

We also offer a FREE END OF DAY EMAIL — Click here — A free summary of the day in the market.

Subscribe to MARCUS TODAY — Click Here. We are sure you will enjoy and profit from what we offer…we have one of the highest re-subscription rates in the financial newsletter industry.