The market is down 10. SFE Futures were down 10 this morning.

Dow Jones was down 36. The Dow was down 51 at worst and up 21 at best. US markets were all down on Friday on mixed economic data. CPI and Manufacturing sales numbers came in below expectations but the Industrial Production reading was almost three times better than the forecast. Apple down 3.8% and weighed on the NASDAQ as UBS lowered their target price to $700 from $780 on weak iPhone and iPad shipments. Facebook was also down 5.06%. Materials (Resources) stocks were the best performers on the back of the strong HSBC Flash manufacturing data out of China on Friday — a 14-month high. Over the week the Dow was down 0.15%, S&P500 down 0.32% and the NASDAQ was down 0.23%. The spot iron ore price continues to make 5 month highs, up $2.90 on Friday.

Best sectors — Metals & Mining, Oil & Gas, Materials. Worst sectors — Technology, Home Builders, Utilities, Healthcare.

The US 2 year bond yield down 3bpts to 0.23% and the 10 year yield down 3bpts to 1.70%. Over the week the US 2-year yield was down 1bpt and the 10-year yield was up 8bpts.

European markets mixed — UK FTSE down 0.13%, German DAX up 0.19%, France flat, Spain up 0.09%, Italy up 0.26% and Greece down 0.32%.

  • Billabong (BBG) — Shares are up in early trade on the back of rumours a former director Paul Naude has made a formal 100c offer for the struggling company. BBG up 4.89% to 98c.
  • Fairfax Media (FXJ) — Has announced they will sell their remaining 51% stake in their online business Trade Me Group listed on the NZ stock exchange for $616m to an investment bank. Proceeds from the sale will be used to reduce debt. The sale of 202 million shares will be through an underwritten offer run by UBS New Zealand. FXJ net debt as of June 30 was $914m. FXJ is up 1.47% to 51.75c. 
  • Fortescue Metals Group (FMG) — Is looking to selling part of their transport infrastructure assets in the Pilbara. The company has received “strong interest” in the sale of a minority stake in “The Pilbara Infrastructure” company. The company says any sale would only be transacted at full and fair market value and on the basis that the current efficiency of infrastructure and mining operations are not impacted. FMG is up 2.9% to 443.5c.
  • Coca-Cola Amatil (CCL) — Is planning to reintroduce Mello Yello the citrus flavoured fizzy drink popular in the 1980s. The drink is best remembered for its catchy jingle and high caffeine levels. The drink could help boost sales this summer. CCL is up 0.53% to 1337c.
  • Western Desert Resources (WDR) — The Roper Bar iron ore project Environmental Study has been approved by the Federal Minister for the Environment. This completes the major regulatory approvals required for the development of the mine. WDR is up 2.84% to 72.5c.
  • Elders (ELD) — Has announced an agreement to sell their Indian Sandalwood assets. Elders expects to break even or better and cash to be used to reduce debt. ELD is down 4.17% to 11.5c.
  • AJ Lucas (AJL) up 30% after Friday’s announcement that the British Government was to resume fracking of shale gas.

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