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Good news from ‘Zombieland’ on Greek bailout number 20…they have agreed to fudge the figures and continue to live on borrowed time in a land of make believe! …there have now been more bailouts than Police academy films! And that is saying something. But no news on the Fiscal Bluff negotiations as America staggers back to work stuffed with Turkey..they do seem to be running out of time..one of my colleagues in the meeting today was saying that Corporate US has been planning for the Bluff for some time with record levels of cash and in effect hoarding money. This has dragged the economy lower in the last six months in anticipation ,so if they do get a resolution which would appear likely given the level of rhetoric is nowhere near as vitriolic as last time then the economy should respond quite favourably..A White Swan event perhaps. At least we can now take Greece off the table of issues for a week or so…
Overnight a Canadian was appointed to be the next Bank Of England Governor..first time in its 312 year history…probably the most interesting thing though is he ex Goldman Sachs…taking over the World one Central Bank at a time!
Back to our insipid market…yesterday was so disappointing given the strong leads..volume was awful..conviction was lacking and enthusiasm none existent..
Expect another quiet day today with volume hopefully better but still the focus locally will be on individual shares as the AGM season continues.Stephen Mayne will be busy..Maybe he needs to get a Star Trek transporter so he can get to all the meetings..
A little better today with maybe a small rise on the ASX 200…the Greek news is positive and will help things!
Idea of the day
Have to admit I am struggling to find a new story…BRU reported their drill results yesterday..bit disappointing..still like the story though so any further weakness is a chance to buy..under 280 get long again!
I could trot out an old favourite like LYC again or BDR but you should know where I stand on them by now..both worth a look..
Things to make me go World Domination!
1.Goldman completes its Euro takeover with the announcement that the Canadian Bank head will move to the Old Lady of Threadneedle Street..This firm is like Spectre in Bond Movies..
2. Goldman Sachs Group Inc. (GS) Chief Executive Officer Lloyd Blankfein is among the executives scheduled to meet with U.S. House Republican leaders on the so- called “fiscal cliff,” according to a House aide and another person familiar with the plans.
3. U.S. retailers are extending deals into Cyber Monday and beyond to try to sustain a 13 percent gain in Thanksgiving weekend sales. Spending in stores and online rose to $59.1 billion in the four days starting Nov. 22, the National Retail Federation said in a statement yesterday. A year ago, sales advanced 16 percent over the holiday weekend.
Retailers have turned Black Friday into a week’s worth of deals, with earlier openings and online offers. “What was Cyber Monday is now Cyber Weekend,” Poonam Goyal, a Bloomberg Industries analyst, said in a telephone interview yesterday. “It is no longer a one-day event. Year over year, Black Friday sales were strong and margins should have also been strong.”
4. CLOSE to half of Australian mobile users are receiving bill shock and paying 40 per cent more than their advertised monthly contract, according to a study of the sector by Macquarie University.
The study finds that the average advertised monthly cap cost is about $53 but the actual cost to consumers averages $73.Yet another reason to own TLS as 4G will only make this worse!
5.Fortescue Metals: is likely to restart a number of iron ore projects by late 2013, according to Chairman Andrew Forrest. He said the projects, which were suspended in response to falling iron ore prices, would help the company to reach its development targets. Forrest said the iron ore price has risen from around $US89 per tonne to $US120 and the Chinese economy is beginning to rebound.
6.Wesfarmers: is considering $1 bet limits on the poker machines it owns as the company explores options to distance itself from the pubs and gambling business. WES has had a look at the economic impact of introducing reforms like $1 betting limits on its poker machines, which are believed to number about 1300. Anti-gambling campaigner GetUp! indicated that if it is not happy with WES’ progress it may still target Coles as part of its anti-pokies campaign this Christmas
7. Anti-tax evangelist Grover Norquist, one of Washington’s most influential figures, is facing an apparent erosion of his power as leading Republicans begin opting out of pledges to his cause,as several party bigwigs said they would abandon the vow and analysts openly questioned his continued relevance.
“The only good thing about Grover Norquist is, he’s named after a character from ‘Sesame Street,'” Matthew Dow ,a Republican Strategist, said.
8. Blood products and vaccine maker CSL Ltd. (CSL.AU) lifted its profit guidance for the current financial year, helped by higher than expected royalties from the sale of a cancer vaccine.
The Australian company now expects its net profit to rise by 20% in the year ending June 30, 2013..good stuff…will hit 50 now!!!
In the pursuit of scientific progress, animals have been tortured for the past hundred years. They’re still not talking. I’m starting to think they don’t know anything.
Have a good Tuesday
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