Morning all,

Just a quick one today as my computer has been upgraded overnight so I am trying to get it sorted now. Gotta love IT !

Anyway after the ‘Stronger for longer’ and ’Whatever it takes’ we now have ‘Lower, forever’ as both Super Mario and King Carney pledge to keep rates lower until hell freezes over. Of course with all that free money sloshing around its easy to forget the unemployed in the Zombiezone and celebrate with big bubble equity gains! And so they did…expect our market to push higher today too..Uncle Glenn has had all his stand up comedy gigs cancelled after this week’s effort! Amazing to think that after all the gyrations of this week as of last night we were down 7 points for the week…gotta love volatility…opportunity knocks..

So today we will push ahead but may see some caution creep in ahead of US jobs numbers on Friday. But suspect that they may be in the mood to celebrate after the 4^th July…does feel like the negative press cycle has been broken for a while and we may see some gains up towards 4850 in the next day or so..does anyone care about Portugal and Greece..yeah but no but yeah but no…Vicky says!

Expect 35 up today!

Idea of the Day…looks like banks are giving Mortgage brokers more incentives …see comments below..gotta be good for MOC..long held favourite..yield, corporate appeal and now more goodies coming their way!

Things to make me go mmmm….

China who has long been accused of lying on its economic data for some time has now moved to cancel it for a while as its too hard..no PMI for a while!

“China suspended the release of industry-specific data from a monthly survey of manufacturing purchasing managers, with an official saying there’s limited time to analyze the large volume of responses.“We now have 3,000 samples in the survey, and from a technical point of view, time is very limited — there are many industries, you know said a Chinese official!”

Arrium  is to take an impairment and restructuring charge of $480 million in the latest reshaping of its ailing steel business under new chief Andrew Roberts. The hit, announced to the ASX last night, follows an impairment charge of $474m on its steel division announced in February, highlighting the impact a prolonged period of a strong dollar and weaker demand has had on the Australian manufacturing sector.

Boral  is stuck in a tough sector and last year’s 20 per cent sharemarket gains are quickly fading into distant memory. Boral has already got a number of small assets up for sale. It had targeted up to $300 million worth of sales and so far achieved about $120 million.

CBA, WBC have boosted incentives to mortgage brokers as the two biggest home lenders come under growing pressure to stem three years of market-share losses. CBA-owned Bankwest yesterday increased upfront commissions from 50 basis points to 70 basis points of a loan after Westpac last month quietly launched a four-month bonus offer. Bankwest’s move, which is offset by the scrapping of its first-year trailing commission of 15 basis points, makes it the most appealing upfront deal in the market alongside Macquarie, which has been trying to grow its mortgage book

And finally….Great you tube clip about O Driscoll being dropped!!

http://www.youtube.com/watch?v=Deg1bQt1rzQ

Go the Lions..but then I am English..of course the Lions seem to be Welsh but that’s another story.

Have a great weekend and back on TV this afternoon if anyone cares!

Clarence

XXX

 

Any financial product advice contained in this email is general financial product advice only and does not take into account any one person’s objectives, financial situation or needs. Therefore, before acting on any financial product advice in this email, you should consider, with or without the assistance of an independent adviser, the appropriateness of the advice, having regard to your objectives, financial situation and needs