Morning sports fans,
Slight positive leads from overseas as Zombieland seems to be heading for serious deflation with Spain now going backwards, China slowing and the US hardly booming except of course on Wall Street. Seems that we are back to “fair is foul and foul is fair” as every bad piece of the jigsaw puzzle is greeted with don’t worry the Chinese will stimulate or the Zombies will do something similar. Of course all this while the US tries to wean itself off the life-support. But whatever…Its the end of the quarter, end of the month, end of the year for some and so its time for seasonal window dressing. Could get more tarted up than my Mum going to Ascot! We saw a little of that on Friday but expect more today. Volume figures on Friday suggested a back to the good ol days rally but don’t be fooled it was option expiration in there as well.
Commodities were firm overnight with Iron Ore a tad better ,Gold finding a base and copper looking very strong. Expect a modest rise again today..no reason not to really..
And a boost for the banks as it looks like their tellers will now be able to sell complex financial products over the counter as long as they only give general advice. I mean makes complete sense. I have been in financial markets for 30 years and I can give general advice too. I had to do exams and everythingwas a member of the Stock Exchange in London in 1985!But bank tellers are now on a par. Good for the banks. Great for the consumer I reckon. Bit of cash out..a deposit or two and a structured derivative product geared with tax benefits and a “No Brainer”.
Idea of the Day-MCS-A changing of the guard looks like the catalyst for this one.
One for the brave.MCS.This is the ill-fated trucking company that was involved in the fatal Mona Vale crash last year. It has had a horror run. In fact everything that could go wrong has gone wrong. The government investigation was reminiscent of the Spanish Inquisition but it has survived.Just.Last week the CEO and CFPO chucked in the towel and this could be the trigger. Chairman Mark Rowsthorn has taken the helm and I would imagine this is the catalyst for either a predator or a significant change of heart by the market. Anyway for now they have kept their licence to operate in NSW and I would imagine that this company is going to be whiter than white going forward and ultimately the poster boy for bad boy made good kind of turnaround stories. Not for the faint of heart but at 52.5 cents a buy.
Oh and gotta love the banks on the FOFA news from the Gov.
Things to make me go mmmmm!
Chelsea lost to Crystal Palace!!!Nooooooooo!
RBA meeting tomorrow..Bit like an AA meeting ,lots of talk, nothing much happens and it’s a struggle to make sense of it all.
US biotech’s suffered a pounding as the wind went truly out of their sails. The biotech sector index fell 7 per cent for the week. With just one trading day left in March, the index was down about 13 per cent for the month at Friday’s close.
This week Chinese PMI data will be released on Tuesday and Thursday.
In France over the weekend they held elections. There is an old adage about suppose they held elections and no body voted. Well 38% of people didn’t in France.C’est apathie n’est pas.Oh and in case you are wondering the right wing had a great day! Not a good ay for Hollande.France’s governing Socialist Party (PS) and its allies suffered heavy losses in the second round of the country’s municipal elections, exit polls show.
Meanwhile in Turkey PM Erdogan looks set to continue his 10 year rule of no facebook,twitter or youtube in case anyone finds out what is really going on in Turkey.
Bit confused on this one…Trade Minister Andrew Robb has flagged the Coalition could consider a revised bid for GrainCorp by American raider Archer Daniels Midland if it believed the offer was in the national interest.Mr Robb told the Credit Suisse Asian Investment Conference in Hong Kong that the government was not entirely against the bid which was surprisingly rejected just three months ago.
In the UK,Ofgem said that energy retail profits of Britain’s six largest energy suppliers had soared from £233m in 2009 to £1.1bn in 2012 “with no clear evidence of suppliers becoming more efficient in reducing their own costs”.
And remember MF Global..they came up with a novel defence…it wasn’t their fault it was the accountants..They were the ones that led them on to make dreadful investment decisions and go belly up!
Facebook Inc. plunged 11 percent, the most since 2012, after saying it will spend $2 billion to buy Oculus VR Inc. to expand into wearable hardware.Netflix posted the biggest decline in the S&P 500, tumbling 12 percent to $358.87, on concern it may face increased competition King Digital Entertainment Plc the maker of the “Candy Crush” smartphone game, lost 20 percent in its first three days of trading.
Sean is the vicar of a Church of England parish on the border of Northern Ireland and Southern Ireland, and Patrick is the priest at the Roman Catholic Church across the road.
One day they are seen together, erecting a sign which says, “THE END IS NEAR. TURN YOURSELF AROUND NOW. BEFORE IT IS TOO LATE.” As a car speeds past them, the driver leans out his window and yells, “Leave people alone, you religious nutters. We don’t need your lectures.”
From around the next curve they hear screeching tyres and a big splash.
Shaking his head, Father Patrick says “Dat’s da terd one dis mornin’.”
“Yaa,” Sean agrees, then adds, “Do ya tink maybe da sign should just say “BRIDGE CLOSED”?
Have a great Monday
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