Morning sports fans,
Feeling a little dusty this morning having bumped into a couple of old Mac Bank mates and being led astray..think I signed up for a Bali Golf tour in September!!!
Another night of volatility on the Dow…small caps and tech stocks hit the worst…Nickel was all over the place…good time from BHP to sell its Nickel assets!!!.gold sold off… Iron Ore down..expect a 30 point back down today..banks going ex-dividend take away the imperative to own them…they are at all time highs..BHP run has to finish soon surely..
Idea of the Day-Its official -UNS are testing my resolve with another bad night in the US last night..
I have been urging caution..For the record I am targeting 5300 ..nothing cataclysmic but enough to trade…I am a sell in May and go away merchant..60% of the time it works every time…anyway I see value hard to find at the moment and we seem to be held up like Ali in a George Foreman fight…I remain long term positive but believe that we may have got ahead of ourselves…interest rates are the key and there is no doubt that they will start to increase in 2015 in most major economies…probably won’t be too much but will signal the beginning of the end to the free money that is sloshing around the system..expect volatility to continue…we will see more takeovers as corporates are deluged with Investment bankers peddling a get big and grow scheme…and in a few years time ,those same bankers will urge demergers…put Humpty together and then break him apart…it’s an age old game …
Things to make me go mmmm!!!
I thought I had woken up on April 1st today when I read a Bloomberg headline that Uber was valued at $10bn…must have dreamt this!!!Surely not…It’s different this time!!
Maybe I am just too sceptical!!
This was published in the WSJ in 1929!!
Russia wants its gas paid in advance now from Ukraine or it will turn it off at the beginning of June…remember Europe gets 15% of its gas from Russia…the situation in Ukraine is heading towards all out civil war…
So much for a Zombieland bounce.. Eurozone economic growth lost momentum in the first three months of 2014 with the growth rate unchanged from the previous quarter at 0.2%. German growth picked up pace, with the economy expanding by 0.8%.But France and Italy disappointed. The French economy failed to grow, while Italy’s contracted by 0.1%, having only just emerged from recession last year.
And actually so much for the US bounce…. Factory output fell 0.6% after rising 0.9% last month…..well at least inflation is up..that’s good right? The April CPI increased 0.3% on higher food prices and the cost of gasoline surged. It was the biggest monthly rise since June
Volatility is king in the Nickel market as prices plunged 11 percent over the last two days, with a massive 6.5% fall; last night and that was a bounce from its low. Nickel had surged as much as 56 percent this year following a January ban on ore exports by Indonesia, the world’s largest supplier from mines, and as threats increased for economic sanctions against Russia, home to OAO GMK Norilsk Nickel, the biggest producer of refined metal.
This one puzzles me and maybe readers can help me understand…US is growing at 2.5% say and the market is at an all-time high…China which is set to be the world’s biggest economy very soon is growing at 7.4% and its stock market is in the toilet…me no comprende!!
Goodman was placed in a trading halt late on Thursday after Singapore oils trader Wilmar International and Hong Kong investment company First Pacific lifted their 65¢-a-share takeover offer for Goodman Fielder to 70¢ a share.
Another day another takeover though… IOOF, one Australia’s biggest financial services groups, has announced a $600 million merger with Shadforth Financial Group on Friday morning.
The deal will be via a scheme of arrangement and follows the collapse of merger talks between SFG and accounting firm WHK in May last year. That deal would have created a $1 billion company.
CBA may be hit with a $200m class action from disgruntled investors who lost millions following bad financial planning advice and systemic manipulation.
Genworth Australia,the nation’s largest mortgage insurer, has set the price of shares for its float on the ASX at $2.65, after a bookbuild for the $1.7 billion company’s sharemarket listing was finalised yesterday.
Senator Brandis comes out with some crackers..apparently cutting 4100m from the arts funding is a “remarkable” result for the arts!!He certainly is a comedian!!
Some words of wisdom from Michelle too…
And finally….apologies to those it will upset…
A Greek and an Italian were talking one day, discussing who had the superior culture.
Over coffee, the Greek says “Well, we built the Parthenon.” The Italian replies “We built the Coliseum.”
The Greek retorts “We Greeks gave birth to mathematics.” The Italian, nodding, says “But we built the Roman Empire”.
And so on and so on until the Greek comes up with what he thinks will end the discussion.
With a flourish of finality he says “We invented sex!”
The Italian replies “That is true, but it was the Italians who included women.
Have a great weekend…back on Sky Biz at 5.30…follow me on twitter @henryj007….need more followers I have a bet going..
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