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Morning sports fans,

 

Not a great night for Australian sport with Sam Stosur failing at the first and the Socceroos going down to Spain 3-0…on markets weak leads from overseas but the Iron Ore price rallied again so that should help…we seem to be in the doldrums at the moment with the World Cup, Wimbledon and summer holidays taking centre stage…obviously tomorrow is the Tuesday rally from the Dow ,60% of the time it works every time, so expect that but investor’s minds are focussed on two things..IPO’s and Summer in Tuscany..The Green Day song sums it up best…”Wake me up when September ends”. Actually time is running out for IPOs as the money leaves for Tuscany…

 

Looks like Secret Solly has played it well with his Country Road as Woolies SA has announced this morning to bid $17.00 and of course takeover DJs to boot..Solly wins on both ..well played sir well played indeed…DJs deal will now go through..Solly will be off to Tuscany giggling all the way..

well-played-sir-well-played-indeed

 

 

Idea of the Day

 

Fresh idea are hard to find…maybe time to revisit the old ones!!!

 

Good time to think about tax and what the new year will hold..there are some stocks that are suffering due to tax loss selling and once that is gone they may have a pop up…

 

 

Things to make me go mmmm!!

 

I read with interest on my favourite conspiracy site this morning that the Germans have given up trying to get their Gold back from the US…apparently they only received 5 tons so they gave up and decided it was safer in the US Treasury…they had asked for 84 tons!!!

 

While we are in conspiracies and such like, good to see John Kerry has been so successful in his Middle East peace push..he promised the Egyptians a bunch of Apache Helicopters and then was slapped in the face when Peter Greste got jailed for 7 years..so much for democracy and freedom and free speech..he just looks like a dork now that they have the money and the choppers..Not sure US foreign policy is working!!!

Kerry post op

 

In the US Data showed sales of existing homes climbed 4.9 percent to a 4.89 million annualized rate last month, the most since October, after a 4.66 million pace in April. Prices increase at the slowest pace in more than two years

 

A separate report from Markit Economics showed a measure of US manufacturing growth rose to 57.5 in June from 56.4 in May.Euro PMI was weaker with France still at 48 which is pretty bad Germany was the bright point but aren’t they always..

 

Does seem the world is obsessed with these PMI reports..I remember the dim and distant days when the one that interested everyone was M3 or money supply..of course that was in the pre-printing of money days of high inflation..think there are a few central bankers that would kill for that inflation environment…

 

In the Australian today…: The Asian backers of the proposed $8.15 billion Aquis Great Barrier Reef Resort have doubled the number of hotel rooms to 7500, but halved the size of some of its tourist attractions, new plans lodged with the Queensland government show…may have to change the name soon when the Barrier Reef is no longer a draw card! Maybe the Little Barrier Reef Resort..

 

Sims Metal has signalled write-offs of as much as $115 million on a restructuring and write-down of asset values in its metals recycling units in the UK and Canada.

 

Rumours still swirling around a TEN takeover…and the ABC looks to be under siege from Tony and his mates…

 

In a rare fail for the IPO madness, Hirepool a NZ offering has been pulled due to lack of interest and the pricing being on the low side..

 

Yesterday we saw the damage Woolies and Coles is inflicting on IGA or Metcash.. bit of a downgrade…I blame their issue on lack of celebrity chef firepower…For the year to end-April, the food and grocery division suffered a 0.5 per cent decline in sales and a 19.5 per cent slump in earnings before interest, tax and amortisation, from $378m to $304.3m….they should get Nigella..at least the cokes sales would be up…

 

Clive Palmer’s wealth has fallen by a cool billion in the last year according to the BRW rich list….all say ahhh!!

 

And it looks like Kiev has had to turn off hot water as the gas bill is under review…not a good look…

 

“If you compare London to other cities around the world, actually it’s not the most expensive city in the world and maybe it should be.” Alex Chesterman, chief executive of Zoopla.

 

And finally….

 

The owner of a golf course on the Gold Coast was confused about paying an invoice, so he decided to ask his secretary for some mathematical help.

 

He called her into his office and said, “You graduated from the University of Queensland and I need some help. If I was to give you $20,000, minus 14%, how much would you take off?”

 

The secretary thought a moment, and then replied, “Everything but my earrings.”

 

Have a great Tuesday

 Clarence

XXXX

 

Get a Global take on things at www.ntmarkets.com

Get a Global take on things at http://www.ntmarkets.com

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