Following the Suarez ‘Biting’ incident the market was always going to slide. The falls on wall Street seemed to have something to do with it too. At one point the ASX200 was down 54 before some bargain hunting kicked in and we closed down 30 at the magic 5402 again. Financials were hit as a number of brokers were suggesting that they were expensive, happens every now and then but nothing to see. Move along. All four presented today at a conference. Miners were also in the spotlight with falls in BHP Billiton Limited (A$36.21, -0.7%) and the other rust players like Arrium Limited (A$0.805, -2.4%) and Mount Gibson Iron Limited (A$0.715, -0.7%) but Fortescue Metals Group Ltd (A$4.36, unch) managed to eke out gains. Energy stocks continued to suffer from the post Shell sell down. Try saying that fast!Woodside Petroleum Limited (A$41.38, -0.5%),Santos Limited (A$13.97, -1.5%) and Origin Energy Limited (A$14.39, -1.5%) all fell as did juniors like Buru Energy Limited (A$1.12, -2.6%),Beach Energy Limited (A$1.715, -0.9%),Karoon Gas Australia Limited (A$3.10, -2.5%) and AWE Limited (A$1.84, -1.1%).

In the industrials Telstra Corporation Limited (A$5.17, -0.4%) continued to underwhelm despite their defensive nature and Vodafone’s continual fails. Seems mobile wars may be back on with some data packages getting cheaper and handset being discounted. Building stocks under pressure led by Adelaide Brighton Limited (A$3.43, unch) and Fletcher Building Limited (A$8.19, -1.1%) whilst consumers stocks Woolworths Limited (A$35.73, unch) and Wesfarmers Limited (A$41.19, -0.5%) slipped as Metcash Limited (A$2.79, +1.5%) won some friends.

Volume remained scarce outside of the top stocks and the World Cup and events in Iraq continue to draw attention away from the boards. Winners today were Energy World Corporation Ltd (A$0.325, +8.3%),Treasury Wine Estates Limited (A$5.07, +5.0%),#GMA#,Downer EDI Limited (A$4.51, +2.3%),Kathmandu Holdings Limited (A$2.99, +2.4%) and Primary Health Care Limited (A$4.57, +3.4%) in the big end and #ADJ#,Bionomics Limited (A$0.60, +13.2%) and Newsat Limited (A$0.295, +7.3%) whilst feeling the heat were golds like Evolution Mining Limited (A$0.70, -5.4%),Beadell Resources Limited (A$0.615, -6.1%) and Resolute Mining Limited (A$0.645, -9.2%) and Kingsgate Consolidated Limited (A$0.88, -7.4%) with, #VET#,#ZIM# and Iproperty Group Limited (A$2.88, -4.0%) in the smalls.

Volume at around $4bn was above recent days with Asian stocks with Tokyo down 0.55% China down 0.6% and HK up 0.13%.Gold was $1312 and the Aussie dollar that could around 93.6.

Stocks and Stories

Confessions season continues with Aurizon Holdings Limited (A$4.96, -0.8%) fessing up saying it has stopped projects, cut more jobs and increased write-downs by up to $160 million and warned of a “more subdued” outlook. But some good news on another front. Could be game set and match for them after Charlie Bass agreed to sell his founding stake in Aquila Resources Limited (A$3.37, -0.3%) to the bidding consortium.

#SCG# and #WFD# started life today and immediately investors voted with their feet and bought the International business and sold the Australian one. Who would have thought. Still good code for the Aussie one.

While talking property Lend Lease Group (A$13.12, -3.7%) today sold its Bluewater Shopping centre in the UK for nearly 700m pounds and announced it expected profits to be in the $810-830 range for 2014 and around the same for 2015.

Myer Holdings Limited (A$2.06, +1.0%) rose despite news that they had sacked their latest hire profile hiring ,Andrew Flanagan, after his first day when it turned out he had lied on his CV. How hard can that be to check. Suspect the headhunters involved are in some serious hot water. He would have been ‘Group General Manager Strategy and Business Development’ if he had lasted!

Bionomics Limited (A$0.60, +13.2%) had another big day after signing on the dotted line with Merck. Some analysts suggesting this is the best deal ever for an Aussie Biotech. Ever. Punters seem to be selling Mesoblast Limited (A$4.36, -1.8%) to chase this one.

Still cannot for the life of me work out why everyone was so surprised on Kathmandu Holdings Limited (A$2.99, +2.4%) yesterday. I suspect the retail analysts rarely visit their shops. Warm weather equals no fleece. No Fleece means lower sales you just have to walk in to see that. Wish I could have shorted them. Now they are looking much more attractive and the weather is cooling too.

Treasury Wine Estates Limited (A$5.07, +5.0%) should be busting out some of their sparkling products for the PR genius who managed to get the takeover rumours back in the media just as they announced a $260 m writedown and called 2015 a ‘Reset year”. Not sure this mob will be around to see in 2015 at the rate they are going. Perversely it seems the worse the news the greater the chance of a takeover. LMVH are the latest to be buying them apparently.

Spoiler alert “Roc Oil Company Limited (A$0.60, +7.1%) has received a confidential, unsolicited, indicative and incomplete takeover approach from an unnamed third party.” Think we made need more details.

REA Group Ltd (A$42.84, -1.5%) is quaking in its boots as a group of Melbourne Real estate agents are forming up to challenge the high prices that they charge.300 agents are on board a new group called REDMS to negotiate better rates from digital media. This could spread to other cities and soon become a major headache for REA and Fairfax Media Limited (A$0.93, -1.6%). Those chickens are organised Mrs Tweedy.

The Bureau of Resources etc has cut its Iron Ore forecast slightly for the next two years expecting it will average about $US105 a ton this year from $US110 forecast in March. Prices may average about $US97 a ton in 2015 from $US103 estimated in March.

Tomorrow’s News Today

Around the World it seems that financial markets have been going to Yoga, meditating and take chill pills as complacency and volatility seem to have left the building carrying a mat and a bottle of Evian(Naïve backwards BTW).Volumes are miserable in financial markets and for 46 days in a row the Dow has risen or fallen less than 1 %.And that’s when we have a crisis in Ukraine, Syria ,Iraq, Thailand, Egypt, China’s housing bubble, low growth and huge social problems evolving in Europe, mass money printing and central banks running the show with money easier to get than the Jamie Oliver cards at Woolies. Trading volumes are 38% down from 4 years ago! This from Charles Schwab sums it up. “With more people worried about the lack of worry, maybe it’s the wrong time to worry.” “Hakuna matata.

The IPO market is running hot around the globe as every man and his investment bank try to flog something. In China the first initial public offerings in four months will start trading tomorrow after bids for six companies locked up 563.9 billion yuan ($91 billion),ensuring a slow bleed from the market as funds diverted to the ‘hot’ stocks. Two new floats kick off tomorrow both were oversubscribed 120 times in online bidding. Just like the 80’s in UK. So much fun. Actually it’s more like ebay now!

Spare a thought for punters in property heaven in Dubai. Their stock market has been in free fall recently as the government moves to tighten up lending on investment and second properties. The market has now fallen 25% from its peak in May. It was up 250% prior to that since 2012.

Something to think about J P Morgan had 90,000 applications for its 1200 summer intern positions!! Goldman Suchs had 17,000 applicants for 350 places! Another investment bank suggested that junior staff should take some weekends off too! That’s thoughtful.

Suspect David Cameron will be in the spotlight following his adviser Andy Coulson being found guilty. Still at least Rebekah got off so it’s not all bad, David!

Apparently you are more likely to get bitten by Mike Tyson or Suarez than a shark!

That is all