Morning sports fans,
$2.8bn loss…Go QANTAS…all non-cash of course..not sure how the whole non-cash thing works though…maybe Joyce can be paid in non-cash..sure he will get a big bonus though as he has done such a great job!!!Anyway it’s a shocker..the stock will probably go up now as all the babies have been thrown out with all the bath water…outlook is mildly positive depending on fuel prices, volcanoes, strong(weak) Aussie dollar, Joyce’s pay check, how many people fly ,politics ,the economy and asteroid interference!!
Markets stalled a bit overnight at their lofty levels…US markets were mouse quiet as last hurrah for the Hamptons approaches this weekend..labor day weekend signals the return of the big hitters…was probably like an episode of Revenge for the last three months …
Iron Ore down again so expect the solidarity of yesterday to unwind a little…may prompt some profit taking in the market but nothing to get too excited about…shocker though from AGO…missed our estimate by a mile…shows how much the second tear are hurting…spelt that wrong by design BTW….
Canberra still a joke and probably the only sideshow at the moment holding us back…the fact that Clive Palmer is in power is a sad reflection of the competition…
Down 15 today with miners a little weaker and a few cents off the banks…flesh wound..my dodgy bank index is trading at $185…time to sell some calls again I think
Idea of the Day
Reporting season….all up I reckon it gets a tick of approval…sure there has been some shockers..see above..but the general tone although cautious has been positive and analysts have been surprised to the upside…what is evident is that the mark ups after the numbers are pretty big as everyone jumps at once…when I say everyone ,that is the computers that is…so suspect the results will have been good enough to support the market at its current price…of course we are a bit stretched and need a pullback but when….that is the question..
Volatility = Opportunity don’t forget..share prices are not numbers on doors!!!
Things to make me go mmmmmm!!!
The French jobless total rose by 26,100 in July to record 3.424m….think it’s time Mario…cos whatever the politicians are doing isn’t working…6 years on from the GFC it’s still a mess in Europe..just we are all looking the other way…at least the UK is doing ok…shows what having control of your own currency does(that and having London House prices as Russian and French buy the city!!)…big difference..best thing UK ever did was stay out of the Euro..and Scotland wants to join…merde!
Things I never thought I would see…Lady Gaga in a black afro wig singing ‘Another One Bites the Dust’ on stage with Queen….was good though…Adam Lambert did a great job..not bad for a runner up on Idol in the US…maybe if they could have got the winner it would have been even better…still, saw Fredie, now seen them without…Freddie still the best!!!
Don’t you love Rasputin…he talks as a man of peace while still arming and supporting the rebels in Ukraine…what a guy…
German consumer confidence has suffered its first fall since January 2013, as the weakening eurozone economy and geopolitical risks hit Europe’s largest economy.Meanwhile in a galaxy far far away..aliens are buying German Ten Year bonds with a record low yield of 0.91%!!!!
MERKEL SAYS U.S. CAN’T SOLVE ALL THE WORLD’S PROBLEMS ANYMORE…maybe it can just create a few then!!
Christine Lagarde from the IMF under investigation for fraud…
Meanwhile in Argentina ,another national strike with seven soccer matches cancelled..things must be bad as the Gov grapples with the debt payment issue and a failing economy..
Didn’t take long ,as soon as the Veda shares were out of escrow the sellers are lining up…not quite sure what it says about the outlook from the pros…opportunist perhaps or a toppy market..still could wait to dump the balance.. Macquarie Capital will sell a $600 million stake, or 270 million shares, in reporting group Veda at $2.15 a share…
Ex dividend today: Ansell, Asciano, Bega Cheese, CMI Ltd, Chandler Macleod, M2 Group, Macquarie Radio Network, Mortgage Choice, Navitas, Platinum Asset Management, Super Retail Group, Vocation, iiNet.
Seems the well never runs dry…soon Australia’s biggest industry will be Super and people will get paid a fortune to look after other peoples super that is based on their jobs looking after other people’s super…what a great industry…
Kerry Stokes’s Seven West Media has confirmed the company is “actively” sizing up international acquisitions as Australian media companies combat slow growth in the local market and regulations limiting corporate activity.
Worley Parsons: confirmed it had cut 1700 jobs over the past year as the group’s core engineering businesses weakened, pushing group net profit down 23 per cent to $249 million.
Think Ebola is a bigger issue than we are giving it credit for.. economic growth in the region(West Africa) will plunge by up to 4 percent as foreign businessmen leave and projects are canceled, according to the African Development Bank president said.
SAXO bank CIO is predicting a recession in Germany as the Eurozone slips into zero growth…absolutely Nada…zip…6 years on ..billions spent and sod all growth….something drastic will have to be done..cue the printing machine!!!
Nine Entertainment has reported a statutory full-year profit of $58 million in its first results since re-listing, down 95 per cent on the previous year. Billabong reported a bottom line loss of $233.7 million – compared with a loss of $859.5 million in 2013 – after booking further asset impairment charges and restructuring costs.
In a train from London to Manchester an American was berating the Englishman sitting across from him in the compartment.
“The trouble with you English is that you are too stuffy.
You set yourselves apart too much.
You think your stiff upper lip makes you above the rest of us.
Look at me… I’m me! I have Italian blood, Greek blood, a little Irish blood and some Spanish blood.
What do you say to that?
The Englishman lowered his newspaper and replied,
“How very sporting of your mother!”
Have a great day
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