Yesterday saw the biggest daily gain for the year so far, today the market is looking likely to give back some of those gains after lacklustre leads, although the SPI Futures has been a terrible indicator recently, it is off 24 points this morning. Yesterday, the RBA left rates on hold at 2.75% as the market largely expected, but it kept its easing bias which saw the AUD weaken slightly and the equity market extend gains. The RBA is feeling more comfortable with the level of the AUD and said further declines will help rebalance the economy; many economists are still expecting one more cut this year and the market is currently fully pricing in another 25bp cut this year. Data today includes AiG’s Performance of Services Index for June, New Home Sales, Retail Sales and the Trade Balance for May. Looking at broker ratings changes Perseus Mining, Tabcorp, Downer EDI and Caltex have been upgraded, while Boart Longyear has seen cuts by a number of brokers. In company news NAB has indicated further job cuts as it continues to rein in costs, ANZ has launched a $750M raising through a capital notes issue, while uranium miner Paladin’s CEO John Borshoff has extended his self-imposed pay cut and is looking to continue on as CEO after the end of his contract in November.
Posted on: Tue, 02 Jul 2013 23:47:12 +0000
Trending Topics
Recently Viewed Topics
© 2015