The market is down 2. The SFE Futures were down 8 this morning.

The Dow Jones closed down 70 overnight. Bellwether, Cisco Systems provided a disappointing outlook (it fell 16%) and sent tech stocks lower. Chinese industrial production data supported metals — gold was up $4 and copper hit a record high. The US dollar rose as the euro fell on speculation Ireland will need a financial bailout. The A$ fell back below parity to 99.85c. Oil was unchanged at $87.81c.

Today’s main points…

  • China’s CPI was higher than expected up 4.4% against expectations of 4%. The PPI was also higher than expected at 5%. It has prompted talk of more Chinese policy tightening.
  • Plenty of M&A activity in the resources sector yesterday – Brockman Resources (BRM) and FerrAus (FRS) were both bid for by Hong Kong’s Wah Nam. Straits Resources (SRL) is demerging its coal division which will be bought by PPT Intl. BRM down 5%, FRS down 2.7%, SRL down 3.6%.
  • Seek Ltd (SEK) — down 6.7% on the back of its trading update. Talks about challenges ahead. Chart a bit ugly.
  • Myer (MYR) — Q1 sales and AGM today – Q1 sales down 1.7%. Conditions remain uncertain with consumer sentiment fragile. MYR down 1.03%.
  • Karoon Gas Australia (KAR) in a trading halt pending an announcement regarding its South American Business.
  • Bow Energy’s (BOW) has successfully completed its $48.4m institutional placement at 115c a share. BOW down 8.08% to 118c.
  • Goodman Fielder (GFF) has ended talks with Cargill Australia over the sale of its edible fats business which was opposed by the ACCC. GFF down 2.97%.
  • Infigen Energy’s (IFN) Chairman Graham Kelly has resigned and will be replaced by Mike Hutchinson. IFN up 5%.
  • BlueScope Steel (BSL) up 4.8% yesterday despite warning it may post an after tax loss in first half of FY11. BSL down 0.76% today.
  • National Australia Bank (NAB) goes 78c ex dividend today, as does the Bank of QLD (BOQ) — 26c ff. NAB down 3.46%, BOQ down 3.49%.
  • Changes to the S&P Indices — Prime Infrastructure Group (PIH) removed from all S&P/ASX indices (will be acquired by Brookfield Infrastructure Partners). Intrepid Mines (IAU) added. PIH down 0.57%, IAU up 5.22%.
  • The MSCI yesterday added Ramsay Healthcare (RHC) to its Australian constituents, while Aristocrat (ALL) and Energy Resources (ERA) were removed. RHC down 0.25%, ALL down 4.26%, ERA down 1.4%

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