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Its Receivers Season

Macquarie Group expects big falls in contract iron ore prices in 2009 going by what speakers had to say at the Macquarie China conference. Despite the bleak research, iron ore stocks are outperforming - BHP up 4.5%, RIO up 4% and FMG up 5.1%.

Other News :The world is waiting on who will be the next President of the US – Barrack Obama remains the favourite.

 

BAD NEWS keeps coming in

  1. Allco Finance Group (AFG) has called in the receivers. Commonwealth Bank seems to be the most exposed among the major banks.
  2. Babcock & Brown Infrastructure Group (BBI) announced it will suspend payment of distributions and defer dividends until further notice.
  3. Bendigo and Adelaide Bank(BEN) has withdrawn its $75m convertible preference share offer due to deteriorating market conditions
  4. The Australian and the AFR both suggest ABC Learning (ABS) is thinking about calling in the receivers having failed to re-negotiate loans with banks. The CBA is the main lender according to the AFR with $500m thought to be outstanding

 

Mcain the robot

The Australian government has released its economic forecasts for 2008-09.

Various economists are already labeling it far too optimistic. It expects 2008-09 GDP growth of 2%, above expectations of 1.8%; predicts unemployment of 5% by mid-2009 compared to 4.3% at the moment; inflation to be at 3.5% by mid-2009 and the 2008-09 budget surplus forecasts has been trimmed back to $5.4bn. NAB economists have labeled the outlook as “too optimistic by a long way”.

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Australian shares gained 0.6 percent on Wednesday led by blue chip miners and financials on strong resource price


The biggest Blur chip stocks traded on the ASX, in terms of their market capitalisation, include:
BHP BillitonCommonwealth Bank of AustraliaTelstra CorporationRio TintoNational Australia BankAustralia and New Zealand Banking GroupRio tintoWestpac
The only stock to do worse than the S&P/ASX 200 is Harvey Norman Holdings Ltd [ASX: HVN]. Even so, it’s a better-than-the-bank 8.3% gain. The others have done much better: Qantas [ASX: QAN] up 36.1%; JB Hi-Fi [ASX: JBH] up 20.5%; Toll Holdings [ASX: TOL] up 25.3%; and Myer Holdings [ASX: MYR] up 37.1%. The benchmark S&P/ASX 200 index rose 27.1 points to trade at 4,977.3 by 2310 GMT. It fell 0.8 percent on Tuesday, its lowest close since February 7.