Glenn Dyer, Author at ShareCafe

Everywhere you look in the US, there seems to be unremitting gloom, even though there are some positives, such as jobs growth in the depressed car making state of Michigan and several other hard-hit areas of the US.

Election: Watch The Dollar

So what does the hung election mean for the economy, business and the markets?

Commodities: Oil, Gold, Copper Down

Among commodities, oil prices fell for a second consecutive week and hit a six week low as the poor economic news and the surge in American oil stockpiles undermined sentiment.

Profits: Westpac To Report, ANZ Improves

Westpac reveals its third quarter trading update this morning to complete the reports from the four big banks.

DIARY: Profits, Investment, US Homes, GDP

Post election and its back to the economy here and offshore and the various markets.

Profits: Goodman Fielder, Paperlinx, PMP

Ignore the impact of the Australian dollar and extra costs and write-offs and food giant, Goodman Fielder turned in a not too bad result, with earnings up around 10-11%.

Retailing: Wesfarmers Results Hides Coles’ Rebound

In some respects the Wesfarmers’ full year (and interim for that matter) results were misleading.

Profits: QBE Down, ASX Up, AMP Down

On July 26, QBE Insurance warned that the group was facing a 40% fall in interim group earnings because of lower returns from markets, especially fixed interest securities such as bonds as well as cash.

Profits: Brambles Sideways, Downer EDI Down

Good news; or another flash in the pan for the troubled US division of Brambles CHEP pallet business?

Investment: Global Investment Fears Ease, But US Still A Concern

Big global investors are not as bearish as they were a month ago.

Deals: Market Slams BHP With $9 Billion Drop

So is the BHP Billiton thrust for control of Potash Corporation of Canada a good thing?

Retail: A Trio Of Good Reports, TRS, DJS, NBL

Among the trio of retailers reporting profits or sales figures yesterday, David Jones got most attention because of its position in the market and the recent harassment claims against the company and former CEO, Mark McInnes, which forced his resignation.

Profits: Westfield Returns To Positive News

Still in retailing and mall major, Westfield Group posted operational earnings of $1.03 billion in the first-half of 2010, the company told the ASX yesterday.

Profits: Woodside Up

Woodside has delayed a final decision on its Pluto LNG project expansion until next year, according to comments with the company’s interim 2010 profit statement yesterday.

Profits; CSL Down Despite New Buyback, Higher Payout

Australia’s biggest drug company, CSL Ltd, seems to have run out of ideas for new investment, so it is going for another buy back offer to shareholders of up to $900 million.

Resources: Iron Ore Saves OneSteel Profit

OneSteel is looking more like a steel business being subsidised by a booming iron ore export operation.

Property: Two Colonial Trusts Confirm Recovery In Property

More signs of some financial strength returning to the embattled property trust sector.

Profits: UGL, Monadelphous, Macmahon All Upbeat

Engineer and services contractor UGL Ltd sees a 10% to 15% improvement in 2011 profit, which will be a lot better than the 1.5% improvement revealed yesterday for the year to June.

Profits: Cardno, Mac Both Up

Shares in infrastructure services consultancy Cardno Limited rose more than 3% yesterday after the company revealed a record net profit after tax of $37.60 million, up 10% for the June 30 year.

Deals: BHP’s $US39 Billion Potash Play Rejected

BHP Billiton has made its much rumoured move to grow its fledgling fertiliser business by launching a direct assault at the world’s biggest company in the industry Potash Corp of Canada, which immediately rejected the $US39 billion (A42.3 billion) offer.

Global Economy: Japan’s Surprisingly Sharp Slump

Oops, but aren’t the US, Chinese and Japanese economies, the world’s three biggest, suddenly in synch again, on the downside as economic growth slows?

Profits: Leighton Record, Lend Lease Higher

Construction giant Leighton Holdings yesterday reported a 39% rise in annual profit and higher dividend, as it attempted to convince the market that it was over any problems it the Middle East.

Profits’ BlueScope Up, Newcrest Earnings Soar,

Steel producer Bluescope Steel returned to the black in the 2010 year, earning a net profit of $126 million.

Deals: Sigma’s $900 Million Separation, AWB’s Rich New Offer

Bid off, deal done, Sigma Pharmaceuticals survives to live another day.

Corporates: Virgin Pulls Out Of NZ, Funtastic Improves, Gunns Confirms Downturn

Virgin Blue is abandoning New Zealand after millions of dollars of losses in the three years of flying domestically across the Tasman.

Economies: Europe, US Fail To Convince

A tale of contrasts last week on global economic growth, with data from Europe and the US the standouts and helping explain why markets have gone all mushy so quickly.

Markets: Profits Carry Warning For Australian Investors

The Australian market got a big reality check last week from two directions.

Commodities: Oil Down Sharply

World oil prices fell for the fourth consecutive day on Friday, taking the drop to more than $US6 a barrel or more than 6%, as commodity investors reassessed their forecasts in the wake of the downgrading in US economic growth by the Fed and the continued cooling of the Chinese economy.

Markets: US, Europe, Asia All Down

US sharemarkets finished the week with barely a spark as economic data gave little reason to reverse the downturn in sentiment triggered by the Fed’s cutting of its economic outlook and several poor data announcements in the three days afterwards.

DIARY: Election, Profits, US Retailers, Japanese Growth

After the sudden change in market sentiment last week after the US Federal Reserve’s meeting and downgrading of the US economy, we can look forward to more concerns on markets here and offshore this week.

Profits: Telstra Savaged After Forecasting 2011 Earnings Slide

Cash rich, profit poor might describe the plight of Telstra after yesterday’s 2010 earnings report and outlook.

Profits: Qantas Sees Blue Sky, Market Unmoved

Investors shrugged off the lack of a final dividend from Qantas after the airline yesterday reported another tough year with a 5.7% fall in full-year net profit to $116 million.

Profits: Singtel-Optus, James Hardie

In contrast to the lower result from Telstra, Singapore Telecommunications said yesterday that Optus’ net profit was up steeply in the June quarter, thanks to the strongest growth in five years.

Profits: Coca Cola Amatil, Myer, Transurban

Coca-Cola Amatil says it made a record net profit in the six months to June, thanks to price rises which helped offset slow consumption growth.

The Economy: What’s The Story: Inflation, Deflation Or…?

Australian unemployment rose to 5.3% yesterday in something of a surprise, but the Australian Bureau of Statistics has recast the labour force data in a major revamp, which has boosted the number of people in the labour force and the number of people working and unemployed.

Profits: CBA Second Half Slump Sees Banks, Market Down

No wonder the Commonwealth Bank (CBA) says it is cautious about its prospects for the 2011 financial year, despite posting a 42% rise in cash profit to a record $6.10 billion for the year to June.

Profits: Stockland Up

Stockland, Australia’s biggest residential property trust, might have stormed back to full-year profit because of increased sales in its residential communities business, and no asset impairment losses, but its taking a very circumspect view of the next year.

China: More Figures Confirm Slowdown

More evidence yesterday that China’s economy is cooling, despite a rise in consumer price inflation thanks to the surge in food prices from the bad floods of the past month.

Profits: ComputerShare Hit By Market Slide