The ASX 200 is down 100 points in mid morning trade after big losses overnight as Apple bites (sorry). Broad based losses, with IT and banks worst. Utilities and AREITS ok. WBC ex 94c, IPL result, SDA contracts. NAB bus confidence today.  #ausbiz


  • Economic data – NAB Business Confidence
  • Ex-dividend – Westpac (WMC) 94.0c
  • Chinese data – New Yuan Loans


  • UK – Employment Change, Unemployment Rate
  • European data – ZEW Economic Sentiment Index
  • US economic data – NFIB Small Business Optimism Index, Treasury Budget
  • OPEC monthly production report


  • Incitec Pivot (IPL) – Earnings Before Interest and Tax (EBIT) ex IMIs: up 11.1% to $556.7m (FY17: $501.2m), NPAT ex IMIs: up 9.0% to $347.4m (FY17: $318.7m), Earnings Per Share (EPS) ex IMIs: Up 10.6% to 20.9 cents per share (FY17: 18.9 cents per share). Outlook – “We have entered FY19 with solid momentum, but the challenges will include increased gas pricing at Gibson Island over the next year and the continued search for economically viable gas supply for that operation. I am confident that the business is well placed to benefit from the continued execution of our strategy, as well as improved conditions across our markets.”


  • Suncorp (SUN) – Delay in settlement of life business. Now targeting 28 February 2019 as the completion date for the sale of its Australian life insurance business to TAL Dai-ichi Life Australia Pty Ltd, from initial targeted date of 31 December, reflecting latest expectation regarding the timing of regulatory approvals.
  • NextDX (NXT) – Has agreed terms with Superloop Limited (ASX: SLC) under which it is to provide connectivity to the new INDIGO subsea cable system for both the NEXTDC data centres in Perth (P1 and P2) as well as Sydney (S1 and S2).
  • Speedcast (SDA) –  Has been awarded multi-year contracts in multiple countries to enhance existing global services for Schlumberger, the world’s leading oilfield services provider.
  • Cochlear (COH) – Has invested €13m in Nyxoah S.A., a medical device company focused on the development and commercialisation of a best-in-class hypoglossal nerve stimulation therapy for the treatment of Obstructive Sleep Apnea.
  • Orocobre (ORE) – Investor presentation.





US EQUITIES – S&P500 -55 (-1.97%), Dow Jones -602 (-2.32%), Nasdaq -206 (-2.78%).

Main themes

  • Tech stocks weaker after Lumentum (-33.0%), which makes technology for Apple’s (-5.0%) face recognition function, cuts its outlook for the 2Q, saying one of its largest customers had asked it to materially reduce shipments.
  • General Electric (-5.6%) fell after saying there was an “urgency” to reduce leverage, adding this will be done by selling assets.
  • Light volume with bond market closed in observance of Veterans Day

EUROPEAN MARKETS – All lower. STOXX500 -1.01%, UK FTSE -0.74%, German DAX -1.77%, French CAC -0.93%.


  • The USD is significantly stronger, up 0.8%, at 97.68.
  • The Aussie dollar has eased further to US71.78c.

BONDS – Bond market closed in observance of Veterans Day. Friday’s market. 2-yr: -4 bps to 2.93%, 5-yr: -5 bps to 3.04%, 10-yr: -5 bps to 3.19%, 30-yr: -4 bps to 3.39%


  • WTI crude futures are down US$1.11 or 1.8% at US$59.08 after Saudi Arabia’s oil minister said OPEX may need to cut production by 1mpbpd to avoid oversupply. Oil has fallen 22% over the last 5 weeks, from US$76.90 reached in October, on supply issues including record Chinese imports and US output, and reports production has been increasing in Saudi Arabia and Russia.
  • Gold closed down US$7.50 or 0.62 to US$1201.10, on US dollar strength.
  • Iron Ore –The CommSec site says China Import (Fines 62% Fe) was down US50c at US$76.75/dry ton. (CFR Tianjin port)
  • LME metals – Mostly lower. Cu -0.12%, Ni -0.83%, Al -0.61%.

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