The ASX 200 is down 37 points in mid morning trade after a cut US trading session. Oil down over 7% and iron ore also hit. BHP huge detractor (over 10 points for AllOrds). Banks OK but miners and oil ↓. KGN credit card and FPH 11H result. Quiet week datawise. RC continues.  #ausbiz



  • Japanese – Nikkei Manufacturing PMI Flash, Coincident Index Final, Leading Economic Index Final
  • Ex-dividend – Contango Income Generator (CIE) 1.6c, Infratil (IFT) 5.5c


  • UK Finance Mortgage Approvals


  • Fisher & Paykel (FPH) – “Overall, results are in line with our expectations for the start of the 2019 financial year…We remain on track, with our core product groups delivering a 12% increase in revenue, or 9% in constant currency terms.” NPAT +20% to NZ$97.4m, revenue +12% on pcp to NZ$511.3m. Interim dividend NZ9.75c. Hospital revenue +13% to NZ$297.3m
  • Cromwell (CMW) – Trading Halt due to capital raising.
  • Resolute Mining (RSG) – Joint Development Agreement between Resolute and Ignite Energy; New power plant to be independently financed, owned, and operated by Ignite Energy; Long term tariff agreement expected to provide ~40% power cost savings for Resolute at Syama; Solar Hybrid Power Plant expected to be a global leader for mine site based integrated energy management; Solar, battery, and HFO technologies to provide increased efficiency and improved environmental outcomes; Reduction in risk exposure to potential oil price escalation and fuel logistics; Potential future expansion of battery storage and solar plant to accommodate future electric automated fleet; Potential for the creation of a local micro grid to benefit local Mali communities
  • Kogan (KGN) – Kogan Money Credit Card. The Kogan Money Credit Card will be competitively priced, and offer unique and compelling loyalty incentives for consumers to shop on Kogan.com and elsewhere; Citi will issue the card, provide system infrastructure, servicing, back office, processing, regulatory and compliance oversight, and branded digital platforms; Kogan.com will market and distribute the Kogan Money Credit Cards and provide loyalty fulfilment; Available to consumers in 2019.


  • Domestic data – CAPEX on Thursday
  • Chinese industrial profits on Tuesday and then on Friday the official PMI numbers.
  • European inflation and unemployment on Friday, as well as a range of confidence indicators on Thursday.
  • US – 2nd estimate of GDP on Wednesday along with the Minutes to the FOMC meeting. PCE prices for October are on Thursday.






US EQUITIES – S&P 500 -17 (-0.66%), Dow -179 (-0.73%), NASDAQ -33 (-0.48%)

Main themes –

  • Shortened trading session
  • Oil down over 7%

EUROPEAN MARKETS – Mostly stronger. STOXX500 +0.40%, UK FTSE -0.11% the exception, German DAX +0.49%, French CAC +0.18%.


  • The USD is a touch higher at 96.94.
  • The Aussie dollar is weaker at US72.37c.

BONDS – Limited trading. 2-yr: UNCH at 2.82%, 5-yr: -1 bp to 2.88%, 10-yr: -1 bp to 3.05%, 30-yr: UNCH at 3.31%.


  • WTI crude futures fell US$4.21 or 7.7% to US$50.42. Issues continue to be slower global growth and increases in production. Saudi Energy Minister Khalid al Falih said output would exceed October’s 10.6mbpd this month. Oil was down 11% for the week. It comes ahead of OPEC/non-OPEC meeting on December 6. WTI is now down 34% form the peak in early October.
  • Iron Ore – IRESS reports iron ore unchanged at US$73.50 a tonne. The CommSec site says China Import (Fines 62% Fe) was down US$3.15 at US$68.90 dry ton. (CFR Tianjin port)
  • LME metals – Mostly lower. Cu -0.77%, Ni -0.50%, Al +0.13% the exception


  • Brexit – The UK and EU agreed on the draft Brexit deal. UK Prime Minister still faces a daunting task in getting the deal through Parliament, with lawmakers deeply divided over the proposal in its current form.
  • Italian fiscal crisis – Deputy prime minister, Luigi Di Maio, reportedly said Rome would show the highest willingness to work with European institutions in order to resolve a budget stand-off. But he also told La Repubblica Friday that Italy would not be prepared to amend the main pillars of its expansionary 2019 budget
  • Oil – lasts supply/demand numbers. Oil supply. The IEA recently predicting non-OPEC output alone would climb by 2.3mbpd in 2018 (up half a million bpd from forecast six months ago). Meanwhile the IEA sees 2019 demand growth of 1.3mbpd (down from 1.5mbpd six months ago)


“Yesterday I was a dog. Today I’m a dog. Tomorrow I’ll probably still be a dog. Sigh! There’s so little hope for advancement.” – Charles M. Schulz, American cartoonist born this day in 1922. Died 12 February 2000.


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