Daily FNArena News - Australia

While the “experts” have been busy talking the market and the economy down, consumers have made a very upbeat statement with their wallets.

ChemGenex continues to deliver good results from its omacetaxine compound trials and ABN Amro Morgans suggests this is making the company an increasingly attractive target for big Pharma.

Unlike most bad news over the last few months, NAB’s latest business survey and economic outlook didn’t come with a silver lining, offering no alternative to looming recession. (Part 2)

Unlike most bad news over the last few months, NAB’s latest business survey and economic outlook didn’t come with a silver lining, offering no alternative to looming recession.

Having previously expected Australian interest rates would bottom at 3.5% Westpac now sees 2.75% as the low point given the weak economic outlook.

Fairfax has lost its CEO but brokers see the level of dividend payouts and debt levels as the most important issues facing the company at present.

If the latest job ads data are correct unemployment is set to jump in Australia in the months ahead.

Merrill Lynch has slashed its coal price expectations in coming years and this flows through to significant cuts to its earnings estimates for Wesfarmers.

Australian building approval numbers were below consensus for the fourth month in a row leading to predictions of a further 0.75% rate cut early next year.

Qantas has revealed it is in merger discussions with British Airways, but brokers see little to get excited about.