Daily FNArena News - Australia

With more than 20% of the market reporting so far, comments from a number of brokers indicate things aren’t as bad as some feared.

The Australian consumer is still doing it tough according to CommSec, with July figures showing lower mobile phone sales and no relief from spiraling rents.

In a tough market, David Jones beat expectations with June quarter sales then lifted its FY guidance. Merrill Lynch says the result warrants a Buy.

While PMP met its low-ball FY08 targets, the lack of forecasts for FY09 and tougher conditions ahead has brokers downgrading the stock.

Westpac says 100-150bp in rate cuts could stop the slide in the housing market.

CSL delivered a strong FY08 profit result but the proposed acquisition of Talecris has brokers more excited.

A controlled read on wage costs helps the case for future rate cuts, but it’s just the first drop in the bucket.

Australian consumer sentiment rose in August, boosted by lower fuel prices and rate cut hopes.

The core infrastructure and rail divisions delivered for United Group, but brokers remain mixed, seeing issues with the services division.

NAB’s July Survey of Business Conditions shows further deterioration, supporting prospest of future rate cuts.