Daily FNArena News - Australia

Retail sales rose 0.5% but the gain was driven solely by higher food prices as economists note consumers are cutting back on more discretionary spending.

Continuing its trend of disappointing production results Lihir has fallen short of expectations for the March quarter but brokers are keeping the faith on valuation grounds.

March credit data for the Australian economy shows a trending down in the level of economic activity as the RBA’s recent rate hikes begin to bite on spending patterns.

Last week Credit Suisse suggested Paladin should Outperform but RBC Capital Markets suggests the stock is expensive at current levels.

Conditions in Australia’s Agribusiness sector worsened in the March quarter but recent rain has lifted expectations for the coming year.

With oil prices still pushing higher earnings forecasts for Qantas are coming down with little relief in sight.

A look behind the numbers of yesterday’s NAB business confidence survey.

National Bank was obviously hoping no one would pay attention if it raised its mortgage rate on a public holiday.

Ansell has announced a buyback of 5m shares but brokers continue to see acquisitions as likely and suggest this will support an already strong growth outlook for the stock.

National Australia Bank’s quarterly business confidence survey shows further falls across all scales of business with outlooks now as weak as during the last global downturn in 2000/01.