Daily FNArena News - Australia

A non-binding proposed offer has been made for Challenger Infrastructure but with the deal pitched below net asset value brokers don’t give it much chance of succeeding.

The market is not surprised Incitec Pivot has made a full bid for Dyno Nobel and with the deal expected to be earnings and value accretive most brokers are in favour of the move.

Consumer Sentiment is faltering, and fast, in Australia according to a monthly gauge by Westpac and the Melbourne Institute.

ANZ Bank’s Job Ads series has fallen for the first month since November 2006, suggesting recent interest rate increases are slowly beginning to bite on economic activity in Australia.

National Australia Bank’s latest Monthly Business Survey confirms its view demand has peaked, leading to minor downward revisions to its growth forecasts for the Australian economy.

Westpac’s Monthly Market Outlook sees Australian growth as remaining solid this year, though with inflationary pressures persisting there is scope for further increases in interest rates.

Ausenco has expanded its operations and increased its geographical spread via two acquisitions.

Citi’s initiation today of coverage on Fortescue brings to four the number major brokers covering the stock, and three the number of Sell ratings therein.

Asciano has again downgraded earnings guidance and while brokers have cut their forecasts they remain positive as there is value on offer, though it will take time to flow through to the share price.

Pre-empting today’s rate hike, RBA critic Dr Steve Keen is back with more of his collection of scary graphs.