Daily FNArena News - Australia

Oil Search reported a poor quarterly production report yesterday and the reaction was cuts to earnings estimates but brokers remain positive given the development potential for its gas assets.

The June headline CPI rose 1.2%, matching consensus.

Telecommunication service provider M2 has been the first to purchase $5000 worth in carbon credits on the newly established Australian Climate Exchange.

Intersuisse rates Australian Wealth Management as a Buy on the view its underperformance against its peers in recent months is not justified given the forecasts for earnings growth.

Commonwealth Research argues that while the demand side of the economy is pushing higher, the supply side should offset inflationary pressures.

Industry is not waiting around for government action, as manifested once again in today’s opening of the Australian Climate Exchange.

Deutsche Bank’s New York analysts have decided high oil prices are here to stay. There have been some substantial shifts in local target prices as a result.

Macquarie Bank announced a guidance-beating first quarter profit at its AGM. You’ve never seen so few shocked analysts.

Nothing wrong with how the Aussie economy is performing and the prospects remain healthy, the latest Leading Index by Westpac-Melbourne Institute suggests.

Shares in Progen have halved in recent months and Intersuisse suggests this offers a value opportunity for longer-term investors given trials results to date have been positive.