Daily FNArena News - Australia

Westpac has agreed to sell its sub-custody operations to HSBC, raising $150m to be put towards its core operations.

Gindalbie has continued to return encouraging exploration results from its Karara iron project. And then there is the joint venture with Chinese steel giant AnSteel.

Sales, margins and confidence continue their steady decline in Australia’s retail sector.

Brokers have not changed their forecasts for GPT following the company’s release of a wholesale office fund, but point out there is now some upside risk to earnings.

ABN Amro suggests the potential for bad debts in a number of sectors of the economy is rising, so there is some downside risk for bank earnings as a result.

Mt Gibson has launched a scrip offer for Aztec Resources. The ambition is to create a new iron ore force in Australia.

Only a miracle will prevent the RBA increasing rates next month, following a huge jump in the second quarter PPI.

If you’re not too fussed about franking credits, Intersuisse says Macquarie Airports is a solid yield pick with long term growth upside.

UBS notes not only toll roads and airports count as exposure to the infrastructure sector, as companies that do the project work also look attractive at current levels.

Credit Suisse and Merrill Lynch have revised their forecasts for Aristocrat Leisure, both brokers maintaining the stock offers upside as the Japanese situation resolves itself in coming months.