Daily FNArena News

David Jones has joined the ranks of retailers to admit times are tough and some wonder whether cost savings will be enough to support earnings during the downturn.

Harvey Norman’s update on September quarter earnings confirms a weak outlook and shows consumers in Australia are spending less.

Q3 construction work in Australia was much stronger than expected, painting a more positive picture of GDP growth for the September quarter.

Global steel industry conditions continue to worsen and steel industry consultant MEPS has lowered its global price forecast by 15%.

While similar, the current decline of Asian currencies differs in many ways from the falls of the 2000/01 global economic downturn.

ANZ Bank thinks China’s recently announced stimulus package is large enough and well targeted enough to support solid growth.

Australian Wealth Management’s merger propoal with IOOF Holdings is seen as a win for both sides.

JP Morgan has suddenly become concerned over Leighton’s Middle East contracts and has taken a knife to its target price.

While earnings are tracking slightly below expectations brokers like that Axa Asia Pacific is unlikely to require a capital raising.

Far from being killed off by the credit crisis, it may be that venture capital offers solid potential returns for investors in 2009.