Daily FNArena News

Westpac has assessed the negative oil leverage of nations around the world, noting there is currently nowhere to hide as other fuel sources are also becoming more costly.

Non-OPEC production issues are the driving reason behind Scotiabank revising its oil price forecasts to US$125 per barrel this year and US$135-$140 per barrel in 2009.

According to Credit Suisse there is a growing chance QBE Insurance falls short of guidance for gross written permiums this year, meaning downside risk to consensus earnings forecasts in the market.

A refinancing update revealed a further $300m would be required and brokers see this as putting both management and distributions under pressure at Babcock & Brown Power.

US personal expenditure numbers for the first quarter will make for interesting reading this week along with a revised first quarter GDP. Credit demand will be key for Australia.

Resource companies again lead the way on the Australian market in market capitalisation terms, a trend CommSec suggests could see increased interest from global fund managers.

If the Aussie is really heading to parity, get ready for some significant profit downgrades from exporters and companies deriving a large percentage of profits in the US.

Shane Oliver takes the view the market has seen its lows and will finish the year higher than it is now, but allow for a short-term correction after the recent rally.

AWB’s half-yearly profit result was in line with guidance but a number of issues mean brokers continue to have difficulty forecasting the group’s outlook.

Emerging gold producers Sino Gold has announced a $204m capital raising to close out its hedging and brokers have been generally positive on the move.