Daily FNArena News

The US, Europe, UK and China all report monthly CPIs this week, while a wealth of economic data may answer some recession questions in the US.

It started on Thursday but was dampened by a misplaced short covering rally. Tech took a dive on Wall Street on Friday as financials tried to hang in. The Dow fell over 200 points.

Strong underlying conditions sees CommSec revise higher its estimates for Australia’s S&P/ASX200 Index, the broker now predicting 6,800 by year’s end and 7,250 by the middle of next year.

News Corporation has delivered a slightly better than expected quarterly profit result and with earnings risk seen as to the upside brokers are almost overwhelmingly positive on the stock.

David Jones has delivered a solid first quarter sales result but broker opinion is divided as to whether or not the current momentum can be maintained for the full year.

The Dow bounced back from a 200+ point loss while the tech sector melted overnight. Rio rejected an offer from BHP.

Emeco Holdings has followed in the footsteps of Downer EDI as another mining service company to revise earnings lower and brokers have cut forecasts accordingly.

Intersuisse rates mining services company Austin Engineering as Accumulate given the company’s strong forward earnings book and growth options.

The Dow plunged 360 points last night on a number of issues, the most prevalent being the same old story – financial sector woes.

Weekly musings from your editor. It would seem that institutional investors have started to withdraw some of their funds. Investors may want to consider their strategy ahead of the New Year.