Daily FNArena News

Having confirmed previous approaches and requested a trading halt to consider an updated expression of interest brokers assess whether a bid for Nufarm is likely given current valuations.

Harvey Norman delivered a surprise upgrade to earnings guidance yesterday but while brokers have lifted earnings estimates the view is the stock is fully or even over-valued at current levels.

The Fed gave the market what it wanted but indicated that will be all for now. Wall Street still loved it. The Dow rose 137. Oil hit US$95. Gold hit US$800.

Weekly musings by your editor. The decline of the US dollar. When is the trend your friend?

Both UBS and Credit Suisse have downgraded Boart Longyear to Neutral from Buy but the latter remains positive on the longer-term outlook given a positive earnings outlook and upside from acquisitions.

Aditya Birla recorded a disappointing first-half result yesterday and the result is cuts to earnings and downgrades to ratings.

Oil was the big loser overnight while stock markets began to doubt a Fed cut tonight.

Gold is at 27-year record highs but the gains are being limited to the US dollar as NAB points out prices in euro and Australian dollar terms remain below highs of last year.

Annual negotiations for iron ore contract prices are due to start soon. Chinese customers are advocating unity amongst steel firms, while BHP is as bullish as can be.

It’s unlikely Perseverance shareholders can do better than Northgate’s 20c offer.