Daily FNArena News

According to TD Securities today’s housing finance data for June supports the RBA’s decision to lift rates as it implies ongoing inflationary pressures in the economy.

A slowing economy on the back of the sub-prime crisis means the US no longer leads the world in base metal consumption, but an expected pick-up in coming months keeps Barclays positive on the sector.

As the US deals with a credit crunch, it would not be a good time for China to start dumping US Treasuries. But it is threatening to do so if the protectionist groundswell is not addressed.

The RBA this morning raised official interest rates from 6.25% to 6.50%.

It was a case of bad news can be good news on Wall Street as the Fed decided not to ease rates in the face of the credit crunch. The Dow pulled back losses to be up 35 points.

An tour of the company’s WA operations has brokers confident on the Metcash outlook, with earnings risk firmly to the upside and growth options available to management.

I was the biggest up-tick since October 2002, but traders remained unconvinced of the integrity of last night’s rally. Oil finally tipped over.

ANZ job ads data point to a continuing fall in the unemployment rate, which is not good news for interest rates.

Earnings guidance for FY08 has been cut and most of the market now sees little reason to be in Telecom New Zealand given ongoing regulatory issues and competitive pressures.

The Fed will do nothing on Tuesday and the RBA will hike on Wednesday if consensus expectations are accurate. The Australian results season steps up a gear.