Daily FNArena News

Fairfax is the jewel in the crown of Australian media, and brokers do not think valuation multiples will stand in the way of a bidding war.

Iluka’s quarterly production report revealed earnings are likely to be at the lower end of previous guidance, but exploration upside and takeover potential have ensured brokers remain generally positive.

This week sees the release of inflation data in Australia and New Zealand, with a rate decision to be announced in NZ on Thursday, and in the US on Wednesday night. T3 is open to retailers today as well.

Our sources in London tell us rumours are that HBOS is studying a bid for Suncorp-Metway.

Intersuisse suggests Arrow Enery is well placed to grow earnings in coming years as it supplies the growing gas needs of the Queensland market.

Austock Securities rates Amcor a Buy for improved earnings in coming years. The broker is more confident on the restructuring than most in the market.

Westpac believes this drought could well eclipse 1994-95, making it the worst drought since European settlement. In the meantime, ABN Amro is looking for bargains in the sector.

Macquarie suggests interest rates will mover higher in Japan, but the timing of further increases will be influenced by the level of the yen to the US dollar.

The Dow closed above 12,000 for the first time last night as profit season took the limelight from otherwise confusing economic data.

There’s only one way Lion Nathan can become a genuine winner in the auction of NZ’s Independent Distillers. But what are the odds?