Daily FNArena News - FYI

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.

Weak jobs data set the market off again as a US mortgage lender went under and Bear Stearns fuelled the pessimism.

The Dow posted its second consecutive rally last night – the first time it has put two up-days together in three weeks.

Wall Street traders could be forgiven for feeling nauseous at day’s end following a session dominated by extreme volatility, culminating in a strong rally in the final twenty minutes.

Weekly musings by your editor. Is the cancer within the global financial system to bring a bear market upon us?

Early strength on Wall Street was killed off last night as a large mortgage lender announced trouble and the Fed declared the market was on its own.

While the bulls are looking for attractive value the bears have really come out to play.

Late buying in the Australian market was reflected on Wall Street as the Dow, too, opened lower but closed higher.

As the Aussie results season gets underway proper this week, we have some more data for the RBA to chew over, and a lot of data to frighten the US.