Consumer Staples

It can hardly come as a surprise that consumer confidence in Australia fell in June.

UBS has made minor changes to its model portfolio to reflect May market action, while RBS has identified potential ASX100 earnings surprises in August’s reporting season.

The RBA was never going to change last month’s rate, but a surge in April retail sales and a plunge in building approvals did surprise economists.

Investors are currently nervous and FY11 earnings estimates may be too high but Citi still sees value in equities at current levels, while GSJB Were outlines its current preferences.

After a disastrous five-year excursion into wine, Foster’s has shocked no one by finally announcing it intends to demerge its core beer business. Brokers breathe a frothy sigh.

A snapshot of economist responses to today’s Australian retail sales data for March, which rose but by less than the market had expected.

Macquarie notes a sharp drop off in sales of electronic goods while Merrill Lynch downgrades all food retailers.

Foster’s shares are going nowhere but down, reports the TechWizard.

In the ongoing process of post-GFC regulatory changes, ASIC is looking to formalise stock broker recommendations in the wake of investor complaints.

Post a briefing by Metcash management, stockbrokers remain skeptical due to an increase in value conscious consumers and tough market conditions.