Energy

There remains no broker consensus on Santos, with Buy ratings reflecting potential corporate activity and Sell ratings the stock’s current premium to valuations.

Goldilocks fled the scene last night as exceptionally poor housing data finally overshadowed any earnings reports and credit contagion ruled the day. Carry trade unwinding began in earnest stripping more than a cent off the Aussie.

A spectacular result from Amazon headed the positives on Wall Street last night as growing LBO disquiet and very poor housing data reinforced credit market problems. Goldilocks was ahead on the day.

Oil Search reported a poor quarterly production report yesterday and the reaction was cuts to earnings estimates but brokers remain positive given the development potential for its gas assets.

The Dow was down 227 points last night as America’s biggest mortgage lender reported a 35% fall in profit, and it wasn’t all because of subprime.

Telecommunication service provider M2 has been the first to purchase $5000 worth in carbon credits on the newly established Australian Climate Exchange.

The Dow posted a 92 point rally last night as M&A shouldered aside subprime and Merck posted a good result.

Industry is not waiting around for government action, as manifested once again in today’s opening of the Australian Climate Exchange.

The Australian CPI will be out on Wednesday while the RBNZ will make a rate decision on Thursday.

One poor earnings result set off a jittery Wall Street as funds buying returned to gold and China hiked.