Markets Live: Horror week for shares

The Bank of England’s Monetary Policy Committee also kept its key interest rate unchanged at a record-low 0. 5 percent today. 9:16am: Local shares are set to open lower amid a renewed global focus on the conflict between Russia and the West over Ukraine. • AUD at 92. 69 US cents, 94. 64 japanese yen, 69. 41 Euro cents and 55. 10 British pence. • On Wall St, S&P 500 -0. 6%, Dow -0. 5%, Nasdaq -0. • In Europe, Euro Stoxx 50 -1. 2%, FTSE -0. 6%, CAC -1. • Spot gold rose 0. 5% to $US1311. • Iron ore adds 0. 1 per cent to $US96. 00 per metric tonne. • US consumer credit, non-farm productivity, unit labour costs; UK trade balance. • Santos, Origin: Union starts industrial action against contractor Bechtel on Curtis Island. • The following stocks will trade ex-dividend today: Australian Foundation Investments; Boulder Steel, stock split; Namibian Copper rights issue; Newera Resources entitlement. 9:16am: Good morning and welcome to the Markets Live blog for Friday. CFE 15c stock. Paying 4c Div F/F. Yield is 26. 66% GROSSED UP 38. 08% ARE YOU KIDDING FANTASTIC.

But JP Morgan analyst Matt Ryan downgraded the company to a “neutral” rating because the stock is trading about 2 per cent lower than his target price of $3. 64, on a forward price to earnings multiple of 17-times. “Despite the solid result, we have made a valuation call,” he says. 2:48pm: Shares in digital real estate business REA Group have dropped by 7. 7 per cent, despite the company delivering a strong full-year earnings result. REA shares were at $43. 23 in mid-afternoon trading after reaching as low as $42. 65 after the operator of the country’s No. 1 property website, realestate. com. au, said underlying net profit in the year through June rose 37 per cent to $149. 88 million.

Australia is losing its developed-world-beating status as the mining investment boom that powered it through the global financial crisis wanes. “Mining investment is expected to decline much further as large mining projects are completed,” the RBA said today. “The exchange rate remains elevated, particularly given the recent declines in commodity prices. ” The central bank said the outlook for the terms of trade over the rest of 2014 is “a little lower” than forecast three months ago. 11:35am: US President Barack Obama has authorised airstrikes in Iraq, Bloomberg is reporting. 11:32am: Jetstar Group chief executive Jayne Hrdlicka has defended the low-cost carrier’s investments in Asia, saying the region represents a vital part of the future of the airline over the long term.

The Standard & Poor’s 500 Index fell 0. 6 per cent to 1,909. 57, closing below its average price for the past 100 days for the first time since April. The Dow dropped 75. 07 points, or 0. 5 per cent, to 16,368. 27, close to its 200-day moving average. “The uncertainty over the situation in Ukraine has overshadowed the positive economic data we saw earlier today,” John Manley, who helps oversee about $US233 billion as chief equity strategist for Wells Fargo Funds Management in New York said. “The market has adapted to the positive data, but when it comes to geopolitical tensions, it’s hard to adapt.

Revenue rose 30 per cent to $437. 46 million from $336. 46 million. News Corp owns 61. 6 per cent of the popular web site that competes with Fairfax Media’s domain. com. au. “Our excellent results reflect the underlying strength of this business and our robust strategy for local and international markets,” REA interim chief executive Peter Tonagh said. “This year, we have been active on the acquisition front as well as investing more than $50 million in new technology, products and initiatives such as our Chinese site myfun. com.

Read more here: SMH


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