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ASB Securities Morning Brief for Wednesday, 16 May 2012

New Zealand Headlines

NZ Market Report. The New Zealand sharemarket closed in the red yesterday with fears about ongoing uncertainty in Greece dominating markets globally... Read more

The euro crisis pushed New Zealand and Australian government 10-year bond yields to all-time lows yesterday as demand for higher-yielding safe haven investments soared in the wake of more fears about Europe... Read more

The economy may be hitting a pothole in the June quarter, according to the ANZ Bank's "Truckometer" – a measure of traffic around the country... Read more

The Real Estate Institute is warning of a slowdown in farm sales as seasonal conditions look set to sour, ending the best quarterly sales period since August 2008... Read more

At 5.25%, ASB’s annual fixed-term home loan rate now matches ANZ National and Westpac's at a 17-year low... Read more

Harley-Davidson, the US motorcycle company founded in 1903, has doubled sales to kiwi women in the past three years even as the nation's overall market for big bikes has shrunk... Read more

The number of people approved as skilled migrants to New Zealand is down 12 per cent, largely due to the global economic downturn... Read more

Infrastructure investor Infratil said it expected to build on its earnings momentum in the current financial year after producing a strong lift in its net profit for 2011/12... Read more

Traders think it is increasingly likely the NZ First leader will help form the next government... Read more

Television New Zealand is confident a Commerce Commission investigation will not shut it out of its Igloo joint venture with Sky Television... Read more

Emotions attached to Christchurch's old city centre will ultimately ensure the CBD is rebuilt on the site devastated by February's earthquake, says a visionary property developer... Read more

Queenstown Airport is pushing for the introduction of night-time flights by the autumn of 2013 – helped by cornerstone shareholder Auckland International Airport... Read more

François Hollande surfed to victory with the help of a Wellington-developed website platform... Read more

An analyst has slashed SkyCity's financial outlook and warned of risks to the transtasman business... Read more

Most people would be comfortable paying between $5 and $9 for prescription items, Medicines NZ says... Read more

Emergency services at the upcoming US Democratic National Convention will be relying on a radio network made by NZ firm Tait Communications... Read more

Twenty projects recognised in the 2012 New Zealand Architecture Awards prove design quality is not governed by the size of buildings or type of work, says the award jury convenor Hugh Tennent... Read more

Seeby Woodhouse, who has up until now dabbled with comeback, is now back in the ISP game boots and all... Read more

Deer farmers are being urged to strengthen market ties with China as the demand for premium deer products increases as China becomes more Westernised... Read more

A $5 million contribution has been made to the new theatre proposed for the Wynyard Quarter on Auckland's waterfront... Read more

Australian Headlines

Australian Market Report. Australian shares fell to their lowest in more than a month as the political stalemate in Greece and worries about slower global growth hammered miners... Read more

Slowing growth, inflation, and interest rate hikes by commercial banks gave the RBA the impetus to cut the cash rate in May... Read more

Further proof of consumer angst has been laid bare with a survey showing Australian shoppers are among the most worried in the world... Read more

ANZ will invest a further $300m to support growth in its Chinese subsidiary as part of the bank's push into Asia... Read more

The Government and farmers welcome the dollar's fall below parity with its US counterpart, but some say it is too soon to tell how it will affect other industries... Read more

Mirabela Nickel, the miner whose price plunged 30% last week, is attempting to create a $120m cash pile for what is expected to be another rocky year... Read more

Alcohol will once again become the real thing for Coca-Cola Amatil when it is cleared to re-enter the local beer market from next year... Read more

The chairman of a parliamentary committee into Australia's food industry has accused Coles of giving its own brands more shelf space than other brands... Read more

Furniture retailer Nick Scali expects its full year profit to drop by up to 22 per cent, while its expansion plans are being challenged by a weak retail environment... Read more

Mining magnate Clive Palmer says the Bimblebox nature reserve, where he wants to develop a coal mine in Queensland's Galilee Basin, is not a high quality environment... Read more

Oil and gas producer Santos Ltd says recent gas discoveries have made a third train at the Papua New Guinea LNG project more likely... Read more

Employers are warning that Labor's decision to abandon promised company tax cuts in last week's federal budget in favour of cash handouts for low and middle-income earners mean that minimum wages for workers cannot be increased, according to a report by The Australian... Read more

Industry veteran Richard Cottee has taken up the reins as chief executive at conflict-ridden Central Petroleum, saying it's the company's massive exploration acreage that appeals to him... Read more

High interest rates on children's savings accounts could be hiding fees, conditions and other traps in the fine print... Read more

Clive Palmer has decided to put his name to the Sunshine Coast property he aims to develop into a world-class luxury retreat... Read more

Former ABC Learning Centres chairwoman Sallyanne Atkinson has defended a decision to not inform shareholders that the childcare business had stopped buying new facilities... Read more

Pacific Brands says there will be no takeover offer for the clothing maker, after discussions with potential suitors failed to reach a deal... Read more

Former Treasury boss Ken Henry has defended key advice he provided to the former Rudd government, including sweeping cash stimulus payments to households as the global financial crisis brewed... Read more

Blinds and curtains maker Kresta expects property sales to bring it back to profitability this financial year... Read more

Woodchipper Gunns has struck a deal to sell its hardwood sawn timber business for $28 million as it continues to finalise its long-awaited capital raising... Read more

Suncorp continues to be hit by natural disasters, with its insurance costs for the financial year currently $253 million above its expectations... Read more

Aurora Oil and Gas shares were still in a trading halt after the company announced it would pay $US95 million for an extra 6 per cent stake in the Sugarloaf shale gas project in Texas... Read more

The union movement is gearing for a major battle to protect the 20 per cent of the workforce being denied what it calls the certainties of a nine-to-five working life.... Read more

The WA Government will introduce legislation today allowing Bankwest to operate under the same license as its parent company... Read more

Carbon Conscious says it is on track to meet full-year profit guidance of $3.5 million as the carbon offset firm begins tree planting for the 2012 season... Read more

Australia's ambition of surpassing Qatar to become the world's largest LNG producer has been thrown into doubt by concerns that rising cost and capacity constraints could jeopardise more than $200 billion worth of liquefied natural gas projects, according to a report by The Australian Financial Review... Read more

Bidding for control of pipeline owner and operator Hastings Diversified is hotting up, with a consortium of local and foreign bidders putting a full cash takeover offer on the table... Read more

International Headlines

US Market Report. Consumer shares led a modest rebound on Wall Street on Tuesday, after the S&P 500 fell for four of the past five sessions, but gains were capped as investors kept an eye on the political impasse in Greece... Read more

World Market Report. An updated report of the world's latest market movements... Read more

The eurozone avoids returning to recession after recording zero economic growth in the first three months of the year, figures show... Read more

US retail sales rose in April at the slowest pace of the year as Americans took a break from a shopping spree induced by unseasonably warm weather in prior months and an earlier Easter holiday... Read more

The head of JPMorgan Chase, the biggest US bank, is backed by shareholders days after it revealed a $2bn trading blunder... Read more

Facebook raises the price range at which it hopes to sell shares to between $34 and $38, potentially putting its total value above $100bn... Read more

Repsol has started the process to claim more than $10 billion compensation from Argentina for seizing the Spanish oil group's stake in Argentine energy company YPF, in an arbitration case that could drag on for years... Read more

Carlyle Group LP, the private-equity firm that went public this month, is seeking capital for a buyout fund that will invest in Asia, according to three people with knowledge of the situation... Read more

Telecoms giant Bharti Airtel is being investigated for money laundering and violations of foreign exchange rules by Indian authorities, a minister says... Read more

Groupon Inc shares jumped 22 percent in premarket trade on Tuesday after the daily deals company posted its first quarterly profit as it signed up more customers and merchants... Read more

The UK's trade deficit narrowed in March, driven in particular by stronger exports to the US, China and Russia, official figures have shown... Read more

The Italian economy, the eurozone's third biggest, fell deeper into recession in the first quarter of 201... Read more

Chesapeake Energy Corp shares dropped as much as 6.5 percent on Tuesday following a credit rating downgrade and news that the natural gas producer will boost its borrowings to $4 billion from the planned $3 billion as it faces a liquidity crunch... Read more

Lead is poised to rally after erasing this year’s gains with the market returning to shortages following a five-year glut as miners fail to keep pace with record demand for batteries.... Read more

Fragrance firm Coty has withdrawn its $10.7bn bid for Avon Products, saying the US beauty firm had taken too long to respond to its offer... Read more

Ally Financial is "absolutely not" looking to sell its core U.S. auto lending business as it seeks ways to pay back $12 billion it owes to U.S. taxpayers after a government-funded bailout during the financial crisis, the company's CEO said... Read more

Selling off the taxpayer stakes in Royal Bank of Scotland and Lloyds Banking Group could take years, according to financial experts... Read more

Ex-News of the World editor and News International chief executive Rebekah Brooks says she and her husband will face charges over Britain's tabloid phone hacking scandal... Read more

The United Nations Development Programme says Africa needs to boost agricultural productivity if it is to sustain its economic boom... Read more

India has said it will cut imports of Iranian oil by 11% in the current financial year as it continues to face pressure from the US... Read more

Cerberus Capital Management LP is seeking as much as $1.8 billion in new debt on six resorts, including five in Hawaii, taking advantage of Wall Street’s growing appetite for commercial mortgages... Read more

From horsepower to battery power, Ferrari is joining the growing ranks of green carmakers by launching its first ever hybrid vehicle at the end of the year... Read more

Walt Disney Co.’s ESPN sports network is talking with Apple Inc. about including the WatchESPN application on the computer maker’s television device, network executive Sean Bratches said... Read more

The Chinese social networking site Renren has reported wider losses for the first three months of the year, partly due to weak advertising revenues... Read more

Home Depot said Tuesday that its first-quarter net income climbed nearly 28 percent as unseasonably warm winter and increased business from contractors and other professional customers boosted results at the world's biggest home-improvement company... Read more

Important Disclaimer - The views expressed herein are those of the authors and are based on information believed but not warranted to be correct. Any views or information, whilst given in good faith, are not necessarily the views of ASB Bank Limited and are given with an express disclaimer of responsibility and no right of action shall arise against any of the authors, ASB Bank Limited or its employees either directly or indirectly out of any views, advice or information.
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