ASB Securities Morning Brief for Thursday, 11 February 2016
Thursday, 11 February 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares declined amid continued global concerns about economic growth and demand for commodities. Xero, Spark New Zealand and A2 Milk Co falling while Warehouse Group gained. The S&P/NZX 50 Index dropped 51.8 points, or 0.9 percent, to 6,019.49. Within the index, 30 stocks fell, 16 rose and four were unchanged. Turnover was $172 million.... Read more

The New Zealand dollar held on to most of its gains in the local trading session as the country's positive yields attracted investors struggling to find actual returns, while they become increasingly nervous about the prospects for global growth. The kiwi traded at 66.18 US cents at 5pm in Wellington from 66.35 cents at 8am, up from 65.88 cents yesterday. The trade-weighted index advanced to 72.01 from 71.89 yesterday.... Read more

Dividends in focus for NZ earnings season as low interest rates underpin equity demand... Read more

At least 2 per cent of Housing New Zealand tenants are not eligible to live in a state house and will be moved into the private market... Read more

Rotorua's average house value has risen 8.9 per cent over the past 12 months, and remains above the 2007 market peak... Read more

Property values surge in Wellington, Tauranga... Read more

Auckland Council, James Hardie appeal ruling on leaky building claim made beyond 10-year limit... Read more

A significant legislative change is to come into full operation on April 4 that will place increased workplace safety responsibilities on building landlords, owners, property and body corporate managers.... Read more

Intensification debate heats up... Read more

ASB Bank had a 7% rise in first-half statutory net profit to $474 million following growth in funds management and lending while the amount set aside for loan impairments went up to 11%.... Read more

Global concern about credit risk could increase the funding costs of local banks and lead to higher interest rates for New Zealand borrowers... Read more

An exemption from State Services Commission rules has allowed Housing New Zealand’s board to get a 63% pay rise.... Read more

Alliance Group is to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements... Read more

Govt inks $22.1m deal with NZ Merino to boost strong wool returns... Read more

Wynyard signs $2.8m three-year deal with state policing agency... Read more

Everything from airfares to plastic is set to get cheaper for New Zealand consumers as oil prices keep falling. The price of a barrel of crude oil is now hovering around US$28 ($42), from US$60 in the middle of last year... Read more

New Zealand retail spending on electronic cards rose in January, led by hospitality and durables, while the falling price of petrol led to lower expenditure on fuel... Read more

Bell Tea buys Christchurch's Hummingbird coffee company... Read more

Jeweller Michael Hill's claim that Inland Revenue breached its duty to treat taxpayers consistently remains alive after the tax department failed to have it thrown out of the High Court.... Read more

Australian Headlines

Australian Market Report: The All Ordinaries closed down 56 points to 4,826 and the ASX 200 lost the same amount to 4,775. The energy sector was down almost 5 per cent, resources and retail losing 4 per cent, and finance stocks down 1.5 per cent. CBA stocks were up from $1.33 to $74.20, as the bank's net profit after tax grew 2 per cent to $4.6 billion. Energy firm AGL reported an after-tax loss of $449 million on write downs to its coal seam assets but with little effect on investors as shares gained 20 cents to $19. Boral shares also gained 18 cents to $5.32. But Telstra stocks dived 18 cents to $5.43 after its network failure yesterday. Gold was higher at $US1,190 an ounce, while West Texas Crude Oil was down at $US27.91 dollars a barrel... Read more

Around 5:00pm (AEDT) the Australian dollar was down to $US70.5 cents.... Read more

Australia's biggest company Commonwealth Bank on Wednesday posted a modest two percent rise in first-half net profit to Aus$4.62 billion (US$3.26 billion) with the lender confident it is well placed to ride out global instability... Read more

Australian banks running out of luck... Read more

AGL Energy has stepped up its push into green energy with a $20 million stake in a US battery maker and a new fund to develop large scale renewable projects.... Read more

Commonwealth Bank of Australia has warned of global risks to the economy after posting a 4 per cent increase in first-half net profit to a record $4.8 billion.... Read more

About 100,000 'super rich' Australians would feel the burden of a new death tax, which could raise about $5 billion a year in federal revenue if introduced, according to Community Council for Australia chairman Tim Costello... Read more

Hancock Prospecting's Roy Hill iron ore company has taken control of the Pilbara operation from head contractor Samsung C&T, which has suffered heavy losses developing the mine, rail and port.... Read more

St George Mining in hunt for Tropicana style discovery at East Laverton... Read more

The protracted dispute over the construction of the 2.1km jetty at Chevron’s $US54 billion Gorgon LNG project is entering a new phase with contractor CIMIC Group flagging private arbitration... Read more

Hazelwood Resources looks to specialty alloys for Asian growth... Read more

Nickel miner Mincor’s interim loss has widened to nearly $35 million in the wake of its decision to mothball its Kambalda mines... Read more

Consumers confident, but have job concerns... Read more

Online car seller has raced to a record first half net profit, but expects the brakes to be applied to growth in the next six months. Carsales net profit rose 10 per cent to $51.3 million in the six months ended December 31 on the back of continued growth of its Australian and international businesses... Read more

Dodgy real estate agent jailed over $1.9 million fraud... Read more

Property boom generates profit rise for building firms... Read more

APRA steps up culture crusade as ASIC rate probe heats up... Read more

NBN to finally give its PoI network redundancy... Read more

Thousands of students of at least four colleges have been left in limbo with huge debts following the collapse of one of the country's largest vocational education companies.... Read more

Facebook ‘mutual friends’ used to prove insider trading scam... Read more

NSW sets whole-of-gov payments platform live... Read more

'Netflix tax' bill hits parliament... Read more

'Embarrassing' human error behind national Telstra outage... Read more

ASX All Ords sinks, but Australia's newest dairy market player shined... Read more

Carbon Conscious starts milk production, readies China export plan... Read more

Consumers urged to boycott popular electronic brands over worker exploitation concerns... Read more

ATO chief issues 'enough is enough' ultimatum to corporate tax dodgers... Read more

Controversial junior coal magnate Nathan Tinkler is expected to launch a court appeal to stave off bankruptcy.... Read more

International Headlines

North/South America Market Report: North and South American markets are mixed today. The S&P 500 is up 0.87% while the IPC gains 0.32%. The Bovespa is off 0.80%... Read more

European Market Report: European markets finished broadly higher today with shares in France leading the region. The CAC 40 is up 1.59% while Germany's DAX is up 1.55% and London's FTSE 100 is up 0.71%... Read more

Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.55%, while the Nikkei 225 led the Shanghai Composite lower. They fell 2.31% and 0.63% respectively... Read more

Monsanto (MON) CEO Hugh Grant voluntarily returned more than $3 million in bonuses and stock awards after an SEC investigation found Monsanto had misstated earnings from its Roundup herbicide.... Read more

Federal Reserve Chair Janet Yellen sees warning signs ahead for the U.S. economy.... Read more

OPEC to decide on future of oil market... Read more

Asahi in Talks to Acquire Peroni, Grolsch for $2.9 Billion... Read more

Nissan Profit Beats Estimates as Rogue Paces U.S. Sales Rise... Read more

Will the Next Tesla Sell for $25,000?... Read more

Gucci-Buying Chinese Boost Japanese Premium-Mall Sales to Record... Read more

Indonesia in 'Big Push' to Open Up Economy to More Investment... Read more

Casino Shares Surge After French Grocer Sells Stake in Big C... Read more

TCC Said to Agree to $3.5 Billion Takeover of Casino's Thai Unit... Read more

VW recall 1.5 million vehicles in U.S. over airbag worries... Read more

Former City regulator Adair Turner has warned that without radical policies, the UK economy could be stuck with low interest rates "almost indefinitely"... Read more

Deutsche Bank shares soar 11% on bond buyback speculation... Read more

Tullow Oil slumps to £1bn loss... Read more

Japan stocks tumble into bear market territory... Read more

FTSE 100 rises as banks recover... Read more

IMF warns Ukraine it will halt $40bn bailout unless corruption stops... Read more

Financial markets now believe there is a 50pc chance the Bank of England will cut rates this year... Read more

Stung by Low Oil Prices, Companies Face a Reckoning on Debts... Read more

New international airport to open in Moscow in March... Read more

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