Thanks Endless. Fine walk, the Six Foot. Pity Jenolan Caves is such a shambles. Should be one of the jewels in the state crown.
Half-time round-up:
Shares pared a fourth day of losses and the dollar slumped as economic growth figures missed targets and most regional markets retreated.
At lunchtime the ASX 200 was one point or less than 0.1% weaker at 5255 after earlier setting a new seven-week low. A mixed morning saw property trusts rise 0.7%, metals & mining and materials 0.5% and telecoms 0.3%. The heaviest falls were in the gold sector -1.6%, consumer staples -0.7%, health -0.5% and financials -0.3%.
The dollar dived more than half a cent to 90.55 US cents after economic growth was announced at a seasonally-adjusted 0.6% last quarter. The annual rate was a below-average 2.3%. Economists had anticipated quarterly growth of 0.7% and 2.6% year-on-year.
Moody's Analytics associate economist Katrina Ell told Fairfax rate cuts earlier this year should start to stimulate economic growth next year: "We are cautiously optimistic earlier rate cuts will bring growth back to trend at 3 per cent later in 2014. There have been tentative improvements in the interest-sensitive sectors like retail and construction that should improve further in coming months. Monetary policy takes about 12 months to filter through the economy and the latest cut was in August."
Japan's Nikkei share index tanked 2.41% this morning. China's Shanghai Composite overcame early losses to advance 0.46%. down two points or less than 0.1%.
Crude oil futures rallied another $1.03 this morning to US$97.19 a barrel. Spot gold was 60 cents weaker at US$1,221.30 an ounce.
We're due a bounce on the index in the next day or two, if recent trends continue. Of course, that will depend very much on how Uncle Sam behaves tonight. Not surprised to see Dick Smith trade below the issue price - would you buy a used electronics firm from private equity? I'm starting to look at the beaten-up goldies but can't bring myself to pull the trigger until the metal shows a bit more stability or reverses. Had nice wins this morning in CGF and CSS. Didn't get anywhere near all of the rebound in the former but took a chunk out of the middle. Needed two attempts at CSS to catch the low but got a couple of pips out of it.
