from ubs this morning

The ASX200 today tested 5,300 support, mid-day, very near 3-mth lows, before rebounding, as fallout from Babcock & Brown group again weighed on the market.

UBS downgraded BNB today (Pt cut -73%) as the market cap fell below debt review levels, triggering a crisis of confidence from investors. On the week, the BNB group were the market laggards: BNB (-62%), BBI (-33%), BCM (-30%) with BBW (-20%) outperforming. TEN <-10%> drops to 7-yr low on issue of an earnings warning (-10%) on advertising rev. declines.