Asia may follow US leads lower today
Asian markets are set for large declines after a very disappointing overnight trading session in the US. The lack of confidence from the U.S. Fed’s […]
Asian markets are set for large declines after a very disappointing overnight trading session in the US. The lack of confidence from the U.S. Fed’s meeting and downward revision to growth expectations was enough to prompt more fear in equities.
Meanwhile, Moody’s cut their rating for Bank of America and Wells Fargo, prompting large declines in financial shares. While Asian banks have their own asset and funding exposure, they aren’t immune from the deteriorating global picture and fear of contagion. Financials are likely to lead markets lower across the region in Asian.
In Australia, Fosters will most likely fall to SABMiller after a revised takeover offer of $5.10 cash per share, plus 30 cent capital return and dividend. For those trading shares today, the offer price implies $5.40, dividend already ex. The multiple looks generous in the absence of another bid.
Australia’s largest brick manufacturer Brickworks has reported a $101m normalised earnings number, slightly below market expectations of $110m. Full year dividend is also slightly below expectations. Earnings in the building products business were 21% lower, highlighting the economic headwinds.
The Reject Shop has announced the successful re-commissioning of its Ipswich distribution centre, in time for the upcoming Christmas trading period. A slight positive for the retail, which has faced several adverse one-off factors in recent months.
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