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Markets Live: Shares snap winning streak

Date

Australian shares close flat, ending a four-day winning streak, with investors lacking ideas after the Fed pledged it would continue pumping money into the US economy.

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  • "Melbourne is forecast to experience the smallest increase amongst the capitals over the
    three years to 2012/13, at a moderate average compound rate of 3% per annum, with similar annual percentage rises in each year. This would lift the median value to $610,000 by June 2013."

    QBE LMI - BIS Shrapnel Australian Housing Outlook 2010

    http://www.bis.com.au/news/lmi__2010_mr.html

    GUFFAW!

    Commenter
    Allan
    Location
    Prahran
    Date and time
    December 13, 2012, 4:09PM
    • Re the taxation of Google and their like. See John Kay's excellent piece in today's FT (access via johnkay.com; go to 'articles'. Why don't we get such insightful comments re-run in the Australian press???

      Commenter
      clivee
      Location
      Brisbane
      Date and time
      December 13, 2012, 2:44PM
      • "something needed to be done to improve confidence in the economy:" Gail Kelly WBC

        Yes and it will as soon as that goose in Canberra calls an election. How can we have confidence in the economy when Swan and Gillard clearly have no idea on how to draw up or manage a budget. If business and the banks want to get this confidence going then withdraw all support from the Labor government and stop expecting the tax payer to resolve problems of your making.

        Commenter
        Another Grump
        Location
        Melb
        Date and time
        December 13, 2012, 2:17PM
        • Amen.

          Commenter
          Allan
          Location
          Prahran
          Date and time
          December 13, 2012, 3:31PM
      • Quote of the Day

        "We pay lots of taxes; we pay them in the legally prescribed ways," he said. "I am very proud of the structure that we set up. We did it based on the incentives that the governments offered us to operate."

        From Eric Schmidt of Gooble

        Well, he has a point.

        http://www.theage.com.au/business/worl
        d-business/google-on-tax-schemes--its-called-capitalism-20121213-2batw.html

        Commenter
        Catch 22
        Date and time
        December 13, 2012, 2:14PM
        • Well I never I'm just reading more and more of this stuff quote:-
          ''The stage is set for a solid recovery in housing. Affordability is now about as good as it has been over the past 30 years, while supply has failed to keep pace with demand,'' Barclays economist Kieran Davies said.

          Read more: http://www.theage.com.au/business/investors-abandon-the-banks-in-favour-of-shares-and-property-20121212-2b9yo.html#ixzz2EtbwhP00

          Good stuff almost provocative!
          Cheers

          Commenter
          Optimist
          Location
          Of course
          Date and time
          December 13, 2012, 1:44PM
          • Yeah lap it up from a bank that wants to sell mortgages. Peak was in June 2010 and the biggest falls will be 2013-2014.

            Oh and there is no shortage:

            "The so-called housing shortage, which has been used by the property industry as an excuse for Australia’s overpriced housing, has been exposed by the 2011 Census figures.

            The Census revealed that the number of households in Australia is some 1 million less than assumed by the National Housing Supply Council (NHSC) in its estimates of Australia’s housing shortage."

            www.smh.com.au/business/housing-shortage-all-smoke-and-mirrors-20120622-20szh.html#ixzz2Ets81hEe

            "Australia is not suffering from a nationwide undersupply of housing, according to Rob Sindel, chief executive of building products group CSR."

            http://www.propertyobserver.com.au/residential/no-australia-wide-housing-shortage-csrs-ross-sindel/2012052154769

            " if the occupancy rate rose to 2.9 persons per household then more than 50,000 dwellings would no longer be required. Sydney’s current population growth rate demands roughly 20,000 new dwellings per year, so one impact of a theoretical increase of just 0.1 in Sydney’s occupancy rate would be that no additional dwellings would need to be constructed for two and a half years."

            http://www.infrastructure.gov.au/infrastructure/mcu/soac/index.aspx

            Commenter
            Allan
            Location
            Prahran
            Date and time
            December 13, 2012, 2:49PM
          • Thank you Allan I will be watching 2013-14 with great interest.

            Commenter
            Opto
            Location
            Hi
            Date and time
            December 13, 2012, 3:15PM
          • Another groupie. I'm collecting them.

            Commenter
            Allan
            Location
            Prahran
            Date and time
            December 13, 2012, 4:10PM
          • Oh and Opto what's the point of following me around if you don't trade? you have already missed the TEN, FMG, LNC & BBG shorts.

            Commenter
            Allan
            Location
            Prahran
            Date and time
            December 13, 2012, 4:13PM
        • MIKE-ALPHA-ROMEO-KILO
          SNIDERS
          COB 4570,
          ROGER

          Commenter
          Catch 22
          Date and time
          December 13, 2012, 1:11PM
          • I thought the "Roger Roger" last week was a nifty little pun on the Major Major bloke from Heller's novel.
            How about O Captain, my captain"? - Walt Whitman (no relation to Disney, except around the eyes area - oh, and they're both dead) --> they've both come to a dead walt (which is a cross between halt and wait)... Anyway 4570 it is!
            (Clear for landing on platform 9)....

            Commenter
            Snidery Mark
            Date and time
            December 13, 2012, 4:34PM
        • Fairfax up around 15% the past couple of days. Anyone have an idea why?

          Commenter
          Curious
          Date and time
          December 13, 2012, 12:38PM
          • had a few positive re-ratings of late noticed a 59c target on one just yesterday... mainly the short sellers have better targets right now... and everyone who neede to dump the stock seems to have finished... one to watch for further upside

            Commenter
            Seriously...
            Date and time
            December 13, 2012, 1:19PM
        • "Gas tanker owners face falling profits over the next few years as delays to Australian gas project leave new ships unemployed, though the tankers will earn more than other commercial vessels at least until 2016"

          /www.theage.com.au/business/world-business/australian-lng-delays-bad-news-for-ship-owners-20121213-2bawr.html#ixzz2Et5nkYrV

          The NW Shelf LNG projects are looking dodgier by the day.

          Commenter
          Allan
          Location
          Prahran
          Date and time
          December 13, 2012, 11:34AM
            • Hi Allan, what do you think of the BDI dropping 8.2% overnight?

              Commenter
              little- big-man
              Date and time
              December 13, 2012, 12:45PM
            • Basket case.

              Commenter
              Allan
              Location
              Prahran
              Date and time
              December 13, 2012, 1:23PM
          • LNC - 12 wooops

            Commenter
            Another Grump
            Location
            Melb
            Date and time
            December 13, 2012, 10:49AM
            • make you wondered what those guys buying at 3:59pm yesterday thinking.

              Loaded short at close and now close it for 10%. Like Allan said, sometime it's just too easy.

              Commenter
              got brain
              Date and time
              December 13, 2012, 11:09AM
            • Yep easiest short of the week. Coal is cactus.

              Commenter
              Allan
              Location
              Prahran
              Date and time
              December 13, 2012, 11:29AM
          • The only time I will be willing to invest in this market is when Bernanke's QEn+1 cash flows directly into my Bank Account.

            Commenter
            Dan
            Location
            Sydney
            Date and time
            December 13, 2012, 10:22AM
            • But you have been receiving an oversupply of US printed dollars as investments/payment for decades without an issue. Why do you not like it now that it is public in the form of QE even though that is a small part of their deception?

              Note: Everytime they talk about auditing the FED their response is that will immediately collapse the financial system.

              Commenter
              Opinion Only
              Location
              Melbourne
              Date and time
              December 13, 2012, 11:15AM
            • Hey Dan,if you you want some U.S dollars you should buy some Monopoly sets.That's what BernANKe is doing . I wouldn't try to bank it though.

              Commenter
              pest from the west
              Location
              Upper Lowood QLD
              Date and time
              December 13, 2012, 11:17AM
          • I see the mark of around $ 1.07 US before the slide begins.
            The Aussie dollar can only hold against the US until the impact of the commodities markets level out.
            My precidtion is that after Christmas, mid-January, the bottom will fall out of it all and we will see the ASX200 fall to below 4000. Then the dollar will fall along with the market.
            Our dollar is only holding firm due to not being embroiled in the US fiscal cliff and the Euro uncertainty (even though the Euro is also making ground on the US$).
            My greatest concern is when the Chinese Yuan re-values and our dollar will then fall rapidly. January looks like a fun month!

            Commenter
            Snidery Mark
            Date and time
            December 13, 2012, 10:09AM
            • Yep i agree Snidery about mid Jan. I have so much cash under the bed now the legs dont touch the floor, I feel like the princess with the pea. But i really can not find anything worth buying right now.

              Commenter
              Another Grump
              Location
              Melb
              Date and time
              December 13, 2012, 10:45AM
            • Pharmaceuticals is the go, Forest, I can just imagine all the headaches occuring in the near future.
              However, on a more cynical note, bomb shelter manufacturers and long-life food product manufacturers should be good value before the 21st.

              Commenter
              Snidery Mark
              Date and time
              December 13, 2012, 11:07AM
            • You alluded to it in your post, but it all depends on the currency pair. USD is undergoing huge easing, so it's far from a stable benchmark.

              I think we'll start to see out-performance by companies largely based overseas (foreign miners, healthcare etc), and under-performance by locally based businesses (banks, mining services), utilities excepted. A fall in the AUD would re-enforce this.

              Commenter
              Wilstar
              Date and time
              December 13, 2012, 12:11PM
            • I'd focus on shorting right now... we seem to be close to the end of the current rally... difficult to tell when the buying will end, however its safer at these levels to focus on stocks obviously overpriced and short.

              Commenter
              Seriously...
              Date and time
              December 13, 2012, 1:22PM
            • Aye, Wilstar, yet I think that the stock market will dip before the dollar. The stock market is unreliable at the moment (look at today for example - up and down like a seismograph at an egg and bean eating comp.) But when the stars align on the 21st....

              Regards

              Fosterdamus (the all-seeing eyedog).

              Commenter
              Snidery Mark
              Date and time
              December 13, 2012, 4:06PM
          • Landsend, REI and Amazon. I too did all the necessary shopping for this end year. The CSB charged me $34 fees. And Oz retailers want to add to this? Remind me again about who is the stooge in this.

            Commenter
            sean
            Location
            freo
            Date and time
            December 13, 2012, 10:09AM
            • Hello Mr Snidery, hope i find you well. My tip is ASX200 Cob Friday - 4575

              Commenter
              Another Grump
              Location
              Melb
              Date and time
              December 13, 2012, 10:02AM
              • You have until 11:00am tomorrow to reconsider, Forest. Hope you're well, too.

                Commenter
                Snidery Mark
                Date and time
                December 13, 2012, 10:13AM
            • I think I'll hold off on the 4600 New Black thing. I can only see down from here.

              Commenter
              4500
              Location
              The New Black
              Date and time
              December 13, 2012, 9:56AM
              • I'll take your 4500, anyway, Blacky. Last week you kept the 4400 and then changed back to 4500 after Friday??
                Mine is not to question why, mine is but to type the sucker in.

                How about a joke?
                Q: What has Julia got in common with a Cairo carp?
                A: They're both living in denial.

                Commenter
                Snidery Mark
                Date and time
                December 13, 2012, 10:12AM
              • love your work...

                Commenter
                Seriously...
                Date and time
                December 13, 2012, 10:28AM
            • $A at $1.0555 this market is going nowhere.

              Commenter
              Allan
              Location
              Prahran
              Date and time
              December 13, 2012, 9:36AM
              • With such a high dollar, I did all my christmas shopping online with a US retailer. However, my bank did charge approximately $6 in foreign currency conversion fees, so I've done my bit for the local economy.

                Commenter
                cranberry
                Date and time
                December 13, 2012, 9:56AM
              • What's that going to do to the housing market?

                Commenter
                tango8
                Date and time
                December 13, 2012, 10:29AM
              • Personally I'm a big fan of using Amazon's auto convert of their prices into AUD...
                btw are you sure that the currency charges goto your local bank... my understanding is that they are passed on to visa / master card etc...

                Commenter
                Seriously...
                Date and time
                December 13, 2012, 10:38AM
              • Seriously you're getting shortchanged mate. Check the exchange rates Amazon and others give you. I always say no and elect to process in the local currency.

                Your just need a credit card that doesn't charge foreign currency transaction fees, and you almost get the inter-bank rate. (There are cards out there.)

                Commenter
                Wilstar
                Date and time
                December 13, 2012, 12:13PM
              • fair enough wilstar will look into that...

                Commenter
                Seriously...
                Date and time
                December 13, 2012, 12:35PM

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