Welcome to Friday. Here are the five things I'm looking at today on the Australian sharemarket.
- The S&P/ ASX 200 Index (Index: ^AXJO) (ASX: XJO) has opened down 0.2%. Overnight, US markets closed mixed, with the Dow Jones down 0.1%, while the S&P 500 and NASDAQ were both up 0.1%.
Dan Miller, director of equities at GW&K Investment Management told Bloomberg,"The market has been so strong this year and every now and then the market needs a little time to cool off."
A long-time bear turned bull, David Rosenberg, chief economist at Canadian asset manager Gluskin Sheff agrees, telling Reuters,
"We are in some kind of corrective phase", but added, "I think we're still in a fundamental bull market."
- The Australian dollar has fallen again and is now trading at US 90.98 cents. Now may be the best time to get into some stocks that will benefit from the falling dollar, before it crashes further. If you're looking for ideas, here's an article we wrote last week looking at some opportunities.
- Telstra Corporation Ltd (ASX: TLS) is reported to be considering rolling out its own fibre broadband network to compete directly with NBN Co. That comes as TPG Telecom Limited (ASX: TPM) received the go ahead from the Australian Consumer and Competition Commission (ACCC) to roll out fibre-to-the-basement of around 500,000 apartments in our major capital cities.
NBN Co, the company rolling out the National Broadband Network is vehemently opposed to TPG and Telstra rolling out a competing offering – saying it could break its business case.Still, it might be a good idea to allow telcos to roll out fibre where the market demands and NBN Co to deliver the rest. - Tweet of the Day
Good Morning – Spot Iron Ore – China Import (Fines 62% Fe) off $0.30 to US$81.90/dry tonne. #IronOre #ausbiz ^JR
CommSec (@CommSec) September 11, 2014
Iron ore continues to fall – It seems it won't be long before we see the commodity price with a 7 in front of it. It's a far cry from the base level of between US$100 to US$120 a tonne many miners were talking about over the past 18 months or so. - Stock of the Day – brought to you by Peter Stephens – CSL Limited (ASX: CSL). Peter outlines his thoughts on why CSL is attractive here. I won't disagree with him – CSL is one of the best, if not the best, company listed on the ASX and I personally own it.
