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IDS World Markets Tues 27th February 07


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t?s=%5EAORD

 

 

Chopping and churning today so far. All Ords -0.2% with not much movement in the sectors. Healthcare is down the most, -0.7% and the only green is Consumer Staples, +0.6%.

 

Miners are mixed with the biggies, BHP and RIO, down a touch. Newcrest is the only gold performing well, +2.6%.

 

The oils are down quite a bit: Woodside -1.2% and Santos -2.4%.

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Hong Kong May Cut Taxes to Boost Tsang, Fend Off Singapore

 

Feb. 27 (Bloomberg) -- Hong Kong may cut taxes after the city's longest economic expansion in almost a decade boosted government revenue, enabling Chief Executive Donald Tsang to shore up his popularity and fend off Asian rival Singapore.

 

The government may tomorrow announce a budget surplus of HK$30 billion ($3.8 billion), according to the median estimate of nine economists. The economy grew 6.5 percent in the fourth quarter, extending an expansion that began in 2003, a Bloomberg News survey showed.

 

A reduction would widen the gap with Singapore, two weeks after Hong Kong's rival lowered its corporate tax rate to lure more financial-services and technology companies. Lower personal taxes may help Tsang rally support as he seeks reappointment for a second term as chief executive next month.

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India May Seek to Spend on Ports, Cut Tariffs to Slow Inflation

 

Feb. 27 (Bloomberg) -- India's government may spend as much as 60 percent more on ports, power plants and roads in its next budget, allowing companies to cut costs and help damp the fastest inflation in two years.

 

Finance Minister Palaniappan Chidambaram will also probably cut import tariffs to make products cheaper in the budget for the year starting April 1 in New Delhi tomorrow. Chidambaram presented his first budget in 1996, when India's economy was half its current $854 billion size.

 

Prime Minister Manmohan Singh, facing political pressure over rising prices that are eroding the spending power of India's poor, last week asked state chief ministers for their help to curb inflation. Improved infrastructure may encourage more companies to follow in the footsteps of Nissan Motor Co. and Renault SA, which are investing in factories in the world's second-fastest growing major economy.

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w?s=%5EAORD

 

 

Aha, looks like a short term top has been put in. All Ords closed -0.7% with a number of sectors down 1% or more. Telecom headed the fall, -1.3% followed by Property Trusts -1.2%. There were a couple of sectors with minor gains, Consumer Staples, +0.2% and Utilities +0.1%.

 

In the miners, BHP and RIO both lost ground, -1.6% and -0.6% respectively. Gold miner Newcrest sailed up 5.9% but the others languished.

 

Oilwise, Woodside changed direction to close +1% and but Santos continued to spiral down, -3.3%.

 

Some big falls in Asia: China -5.3%, Singapore -1.8%, Hang Seng -1.2% and Nikkei -0.4%.

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

http://quote.yahoo.com/m2?u

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27/Fev/07: Chinese companies seek Euronext listing:

 

"During the meeting a detailed discussion took place about what is involved when a company seeks a listing on Euronext?s markets. This included the subject of accounting standards, which is an important consideration for Chinese companies seeking a European IPO. Euronext?s listing rules enable Chinese enterprises, which come to market through private placement to use Chinese GAAP, with IFRS reconciliation tables when they list on Alternext."

link

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I do not want to pox this drop........

 

Wyndy has warned us bears to wait for the Finaglers and Banks to sell off to signal that something is afoot, so maybe we having something more serious here

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