Jarden Brief: Casino companies can't milk Macau
Jarden Brief is a weekly news service from Jarden Investment firm.
US markets were quiet due to Columbus Day public holiday. Bond markets and banks were closed for the day. S&P 500 dipped by 0.9%, Nasdaq Composite fell 1.3%. Casino operators with operations in Macau dropped after poor tourism revenue data from China. Boeing shares gained 2.0% after news that the first Boeing 737 MAX was flown in China in more than three years.
UK inflation-linked bonds led a selloff in government bonds overnight. European and Asian markets closed moderately lower.
The rally in oil prices seems to have halted. Gold declined over the weekend to US$1,669 per ounce. The NZD continued to lose strength against the USD and the Euro.
The ASX 200 declined 1.4% yesterday. Most sectors ended down for the day. Energy and minerals stocks declined after strong respective performances the week prior. Gold stocks were especially weak, with St Barbara -7.1%, Silver Lake - 7. 1%, Gold Road Resources -5.8%. On the other hand, steel producers rose with Fortescue Metals up 1,9%, Sims up 2.2%. Tabcorp gained 1 and TabCorp acquired 20% stake in Dabble Sports for A$33 million. Link Group is engaged with potential suitor Dye & Durham to see if its proposal to acquire Link's Corporate Markets and BCM divisions for $1.27 billion can be progressed further.
The NZX 50 fell 1.7% yesterday. Pushpay climbed 3.5%. Sky TV has confirmed a deal with World Rugby that secures exclusive rights to Rugby World Cups for the next seven years. Kiwi Property Group expects its property portfolio to be worth $3.4 billion. Summerset Group reported a total of 219 unit sales in its third quarter.
Several data points are expected out today. ANZ Truckometer will be released for New Zealand. Retail Card Spend numbers from Stats NZ could provide a gauge on consumer confidence. Household spending and consumerconfidence numbers are set to be announced in Australia.
Jarden Brief: Casino companies can't milk Macau.
Jarden is advising Heartland Group Holdings Limited in its announced capital raise. The Jarden Brief is provided for general information purposes only. It is not to be relied upon as a basis for making any investment decision. Jardens Securities Limited is an NZX Firm.
