Seth Klarman's annual letter to Baupost investors does the rounds at Davos (and I've got a copy to share with you); Capital Economics forecasts the AUD to fall to 60c; and NAB data suggests Christmas spending will disappoint. Here's what's happening in markets today.
What I'm reading
Seth Klarman's annual letter
Founder of the US $30B+ Baupost Group, Seth Klarman, has been touted as the next Warren Buffett. His annual letters to investors are usually much more difficult to get your hands on though, as Baupost is structured as a private partnership. Get access to the full letter below, or keep an eye out for my summary a bit later today.
Aussie Dollar could fall 15%
The Aussie was previously being supported by expectations of higher rates in Australia, but with these expectations now beginning to reverse, it's all downhill for the AUD, according to Capital Economics.
NAB's data suggests weak Christmas spending
NAB's electronic transactions data is signalling a weak Christmas trading period for retailers, as many commentators had feared.
Stocks to watch
- Coles (COL) have appointed WITRON Logistik to manage their supply chain modernisation project, which will cost $950 million over six years.
- Santos (STO), Evolution (EVN), OzMinerals (OZL), and Galaxy (GXY) released their quarterly activities reports.
Key market data
- ASX Futures: 5790 (+0.19%)
- AUD/USD: 0.7142 (+0.01%)
- ASX200: 5843.7 (-0.26%)
- S&P 500: 2638.7 (+0.22%)
- China A50: 10938.54 (-0.09%)
- Australia 2-yr bond: 1.883 (-0.26%)
- Australia 10-yr bond: 2.290 (+0.22%)
- US 2-yr bond: 2.589 (+0.47%)
- US 10-yr bond: 2.750 (+0.65%)
- Gold (USD/oz): 1281.85 (-0.12%)
- Copper (USD/lb): 2.655 (-0.17%)
- Brent Oil (USD/bbl): 60.99 (+0.08%)
- 62% Iron Ore (USD/t): 74.75 (unchanged)
Upcoming releases and events
- ABS labour force data is released this morning at 11:30am
- The US Senate will vote on the government shutdown on Friday
- Markets closed in Sydney on Monday due to Australia Day public holiday.
More morning notes?
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