text:
That's it for Markets Live today.
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More than $25 billion was wiped off the value of the Australian market on Monday as shares suffered their biggest daily fall since August.
But the dive was accompanied by a big jump in the value of the Australian dollar, which soared above US88c after the Reserve Bank of Australia announced it was keeping the official cash rate on hold.
The local slump came after disappointing United States manufacturing data sent Wall Street tumbling overnight. Japanese shares also extended their hefty sell-off
The local market continued to decline after the Reserve Bank of Australia kept the official interest rate at its record low as hopes for future cuts were dashed, boosting the local dollar.
The benchmark S&P/ASX 200 Index lost 90.8 points, or 1.8 per cent, on Tuesday to 5097.1, while the broader All Ordinaries Index fell 1.7 per cent to 5114.1, wiping more than $26 billion off the market's value.
The soft US economic data sparked global worries that recent signs of a recovery in the US economy may have been premature. This came amid lingering concerns about how global markets will respond to reduced liquidity as the US Federal Reserve continues tapering its stimulus.
On Monday all three major equity markets in the US declined more than 2 per cent. A 3.5 per cent fall in Japan's Nikkei added to the selling pressure in the afternoon.
Professional investors said equities could be headed for a correction.
"Markets were priced for perfection and things don't go perfectly when central banks start removing stimulus," Perpetual head of investment research Matthew Sherwood said.
Turning to the best and worst for the day, REA Group was top of the pops after its interim profit results, showing that a good report can trump the negative mood in markets. The online classifieds business jumped 5 per cent.
Gold miner Newcrest was next best, jumping 4.7 per cent, followed a bunch of other mid-cap resource stocks.
Among the worst of the day (and there were plenty to choose from - 170 stocks finished down, 22 up and 8 were unchanged), Acrux plunged 10.3 per cent before entering into a trading halt to give it a chance to explain reports around the health implications of testosterone replacement therapy.
Energy World Corp fell 9.7 per cent, while Ten Network gave up some of its recent gains, down 5.4 per cent.
Karoon Gas is now plumbing market lows, while Flight Centre dropped 4.8 per cent.
The best and worst performer on the ASX 200 today.
Sentiment continues to deteriorate in equities land, with Japan once again at the heart of the moves lower, IG's Chris Weston notes:
- The market feels like it's been hit by a freight train and traders are asking what exactly is going on. What started out as a profit taking exercise has steamrolled into something far more substantial, with trend-breaks seen in a number of asset classes and 200-day moving averages either being broken or about to be tested.
- Naturally we need to see these averages head lower (at the moment they are still heading up) to define a new trend, but they are lagging indicators and the fast money would have already sold, or would be adding to bearish positions on these breaks.
- The story has shifted from a predominantly emerging markets narrative, to one of disinflation risks and growth concerns in developed markets, therefor you are going to see this space struggle.
Well, wrap it up and put a bow on it - the local sharemarket has finished a dismal day, with the ASX 200 down 90.8 points, or 1.8 per cent, to 5097.1. The All Ords fell 1.7 per cent to 5114.1.
Worst performing corners were information technology, down 2.3 per cent and materials, down 2.2 per cent. Financials (excluding listed property trusts) also bore the brunt of the sell-off, down 2 per cent.
Gold stocks, however, are proving their worth on the dog days. The sector was up 2.6 per cent.
LPTs were only down 0.2 per cent, and utilities recorded losses of 1 per cent.
BHP was the biggest single drag on the market, as the stock lost 2.6 per cent, followed by the big four banks and Telstra.
Newcrest Mining, up 4.7 per cent, was the biggest booster, followed by REA Group, which was up 5 per cent.
Losses haven't only accelerated on the local market, Japanese shares are being wiped out today.
The Nikkei is down 3.6 per cent and the broader Topix has lost 4.3 per cent, taking their 2014 losses to 13 and 12 per cent respectively.
''Very few would have predicted a fall of above 10 per cent in the first month of this year, but given the excellent run into year-end and the large move in 2013, a pullback was widely spoken about,'' says Stuart Beavis, head of institutional equity derivatives at Vantage Capital Markets in Hong Kong.
''Until now, this year has been dominated by opportunistic plays rather than long-term investments. The lower we go, the more funds will look for long-term core investments.''
Here are the companies that have hit 52-week share price highs and lows today, with more of the latter than the former.
Hitting highs:
- REA Group traded as high as $44.03, last $43.65
Hitting lows:
- Coca-Cola Amatil, as low as $11.38, last $11.46
- Karoon Gas, as low as $3.06, last $3.08
- AMP, as low as $4.11, last $4.13
- ALS, as low as $7.63, last $7.72
- Tatts Group, as low as $2.90, last $2.91
- Treasury Wine Estates, as low as $3.42, last $3.52
- Metcash, as low as $2.96, last $2.98
Gold has held onto most of its overnight gains as regional equities slump and investors worry over US economic growth after disappointing manufacturing data.
Spot gold is down 0.1 per cent at $US1256 an ounce, after gaining 1.1 per cent overnight, and 4 per cent since the beginning of the year.
Equities have come under pressure this year due to slowing growth in China and capital outflows from emerging nations where the US Federal Reserve's stimulus tapering is taking a toll. Gold is gaining as it is often seen as an alternative investment to stocks and other risky assets.
"Turmoil in emerging markets, due to the Fed's reduction of tapering, is causing some investors to become risk-off so they are looking to gold which has regained its status as a safe-haven asset," said Danny Laidler, head of Australia & New Zealand operations at ETF Securities.
Losses have accelerated this afternoon and if the market closes at its current level, today will be the worst session in 2014, and the biggest loss for the ASX200 since August 7.
Previously, the benchmark index had its worst day of the year on January 14, when it lost 1.5 per cent. It's lost more than 1 per cent on four occasion this year.
But the local market is still faring better than Wall Street, where the Dow Jones slumped more than 2 per cent overnight, and is down 7.3 per cent since the beginning of the year, easily underperforming the 4.7 per cent loss on the local market.
Acrux has gone into a trading halt, and is expected to release a statement to the market soon rejecting concerns outlined in an analyst report earlier today over the US regulator, the FDA responding to health issues over testosterone replacement therapies (TRTs).
The Acrux statement is expected to state there is nothing new in the move by the FDA, and that the labeling of the Acrux drug in this space, Axiron, already carries warnings.
Acrux shares have slumped 10 per cent on an analyst report over the FDA looking into links between TRT and the incidence of strokes, heart disease and death.
We mentioned below that fund manager Wellington has become a significant shareholder in Treasury Wine Estates.
But now the AFR reports that one of Australia's higher profile analysts has warned that poor corporate governance at a company almost always results in returns to shareholders becoming severely compromised, with both David Jones and Treasury Wine Estates sounding alarm bells.
David Errington, an analyst with Bank of America/Merrill Lynch, says in a note on Tuesday that when good corporate governance breaks down, it invariably leads to a poor outcome for shareholders.
He says in the past week he has questioned the governance at two companies, Treasury Wine Estates and David Jones.
Separately, at a media briefing today, veteran fund manager Vince Pezzullo at Perpetual told journalists something to the effect of "Treasury is an absolute howler... that's issues with management".
Treasury has now lost almost a quarter of its market cap over the past few days.
Value or value trap?
Here are a few economist reactions to the RBA's decision. As mentioned earlier, consensus is the bank has turned more hawkish, indicating that the next rate move will be up (but that's probably not for a while).
Divya Devesh, foreign-exchange analyst at Standard Chartered
If you look at the RBA statement, that is much less dovish than the previous statement. They have dropped the reference to the exchange rate being uncomfortably high, so that's definitely more hawkish. While earlier they were keeping the door open on more easing, now they are trying to say it's the end of the current easing cycle. We've seen the Aussie rally on back of that.
Michael Blythe, chief economist at CBA
They sounded a bit more confident on growth, a bit less confident on inflation and took a bit of stab at forward guidance. The growth transition is underway and there is perhaps a bit more of an upside risk to inflation, so certainly the easing bias is gone and we think they'll be looking at rate rises by the end of this year.
Michael Turner, RBC Capital Markets strategist
They're back to a neutral bias, their statements have been neutral for the past couple of months, but in light of the minutes and their forecasts they have brought an easing bias, but that's pretty much gone from the language.
In this statement they don't express too much concern over the exchange rate, inflation's a bit higher, which gives the whole thing a reasonably less dovish tinge when you follow it up with the final sentence, where they say they think they're done for a period of stability. That probably means they think they're done unless the world falls apart.
Hans Kunnen, St George chief economist
It was quite positive on the global scene, which is a good backdrop, whilst acknowledging the emerging markets. Their comments on inflation were expected, but it doesn't seem to be a cause for concern from them.
And they had an extra comment on domestic cost remaining contained, so I think they see that as an important thing that non-traded goods must remain constrained in terms of price growth.
It's hard to find that they have an easing bias, so have they taken it out? Not entirely. But the statement doesn't read as if there is an easing bias.
The emerging markets thing will blow over this year, and they will keep an eye on that, but they haven't said they won't cut interest rates, they just said most likely they will be stable. So they haven't ruled the cut out.
It wasn't long ago when punters were talking parity for the Aussie dollar - against the New Zealand kiwi. That threshold has moved even further into the distance after the RBA's decision.
The Aussie jumped nearly a cent against the kiwi, outpacing its gains against the dollar, and is currently trading above $NZ1.09.
The Aussie has spiked against the Kiwi as the RBA drops its easing bias.
Consensus among the Twitterati is that the big news coming from the RBA today is that they cut the more dovish language and moved to a neutral stance on rate, dropping the easing bias. That's not a huge surprise but there'll now be more focus on the timing of the first rate hike.
Great to see RBA finally drop easing bias, tho they lag actual eco events - AUD at 0.8822 looks very oversold
— adam carr (@AdamCarrEcon) February 4, 2014
Rates on hold, but Stevens gives great big bell to future rate cuts. On hold for a long while, then up...
— Shane Wright (@swrightwestoz) February 4, 2014
You know the expression "hate to say I told you so"? It's a lie - everyone loves to. So, told you RBA would drop last alleged "easing bias"
— Michael Pascoe (@MichaelPascoe01) February 4, 2014
You'll struggle to find a more-neutral sounding policy statement than this, just look at the final paragraph http://t.co/PfyqqxAsXn #RBA
— David Scutt (@David_Scutt) February 4, 2014
#RBA on hold at 2.5% as exp. Sees global grwth pick up, slightly better conditions in Aust, slightly higher inflation..
— Shane Oliver (@ShaneOliverAMP) February 4, 2014
I love RBA day, especially when they validate a non-consensus call.
— Stephen Koukoulas (@TheKouk) February 4, 2014
RBA states a period of stability in rates is likely. ANZ expects the next move in rates is up in early '15. Risk is for a move later this yr
— Warren Hogan (@anz_warrenhogan) February 4, 2014
This is a nice line from the RBA's statement for those holding stocks exposed to the building sector, or thinking about investing:
In Australia, information becoming available over the summer suggests slightly firmer consumer demand and foreshadows a solid expansion in housing construction.
Here are some of the more interesting parts of the RBA's statement, in which it specifically mentions the emerging markets situation and flags stable rates for some time:
The United States economy continues its expansion and the euro area has begun a recovery from recession, albeit a fragile one. Japan has recorded a significant pick-up in growth, while China's growth remains in line with policymakers' objectives. Commodity prices have declined from their peaks but in historical terms remain high.
...for some emerging market countries conditions are considerably more challenging than they were a year ago.
Looking ahead, the Bank expects growth to remain below trend for a time yet and unemployment to rise further before it peaks. Beyond the short term, growth is expected to strengthen, helped by continued low interest rates and the lower exchange rate. Inflation is expected to be somewhat higher than forecast three months ago, but still consistent with the 2–3 per cent target over the next two years.
In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.
Ok, looks like traders had a closer look at the RBA statement and noticed that the central bank has dropped the sentence jawboning the dollar. They also seem to have turned more neutral, dropping their easing bias.
The dollar has extended gains and is now up nearly half a cent at 88.37 US cents.
The Aussie dollar has had a bit of a boost from the RBA decision to keep rates on hold.
No change to rates - the RBA has chosen not to surprise anyone with its decision. The dollar still rose a bit, about 0.2 of a cent.
More to come
Former federal Liberal treasurer Peter Costello has been appointed head of the Future Fund.
Costello, who was treasurer for more than 11 years in the Howard government (1996-2007), has been acting chairman of the fund since January 11 following the resignation of David Gonski to become chairman of ANZ Bank.
As treasurer he was responsible for the establishment of the Future Fund in 2006.
''Mr Costello's unique experiences and background at the most senior levels in government and in business will be a great asset to the Future Fund board,'' Treasurer Joe Hockey and Finance Minister Mathias Cormann said in a joint statement.
Now officially the head of the Future Fund ... Peter Costello Photo: James Davies
With the RBA decision on rates a mere 20 minutes away, a reminder that all of the 32 economists surveyed by Bloomberg are predicting it will remain unchanged at 2.5 per cent.
Most of the attention, therefore, will turn to the statement for a glimpse on whether we are at the bottom of the monetary easing cycle.
Here's a quick look around the region, showing that all sharemarkets are under pressure, following the hefty sell-off on Wall Street overnight:
- Japan (Nikkei): -2.8%
- Hong Kong: -2.3%
- Korea: -1.6%
- Singapore: -0.85%
- New Zealand: -0.7%
Chinese markets are still closed for the Lunar New Year holidays.
''After a few poor data points, markets may well decide to weaken here for a few more days or weeks,'' says Angus Gluskie, fund manager at White Funds Management in Sydney, said by phone. ''There might be some further nerves out there. People are alert to some of the risks in China and some emerging economies, but at this stage very few people are concluding that it is going to run away too far.''
What a difference a year makes. At the end of January 2013, Japanese stocks trailed only Portugal for the biggest rally among developed markets.
Now the Nikkei is leading declines, slumping 12.6 per cent since the beginning of the year, after the market took another nearly 3 per cent hit this morning.
Losses snowballed in Tokyo during a global retreat that erased $US1.9 trillion from equity values worldwide amid signs of slower growth in China and stimulus cuts by the US Federal Reserve.
The yen, down 18 per cent in 2013, has started to strengthen, potentially curbing company profits, says Coutts & Co. The US dollar was last fetching 101.29 yen, coming perilously close to the 100-yen mark.
''The stronger yen is probably the main driver,'' of the bigger declines in Japanese stocks, says Gary Dugan, Singapore-based chief investment officer for Asia and the Middle East at Coutts. ''Investors are locking in profits as they back away from equities.''
A sales tax increase for April will damp consumer spending, according to Sumitomo Mitsui Asset Management Co.
''Japan's market finally came to its senses,'' said Tetsuo Seshimo, a portfolio manager at Saison Asset Management. ''Investors ignored risk too much toward the end of last year and the market was out of balance.''
Never mind today's slump, Platypus Asset Management chief investment officer Donald Williams is confident the local equity market will be higher in the first half of financial year 2015, and will outperform Wall Street.
"Australia follows the United States. If US markets make a correction we will follow them," he says.
Williams concedes a short-term correction in equities - or fall of more than 10 per cent - while not a foregone conclusion, is a current risk.
"The US market has gone 14 months without a correction and people are ready to take profits on bad news."
But Williams describes his outlook for Aussie equities as "bullish":
- The global economic recovery is gaining momentum and while the domestic economy has lagged and is still quite its current flat that is changing.
- At some point in 2014 the Australian market will start to outperform the US market, which will be the beginning of a very interesting period for the market.
- Low interest rates and a lower dollar are in place providing two key building blocks for a faster growing local economy.
There's a pattern here: Select Global Equity Indexes, rebased to 100 at the start of 2014: pic.twitter.com/POPfRmRjnA
— Michael McDonough (@M_McDonough) February 4, 2014
Take a chill pill and keep your powder dry, says BusinessDay columnist Malcolm Maiden:
Everyone might be in a flap, but worries about the US and Chinese economies are getting exaggerated, so don't be surprised if cheap shares soon have buyers coming back.
Sharemarket valuations became extended after the US Federal Reserve failed to follow up on its own signalling and begin its quantitative easing last September.
The taper did begin in December, and the second instalment came last week.
Share prices around the world are adjusting to the taper, which reduces the amount of cheap cash in the system, albeit gradually.
The bottom line however is that Fed is cutting the size of its cash splash because it believes the US economy is strong enough to handle the contraction.
There is absolutely no doubt that the Fed will slow down the taper if it sees serious signs that America's recovery is faltering.
As share prices fall, earnings growth is becoming cheaper to buy.
The over-valuation that was built in after the Fed's false start with QE in September is being removed, and value is returning the sharemarkets, not just in the United States, but here in Australia.
The point where the correction creates serious new buying interest is not far away.
Citi has put out a note saying what it likes, and dislikes about Downer EDI's earnings report:
Key positives:
- Mining EBIT margins were strong – Mining EBIT of $90m was well ahead of our $76m forecast. Mining EBIT margins of 8.8% vs 7-8% guidance highlight improved productivity and cost efficiencies.
- DOW NZ was strong – DOW NZ 1H14 EBIT of $31m was up 91% vs $16m in the previous corresponding period, driven by 11% top-line growth and 245bp of margin improvement.
- Cash flow was strong – Operating cash flow of $280m was strong, up 52% vs the pcp and representing 98% cash flow conversion.
Key negatives
- Rail was weak – 1H14 Rail EBIT of $4.6m vs $34m in the pcp was impacted by lower loco sales and maintenance, as well as $10.5m of restructuring costs.
- Infrastructure Australia (IA) was weak – IA EBIT of $56m fell 35% vs the pcp, impacted by mining-related volume and price pressure.
Overall, Citi is sticking with its 'buy' recommendation and has a $5.85 price target for Downer, saying the company is its preferred pick in the engineering and construction sector, "given its undemanding valuation, strong balance sheet with capacity for acquisition growth, and, relative to peers, a more diversified and defensive business model."
Shares are down 1.4 per cent at $4.79, well off early losses of nearly 5 per cent.
It might be easy to forget today, but we have a big event looming: the RBA's rates decision.
Ahead of the bank's statement at 2.30pm today, here's a look back at some of the key points of the previous statement in December and at possible changes in today's decision.
Global growth
The Reserve Bank last noted that global growth was "running a bit below average" but that volatility in financial markets had abated. Economists say it is possible that unlike the US Federal Reserve, the RBA will mention the turmoil currently facing emerging markets.
Australia's growth
The RBA said in December that the jobless rate was likely to edge higher, which has been borne out by the recent soft labour force reports. It said it was not yet clear how sustainable the rise in private demand would be, although the recent recovery in retail sales would encourage the central bank. It said government spending was tipped to be weak, which is as expected so far.
This one line, about "inflation [being] consistent with the medium-term target", could change given the unexpected rise in fourth-quarter consumer prices.
Impact of previous cuts
The Reserve Bank has said that full effects of its previous cuts (225 basis points since November 2011) are still flowing through into the wider economy, and that's likely to be reiterated in today's statement.
Australian dollar
Here's another key part of the statement that could change today. The RBA has said repeatedly that the dollar is "still uncomfortably high". It might drop the phrase, given that the exchange rate has fallen from about US91¢ to US87.50¢ since its last meeting. But it could continue to note that a lower currency would help to drive growth.
Westfield Group and Westfield Retail Trust will pay a half-year distribution in line with guidance in late February.
Westfield Group has estimated a distribution of 22.5¢ for the six months to December 31 2013, exactly 50 per cent of the forecast distribution of 51¢ for all of 2013.
The Australian-focused Westfield Retail Trust will pay an estimated distribution of 9.925¢ for the six month period. The payment date for both vehicles is February 28.
WRT stocks are down 0.7 per cent at $2.99, while the mothership is trading down 0.2 per cent at $10.24.
The emerging markets may be in a state of turbulence, but the Financial Times' foreign affairs editor Gideon Rachman says that these economies will return to growth, just as they have in the past:
The reason for this is that the factors that have propelled the rise of non-western economies in the past 40 years still apply.
These include lower labour costs, rising productivity, huge improvements in the communications and transport that connect them to global markets, a rising middle class, a boom in world trade as tariffs have fallen and the spread of best practice in everything from management techniques to macroeconomic policy.
The moral of the story is that the rise of non-western economies is a deeply rooted historic shift that can survive any number of economic and political shocks. It would be a big mistake to confuse a temporary crisis with a change to this powerful trend.
News that the US drugs regulatory agency FDA is investing the possible link between testosterone replacement therapies and stroke, heart attack and death, has seen Acrux dumped a brutal 10 per cent.
Macquarie said it expects the FDA review ''will almost certainly compound the recent softness we have seen for industry volumes''.
Since industry-wide volumes are in decline, along with prices and with generics expected to enter the market in a few years time, ''we continue to view the stock as expensive'', it told in a note today clients.
The investment bank has maintained its ''underperform'' rating on the shares, with a 12-month price target of $1.80.
Shares are down 22 cents at $2.10.
Market volatility has spiked to its highest point since late 2012, with investors spooked that the recovery of the United States economy may be overstated.
The Chicago Volatility Index - also called the fear index - has jumped 56.3 per cent to 21.24 this year, pushing above the spikes seen last year when former US Federal Reserve chairman Ben Bernanke announced the central bank's intention to taper its $US85 billion bond buying program.
Despite the spike, volatility is still more than 50 per cent below its 2008 high, reached during the collapse of Lehman Brothers.
The managing director at Neuberger Berman in New York, Matthew Rubin, said the recent stock falls were reasonable given the market's rise last year, but that fundamentals both on a macro level and at a company level will show current valuations as justifiable.
''I think that volatility is creating, especially what's happening in emerging markets, a tremendous amount of uncertainty. A lot of investors were on the edge of their seats given the great year we saw last year and that markets were looking for a reason to correct,'' Rubin says.
The Chicago Volatility Index over the last five years. Photo: Bloomberg
As investors race to the exit, here are some soothing words on why there won't be an emerging markets crisis and why those economies should continue to show growth over the long term, from - who else? - but "Dr Doom" himself, economist Nouriel Roubini:
The threat of a full-fledged currency, sovereign-debt, and banking crisis remains low, even in the Fragile Five.
All have flexible exchange rates, a large war chest of reserves to shield against a run on their currencies and banks, and fewer currency mismatches (for example, heavy foreign-currency borrowing to finance investment in local-currency assets).
Many also have sounder banking systems, while their public and private debt ratios, though rising, are still low, with little risk of insolvency.
Over time, optimism about emerging markets is probably correct.
Many have sound macroeconomic, financial, and policy fundamentals. Moreover, some of the medium-term fundamentals for most emerging markets, including the fragile ones, remain strong: urbanisation, industrialisation, catch-up growth from low per capita income, a demographic dividend, the emergence of a more stable middle class, the rise of a consumer society, and the opportunities for faster output gains once structural reforms are implemented.
So it is not fair to lump all emerging markets into one basket; differentiation is needed.
Large US fund manager Wellington Management has ploughed an extra $25 million into buying shares in the ailing wine group Treasury Wine Estates.
Boston-based Wellington was buying up shares as other investors were bailing out late last week during the hefty share price slide of 20 per cent when Treasury revealed a $40 million profit downgrade as it came out of a trading halt.
Wellington is now one of Treasury's biggest shareholders after spending $5.4 million buying Treasury shares last Thursday, and then splashed out a further $19.8 million on Friday to lift its holding further, in the wake of the share price rout.
Wellington told the ASX this morning that it now holds 5.73 per cent of Treasury Wines.
The company's shares are still down 0.6 per cent at $3.49.
In other news, investment experts have cautiously backed calls from Australian stockbrokers for regulators to reduce the amount of time it takes to settle trades to two days from three, amid concerns that it may put Australia in the "too hard basket" for some offshore investors.
In a paper titled Introducing T+2 for the Australian Equities Market, which is due to be released this morning, listed wealth and broking technology company GBST and the Stockbrokers Association of Australia argue that shorter settlement times for trades on the stock exchange would reduce risk and the overall amount of regulatory capital brokers put aside in the event of a default.
The paper also says that by changing what is known as the T+3 settlement period to T+2, meaning only two business days for trades to settle, would better align Australian markets with Hong Kong and Germany.
"The move to T+2 is sensible and better aligns the Australian capital markets with their offshore counterparts," says Pengana Capital senior fund manager Tim Schroeders.
However, he added that before such a move is implemented the industry needs to ensure it adequately plans for the transition ensuring systems are capable of enacting the transition seamlessly.
Perpetual's head of investment markets research Matthew Sherwood said while he supports the move, the benefits may only be minimal.
"If you are going to buy a stock you should be able to settle today, rather than a few days in the future. It will better help the balance sheet of stock brokers, who will be able to reduce the amount and duration of their reserves. But the benefit of this is likely to be measured in inches and feet, not miles," he said.
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In an update to that last post, the flow-on from the steep fall on Wall Street overnight is causing renewed ructions in Tokyo, with the Nikkei 225 index opening down a steep 384.3 points, or nearly 3 per cent, at 14,234.9.
Also hurting sentiment is the drop in the US dollar to as low as 100.78 yen this morning, a fall of nearly 1 per cent, which hurts Japanese exporters. The USD is currently fetching 101.16 yen.
One of the big questions for currency traders is how far will the Bank of Japan let the US dollar fall against the yen.
Having broken through its December support level of 101.60, the currency pair is now vulnerable for a test of 100, says BK Asset Management's managing director Kathy Lien:
- The Nikkei fell nearly 2% overnight and after the steep sell-off in US stocks, we expect further losses in Japanese equities and the continued risk aversion could carry USD/JPY lower.
- On CNBC today, I was asked if the Japanese government would take steps to stop the yen from rising. I believe that they will save their bullets and wait until the consumption tax is increased.
- While the government won't be happy to see the recent change in the yen's trend, as long as USD/JPY is trading above 97, they won't feel pressured to act. With no major US or Japanese economic reports scheduled for release this evening, risk appetite should drive yen flows.
Somewhat surprisingly, the Nikkei (white) is much more closely correlated to the S&P500 (green) than to the yen's exchange rate with the USD.
Another analyst note on where they see potential for earnings surprises or disappointments this earnings season, this time from Credit Suisse, starting with companies with those companies with higher than average chance of announcing better than expected profits:
- Materials: Rio Tinto based on the likelihood of exceeding operational cost cutting targets and the associated benefit of the declining Aussie dollar.
- Consumer staples: Woolworths based on like-for-like sales growth upside for its Australian food & liquor division.
- Financials: Challenger based on September quarter run-rate will likely result in stronger sales and hence upside to net book growth for the life business. Australand Property Group based on improved volumes on the back of residential recovery, and Goodman Group based on continued strong growth in funds under management flows.
Now for those with earnings "downside" risk:
- Consumer staples: Coca-Cola Amatil based on continued market share erosion, specifically private label water. Goodman Fielder based on the risk around the companies' ability to pass on to consumers the higher raw milk costs in the second half of 2H14.
- Financials: Suncorp as it appears that target growth of 7-9 per cent across each division will be unlikely flowing through to lower base earnings in addition to bank and life risks. Stockland based on timing of residential earnings skew to 2H14.
- Consumer discretionary: Echo Entertainment based on both higher-than-expected capex for QLD casinos leading to value destruction and weak main gaming floor revenue. Southern Cross Media, based on more subdued radio advertising spend and continued market share declines.
Global capital flight into safe havens and developed markets has exposed in emerging markets "underlying fragilities from deteriorating trade, high inflation and high debt burdens," writes CommSec's equity strategist, Tim Rocks, in a note to clients.
So, now after setting that rather grim scene, Rocks has identified the stocks most vulnerable to EM troubles and weakening China:
- Iron ore companies - exposed to credit tightening in China.
- Industrials with direct exposure to EM - including Amcor, Ansell, Brambles, Coca-Cola Amatil, SingTel, Toll Holdings, ANZ and Treasury Wine Estates.
- Banks - EM turmoil usually coincides with higher funding costs.
On the other side of the ledger, here are his stocks that stand to gain:
- Offshore industrials exposed to developed countries – lower Aussie dollar and improving US economy should help along Resmed, CSL, and 21st Century Fox.
- Yield plays – periods of flight to quality tend to see bond yields move lower. Stocks to benefit are Transurban, Sydney Airport, Spark Infrastructure and Duet Group.
Stocks most exposed to weakness in emerging markets.
Here's how some of the market's blue chips are performing this morning:
- Rio: -1.4%
- Westpac: -1.45%
- Woolies: -0.4%
- Wesfarmers: -1.3%
- Telstra: -0.7%
But there are a few winners in the top 200, most of them gold miners:
Despite this morning's plunge, the local market is down "just" 4.5 per cent since the beginning of the year, which means its holding up better than some of the major markets:
- Japan (Nikkei): -10.3%
- China (Shanghai Comp): -3.9%
- US (Dow Jones): -7.3%
- Germany (DAX): -3.8%
- Spain (IBEX): -1.9%
- New Zealand (NZX): +1.15%
As expected, the local sharemarket is diving in early trade, following Wall Street's lead.
The benchmark S&P/ASX200 index is down 1.4 per cent at 5115.4, so far wiping more than $20 billion off the market's value. The broader All Ords is also down 1.4 per cent, at 5130.3.
All sectors except for gold (+0.3%) are sharply lower, with materials dropping 1.5 per cent, financials down 1.3 per cent and consumer discretionary off 2 per cent.
Janet Yellen did not receive a warm welcome from the financial markets on her first day as Federal Reserve chair, BK Asset Management's Kathy Lien notes:
- While the overnight move does not reflect the market's lack of confidence in her abilities, the beginning of the Janet Yellen era has not lifted the spirits of investors.
- Growing concerns about global growth and the Federal Reserve's determination to continue to taper drove US assets sharply lower.
- Between the meltdown in emerging markets and slower growth in the US and China, investor confidence has taken a big hit over the past 2 weeks.
- At this stage, we need an extremely strong non-farm payrolls report (US jobs data on Friday) to stabilise the market or reassuring comments from Janet Yellen that suggests she may be open to idea of taking a break from tapering if the markets continue to sell-off or economic data weakens.
- However we don't expect encouraging comments from Yellen because the US economy is still in the process of recovering.
Committed to continuity ... Janet Yellen. Photo: Bloomberg
Stocks in focus:
On Wall Street: BHP Billiton ADR -1.6%, Rio Tinto ADR -2.3%
Spot gold rose 1 per cent overnight; China import iron ore benchmark grade was unchanged
- Ausdrill (ASL): Renegotiates to extend contract with OZ Minerals (OZL) at Prominent Hill open pit until end of life in 2018
- Challenger Diversified (CDI): 1H earnings; conf. call 10:30am Sydney time
- Downer EDI (DOW): 1H earnings; conf. call 9am
- REA Group (REA): 1H earnings; conf. call 10:30am
- Rio Tinto (RIO): 2013 NPAT est. $4.9b to incl. negative one-offs totaling ~$4-$5b, with further asset impairments, mostly in aluminum: Deutsche Bank
- SingTel (SGT): Optus gets 5-yr satellite contract with NBN: Australian
Broker changes
- GPT Group (GPT): Raised to outperform from neutral at Credit Suisse; PT $4
- JB Hi-Fi (JBH): Raised to overweight from neutral at JPMorgan; PT $20.36
- Rio Tinto (RIO): Added to Europe Focus List at Credit Suisse
Amid all the overnight wobbles, the Australian dollar emerged remarkable stable: the currency pushed higher after the US dollar dropped on the back of weaker-than-expected US ISM manufacturing data, but eased back after US equities fell amid the disappointing data and continuing emerging market concerns.
The local currency rose as high as US88.34¢ after midnight, but lost all its gains to fall back to currently US87.51¢.
"There's still lingering concerns about emerging markets and the US equity market turned lower. The Aussie is still traded as a proxy for global risk sentiment, so that's really why you saw it come off late last night," Commonwealth Bank currency strategist Peter Dragicevich says.
The Reserve Bank's board meets at 2.30pm. While the central bank is expected to keep rates on hold at 2.5 per cent, analysts said it could drop comments about the Australian dollar being "uncomfortably high".
"What they may change are their views around the Aussie. They've been reiterating that the Aussie has been uncomfortably high, but since then, the trade-weighted index has come off quite a bit," Dragicevich says.
"So we think they may remove the reference to uncomfortably high or they may continue to stress that a lower currency will help with the rebalancing in the economy."
Back to where it came from ... the dollar over the past days.
Government bonds, which have marched higher this year, rallied further overnight in response to the poor economic data out of the US overnight.
10-year US Treasury yields fell 7 basis points to 2.58 per cent, the lowest in more than three months.
UK 10-year bonds fell a point to 2.69 per cent, to levels last seen in early November, while Japanese bonds dropped 2 points to 0.62 per cent, where they traded at the beginning of December.
Aussie government bonds fell 6 points to 3.95 per cent with the RBA decision on rates due this afternoon, their lowest levels since the end of October.
"The trifecta of declines in US bond yields, US shares and the US dollar is very rare and indicative of growth concerns spreading from the emerging markets into the US," writes Perpetual's Matt Sherwood this morning.
"With data in China also pointing in the direction of slower growth, if the negative trifecta continues, markets assumptions that the US Fed will taper at every meeting this year would have to be reviewed."
10-yr government bond yields this year have fallen in Australia (yellow), the US (white), the UK (pink) and Japan (green).
The only word to describe the trading on the US market overnight is brutal, IG's Evan Lucas notes:
- This is the worst start to a February on the US market since 1933, with the S&P off 5.5% year-to-date.
- One fact to be aware of is the S&P hasn't had a 10% correction since May 2012; in that same time the Nikkei has had three, and the ASX two.
- The commodities space hasn't escaped the sell-off, with copper off for the ninth consecutive day; it hasn't suffered a ten-day losing streak since 1997 and it looks like breaking this record. Aluminium, nickel and zinc all suffer a similar fate, as industrial metals continue to suffer a red start to the year.
- We are going to have to ride out this negative pessimism for a while to come, as it looks likely that February will be a fairly red affair.
- Locally, like with the US markets, the negative sentiment is unlikely to subside in the near term, and until I see some form confidence returning, the slide is likely to tread its own path.
The resurgent property market has helped online property classifieds company REA Group deliver net profit growth of 37 per cent to $70.7 million for the six months ended December 31, compared with the previous corresponding period.
The company, which is 62 per cent owned by News Corp Australia, said first-half revenue rose 30 per cent to $209.4 million, buoyed by strong demand for the company's premium advertising slots.
Outgoing chief executive Greg Ellis said the Australian residential business posted growth of 34 per cent, with revenue in REA's premium advertising slots – "listing depth product" in the company's jargon – growing 67 per cent to $100 million. Earnings before interest, tax, depreciation and amortisation rose by 38 per cent to $106.8 million.
Commonwealth Bank had forecast net profit growth of 39 per cent to $71.9 million and EBITDA growth of 37 per cent to $105.8 million.
Good time for a poll - will we see big losses at the end of the day?
Poll: Stocks will plunge at the open, but how big will the damage be at the end of the day?
- The ASX200 will fall more than 2%, taking it twoards 5050 points.
- The ASX200 will fall, but losses will be limited to around 1%, keeping the index above 5100.
- After an early plunge, investors will jump back in and the ASX200 will end flat.
- What sell-off? Bargain hunters will drive the ASX200 higher, above 5200 points.
Total votes: 782.
You will need Cookies enabled to use our Voting Feature.
Poll closed 5 Feb, 2014
These polls are not scientific and reflect the opinion only of visitors who have chosen to participate.
In local earnings news, engineering group Downer EDI's December half net profit of $99.1 million came in modestly ahead of market expectations of a profit of around $95 million.
Previously the group had forecast the net profit forecast for the year to June to be flat at around $215 million, with analysts tipping that around 45 per cent of the full year profit would be earned in the December half. Earnings a share were flat at 20.8c compared with 20c a year earlier.
The interim dividend was raised to 11 cents from 10 cents.
Earnings before interest, tax, depreciation and amortisation fell to $297.5 million from $324.2 million a year earlier. Revenue for the half fell 16.7 per cent to $3.9 billion, with the rail division down a sharp 19.3 per cent to $600 million, which was overshadowed by a 23.2 per cent slump in mining division revenue to $1 billion.
As flagged, US stocks had their worst day since mid-2013, with the S&P 500 down 2.3 per cent.
The primary catalyst for the steep sell-off appears to be the release of survey results from the Institute of Supply Management which suggest the pace of growth in American manufacturing declined sharply in January.
The ISM index fell to an eight-month low of 51.3 in January, from 56.2 in December, a plunge that eclipsed economists' expectation of only a slight dip to 56.
Below the unattractive headline lurked some even uglier numbers. The new orders sub-index sagged to 51.2 from 64.4 – the biggest monthly fall since December 1980.
Perhaps the most worrying for investors was the employment sub-index to its lowest since June last year, a worrying precursor for a crucial employment report due out Friday, US time.
Economists are now speculating that the poor results reflect foul weather conditions earlier this year, in which case the numbers should prove an aberration.
"You'd have to be thinking that the exceptionally bad weather affected not only manufacturing, but other sectors including construction and transport employment, giving a downside tilt to this coming Friday's consensus expectation for US job growth of 185,000," said NAB senior economist David de Garis.
But with trouble in emerging markets continuing to bubble away, and concerns of a faster than expected slowdown in China's economy, jumpy investors seem prepared to sell now and ask questions later.
As if the markets didn't have enough to chew on, US Treasury Secretary Jack Lew has warned the US may default on its debt by the end of the month if Congress does not raise its borrowing limit.
Lew said overnight he could rely on emergency measures to pay US debts after the limit is reinstated on February 7. But he anticipated the treasury's reserves would quickly be exhausted as it issues annual income tax refunds.
Congress suspended the debt limit in October as part of a deal to reopen the federal government after a shutdown.
"It is imperative that Congress move right away to increase our borrowing authority," Lew said. "It would be a mistake to wait until the 11th hour to get this done."
Lew's remarks, delivered at the Bipartisan Policy Center, were the latest salvo in what has become something of a rhetorical ritual in Washington, with lots of sabre-rattling and posturing from both sides of parliament.
Here's the Wall Street recap: US stocks slumped, with the S&P 500 suffering its worst drop since June, after weaker-than-expected data on the factory sector in the world's largest economy provided investors with the latest reason to move away from riskier assets.
US manufacturing grew at a slower pace in January as new order growth plunged by the most in 33 years, while spending on construction projects barely rose in December.
Investor sentiment soured sharply after the factory data, driving the cost of protection against a drop on the S&P to its highest level in nearly four months. The CBOE volatility index jumped 16.5 per cent to 21.44, its highest level since December 2012.
"Nothing is preserved today - once the market started selling off, that was that," said Keith Bliss, senior vice-president at Cuttone & Co in New York.
The Dow Jones Industrial Average fell 326.05 points or 2.08 per cent, to 15,372.8, the S&P 500 lost 40.7 points, or 2.28 per cent, to 1,741.89 and the Nasdaq Composite dropped 106.919 points, or 2.61 per cent, to 3996.958.
The Dow closed below its 200-day moving average for the first time since December 28, 2012, a technical breakdown which could indicate further declines.
"This is the best evidence yet, to me, that people knew the Fed's monetary policy in 2013 was doing nothing but providing a definite floor to the equity markets. As soon as they started signalling they were going to pull out of their extraordinary stimulus you saw the unintended consequences," said Bliss.
Dow down ... the index has lost 7.3% since the beginning of the year.
Looks like we're in for quite a ride today, after Wall Street posted its worst day since last June, with both the Dow Jones and the S&P500 sliding more than 2 per cent.
Here's how some of the major markets performed:
- SPI futures are down 99 points at 5045
- The AUD is stable at 87.5 US cents, 88.4 yen, 64.7 euro cents
- On Wall St, the Dow slumped 2.1% to 15,372.80, the S&P 500 2.3% to 1741.89
- In Europe, FTSE100 -0.69%, CAC -1.39%, DAX -1.29%
- Spot gold $US1259.28 an ounce, up $US14.95
- Brent oil $US106.10 per barrel, down 30 US cents
- Iron ore flat $US122.60 per tonne
More on how overseas markets performed in this morning's need2know.
The big local event on the agenda is the RBA's rates decision. The board will post its decision ar 2.30pm. No change to the 2.5 per cent cash rate is expected, but there's a chance the RBA will change the wording of its statement to reflect the current global markets turmoil.
Central bank watchers have also tipped the RBA will tone down its recent ''jawboning" of the local currency.
Good morning and welcome to the Markets Live blog for Tuesday.
Your editors today are Jens Meyer and Patrick Commins.
This blog is not intended as investment advice.
BusinessDay with wires.


text: 11 Night Southern Caribbean Cruise on the Noordam Quick Specs 11 Night Southern Caribbean CruiseHolland America Line - NoordamOCG Class: PremiumDeparting From: Fort Lauderdale, FLDeparture Date: 03/09/2015 more dates » Check AvailabilityInteriorOceanviewBalconySuite$1,299$1,499$2,349- ItineraryShip StatsDeck PlansPhotosShip ReviewCabins Noordam Ship ReviewThe Noordam offers a more understated decor than some of the other Vista-class ships, but all the familiar HAL amenities and service are present. Highlights include the Culinary Arts center where cruises can watch demonstrations and even participate in classes. The Italian-menu Odyssey restaurant has been updated to the Pacific Northwest Pinnacle Grill to reflect HAL's Seattle headquarters' location. Noordam 11 Night Southern Caribbean Cruise Schedule & Itinerary Day Location/ Port of Call Monday, 03/09/2015Depart from Fort Lauderdale, Florida, Us Check In Starts At 01Tuesday, 03/10/2015At SeaWednesday, 03/11/2015At SeaThursday, 03/12/2015Philipsburg, Sint MaartenFriday, 03/13/2015Scenic Cruising Soufriere Bay Cruising OnlySaturday, 03/14/2015Castries, Saint LuciaSunday, 03/15/2015Soufriere, Saint Lucia Service CallMonday, 03/16/2015Bridgetown, BarbadosTuesday, 03/17/2015Daylight Passing Mount Pelee Cruising OnlyWednesday, 03/18/2015Fort-de-france, MartiniqueThursday, 03/19/2015St. Johns, Antigua And BarbudaFriday, 03/20/2015Charlotte Amalie, St. Thomas, U.s.Saturday, 03/21/2015At SeaSunday, 03/22/2015Half Moon Cay, Bahamas Tender RequiredMonday, 03/23/2015Arrive at Fort Lauderdale, Florida, Us Check Cruise Availability How many guests? Total should not exceed 5 passengers. Adults: - 1 2 3 4 5 (ages 12 - 54) Seniors: - 1 2 3 4 5 (age 55 or older) Kids: - 1 2 3 4 5 (ages 2 - 11) Infants: - 1 2 3 4 5 (Under 2 years old) Kids Ages at time of cruise: -- 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 -- 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 -- 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 -- 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 -- 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 US Resident? 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Departure City/Airport Code: Akron, OH (CAK) Albany, GA (ABY) Albany, NY (ALB) Albuquerque, NM (ABQ) Allentown, PA (ABE) Altoona, PA (AOO) Amarillo, TX (AMA) Anchorage, AK (ANC) Anderson, SC (AND) Appleton, WI (ATW) Asheville, NC (AVL) Atlanta, GA (ATL) Atlantic City, NJ (ACY) Augusta, GA (AGS) Austin, TX (AUS) Bakersfield, CA (BFL) Baltimore, MD (BWI) Bangor, ME (BGR) Baton Rouge, LA (BTR) Beaumont / Port Arthur, TX (BPT) Beckley, WV (BKW) Bellingham, WA (BLI) Billings, MT (BIL) Binghamton, NY (BGM) Birmingham, AL (BHM) Bismarck, ND (BIS) Bloomington, IL (BMI) Bluefield, WV (BLF) Boise, ID (BOI) Boston, MA (BOS) Bozeman, MT (BZN) Bradford-Warren, NY (BFD) Brainerd, MN (BRD) Buffalo, NY (BUF) Burbank, CA (BUR) Burlington, VT (BTV) Butte, MT (BTM) Cedar Rapids, IA (CID) Central Wisconsin Aprt, WI (CWA) Champaign / Urbana, IL (CMI) Charleston, SC (CHS) Charleston, WV (CRW) Charlotte, NC (CLT) Charlottesville, VA (CHO) Chattanooga, TN (CHA) Cheyenne, WY (CYS) Chicago - Midway, IL (MDW) Chicago - Ohare, IL (ORD) Cincinnati, OH (CVG) Cleveland, OH (CLE) Colorado Springs, CO (COS) Columbia, MO (COU) Columbia, SC (CAE) Columbus, GA (CSG) Columbus, OH (CMH) Corpus Christi, TX (CRP) Dallas - Ft. Worth, TX (DFW) Danville, VA (DAN) Dayton, OH (DAY) Daytona Beach, FL (DAB) Denver, CO (DEN) Des Moines, IA (DSM) Detroit, MI (DTW) Dubois, PA (DUJ) Duluth, MN (DLH) El Paso, TX (ELP) Elmira, NY (ELM) Erie, PA (ERI) Escanaba, MI (ESC) Eugene, OR (EUG) Evansville, IN (EVV) Fairbanks, AK (FAI) Fargo, ND (FAR) Fayetteville, NC (FAY) Flagstaff, AZ (FLG) Flint, MI (FNT) Florence, SC (FLO) Fort Myers, FL (RSW) Fort Smith, AR (FSM) Fort Walton Beach, FL (VPS) Fresno, CA (FAT) Ft. Lauderdale, FL (FLL) Ft. Wayne, IN (FWA) Gainesville, FL (GNV) Grand Forks, ND (GFK) Grand Junction, CO (GJT) Grand Rapids, MI (GRR) Great Falls, MT (GTF) Green Bay, WI (GRB) Greensboro, NC (GSO) Greenville, NC (PGV) Greenville, SC (GSP) Hagerstown, MD (HGR) Haines, AK (HNS) Harlingen, TX (HRL) Harrisburg, PA (MDT) Hartford, CT (BDL) Helena, MT (HLN) Hickory, NC (HKY) Hilo, HI (ITO) Honolulu, HI (HNL) Houston - Hobby, TX (HOU) Houston - Intercontinental, TX (IAH) Huntington, WV (HTS) Huntsville, AL (HSV) Indianapolis, IN (IND) Islip, NY (ISP) Ithaca, NY (ITH) Jackson, MS (JAN) Jacksonville, FL (JAX) Jacksonville, NC (OAJ) Johnstown, PA (JST) Joplin, MO (JLN) Juneau, AK (JNU) Kalamazoo, MI (AZO) Kalispell, MT (FCA) Kansas City, MO (MCI) Ketchikan, AK (KTN) Key West, FL (EYW) Kinston, NC (ISO) Knoxville, TN (TYS) Kona, HI (KOA) La Cross, WI (LSE) Lafayette, LA (LFT) Lancaster, PA (LNS) Lansing, MI (LAN) Las Vegas, NV (LAS) Lexington, KY (LEX) Lihue, HI (LIH) Lincoln, NE (LNK) Little Rock, AR (LIT) Long Beach, CA (LGB) Los Angeles, CA (LAX) Louisville, KY (SDF) Lubbock, TX (LBB) Lynchburg, VA (LYH) Macon, GA (MCN) Madison, WI (MSN) Manchester, NH (MHT) Mason City, IA (MCW) Maui, HI (OGG) Maui - Lahaina, HI (HKP) Mcallen, TX (MFE) Medford, OR (MFR) Melbourne, FL (MLB) Memphis, TN (MEM) Miami, FL (MIA) Midland/Odessa, TX (MAF) Milwaukee, WI (MKE) Minneapolis, MN (MSP) Minot, ND (MOT) Missoula, MT (MSO) Mobile, AL (MOB) Moline, IL (MLI) Molokai, HI (MKK) Monroe, LA (MLU) Monterey, CA (MRY) Montgomery, AL (MGM) Morgantown, WV (MGW) Myrtle Beach, SC (MYR) Naples, FL (APF) Nashville, TN (BNA) New Bern, NC (EWN) New Haven, CT (HVN) New Orleans, LA (MSY) New York - JFK, NY (JFK) New York - Laguardia, NY (LGA) Newark, NJ (EWR) Newburgh, NY (SWF) Newport News, VA (PHF) Norfolk, VA (ORF) Oakland, CA (OAK) Oklahoma City, OK (OKC) Omaha, NE (OMA) Ontario, CA (ONT) Orlando, FL (MCO) Oxnard, CA (OXR) Palm Springs, CA (PSP) Panama City, FL (PFN) Pasco, WA (PSC) Pellston, MI (PLN) Pensacola, FL (PNS) Peoria, IL (PIA) Philadelphia, PA (PHL) Phoenix, AZ (PHX) Pittsburgh, PA (PIT) Plattsburg, NY (PLB) Port Canaveral, FL (PCN) Port Charlotte, FL (FMY) Portland, ME (PWM) Portland, OR (PDX) Providence, RI (PVD) Punta Gorda, FL (PGD) Quincy, IL (UIN) Raleigh/Durham, NC (RDU) Rapid City, SD (RAP) Reading, PA (RDG) Reno, NV (RNO) Richmond, VA (RIC) Roanoke, VA (ROA) Rochester, MN (RST) Rochester, NY (ROC) Rockford, IL (RFD) Rocky Mount, NC (RWI) Sacramento, CA (SMF) Saginaw, MI (MBS) Salisbury, MD (SBY) Salt Lake City, UT (SLC) San Antonio, TX (SAT) San Diego, CA (SAN) San Francisco, CA (SFO) San Jose, CA (SJC) San Juan, PR (SJU) San Luis Obispo, CA (SBP) Santa Ana, CA (SNA) Santa Barbara, CA (SBA) Sarasota / Bradenton, FL (SRQ) Savannah, GA (SAV) Seattle/Tacoma, WA (SEA) Shreveport, LA (SHV) Sioux City, IA (SUX) Sioux Falls, SD (FSD) Sitka, AK (SIT) Skagway, AK (SGY) South Bend, IN (SBN) Spokane, WA (GEG) Springfield, IL (SPI) Springfield, MO (SGF) St. Louis, MO (STL) St. Petersburg, FL (PIE) State College, PA (SCE) Syracuse, NY (SYR) Tallahassee, FL (TLH) Tampa, FL (TPA) Taylorsville, NC (TYL) Toledo, OH (TOL) Tri-Cities, TN (TRI) Tucson, AZ (TUS) Tulsa, OK (TUL) Ufville, NC (UFT) Valdosta, GA (VLD) Washington - Dulles, DC (IAD) Washington - National, DC (DCA) Waterloo, IA (ALO) West Palm Beach, FL (PBI) Westchester County, NY (HPN) Wichita, KS (ICT) Wilkes-Barre / Scranton, PA (AVP) Wilmington, NC (ILM) Worcester, MA (ORH) Calgary, AB (YYC) Castlegar, CA (YCG) Charlottetown, PE (YYG) Edmonton, AB (YEG) Fredericton, NB (YFC) Halifax, NS (YHZ) Moncton, NB (YQM) Montreal, PQ (YUL) Montreal/Mirabel, PQ (YMX) Ottawa, ON (YOW) Quebec, QB (YQB) Regina, SK (YQR) Saskatoon, SK (YXE) St. John - New Brunswick, NB (YSJ) St. Johns, NF (YYT) Sydney, NS (YQY) Thunder Bay, ON (YQT) Toronto, ON (YYZ) Vancouver, BC (YVR) Victoria, BC (YYJ) Windsor, ON (YQG) Winnipeg, MN (YWG) Searching Cruise for Available Rooms & Rates... Other 11 Night Southern Caribbean Cruise Itineraries on the Noordam Departure Date Interior Oceanview Balcony Suite March 09, 2015$1,299$1,499$2,349-March 30, 2015$1,299$1,499$1,699$2,399See all sailing dates for this cruise » Terms and Conditions:The prices listed are representative of actual prices provided by various cruise vendors and are not offered by TravelAgeWest.com or Northstar Travel Media, LLC. Price listed does not constitute a contract of services, implied or written. TravelAgeWest.com provides no cruise booking or purchase features. Prices are provided as a comparison tool only. Prices listed are per person, based on double occupancy and do include port taxes. Prices do not include taxes, fuel surcharges, gratuities, or airfare unless otherwise noted. Actual prices and fees are subject to vendor policies and are subject to availability, are capacity-controlled, and are subject to change without notice. Special amenities, prices, offers, and upgrades are based on select dates, ships, sailings, stateroom categories, and select fare codes. Cancellation penalties, blackout dates, and other restrictions may apply. All prices and dates may not be available at time of booking. Noordam Ship Profile and Statistics Cruise Line:Holland America LineShip Type:Cruise ShipLine Class:PremiumRegistration:NetherlandsYear Built:2006Deck Quantity:11Passenger Capacity:1,918Gross Tonnage:81,769Length:950 ftBeam:105.8 ftSpeed:22 knotsInside Cabins:153Outside Cabins:806Number of Crew:800Noordam RecreationIndoor Pools: NoOutdoor Pools: YesIs there a Spa?: YesIs there a Casino?: YesNoordam DiningLido RestaurantRoom Capacity: 420Vista RestaurantCuisine: ContinentalRoom Capacity: 1,050Pinnacle GrillCuisine: Pacific NorthwestRoom Capacity: 145Noordam EntertainmentCrow's NestDescription: Observation view, nightclubCapacity: 230Explorers LoungeCapacity: 80Vista LoungeDescription: Las Vegas style productionsCapacity: 788Northern LightsCapacity: 85Pinnacle BarDescription: Wine barCapacity: 36Queen's LoungeDescription: Demonstrations, interactive classesCapacity: 110 Noordam Deck Plans Visit the Noordam Decks Main DeckLower Promenade DeckPromenade DeckUpper Promenade DeckVerandah DeckUpper Verandah DeckRotterdam DeckNavigation DeckLido DeckObservation DeckSports Deck Noordam Stateroom KeyCategoryCabin NameCLarge Oceanview Stateroom (Some Accessible)DLarge Oceanview Stateroom (Some Accessible)DDLarge Oceanview StateroomELarge Oceanview StateroomFLarge Oceanview StateroomGLarge Oceanview StateroomGOceanview Stateroom (Obstructed views)GGLarge Oceanview Stateroom (Obstructed view)HLarge Oceanview Stateroom (Obstructed view)HHLarge Oceanview Stateroom (Obstructed view)ILarge Inside StateroomJLarge or Standard Inside StateroomKLarge or Standard Inside StateroomLStandard Inside StateroomMStandard Inside StateroomMMStandard Inside StateroomNStandard Inside StateroomNNStandard Inside StateroomPSPinnacle SuitesSANeptune SuitesSBNeptune SuitesSCNeptune SuitesSSSignature SuitesSYSignature SuitesSZSignature SuitesVAVerandah (Some Accessible)VBVerandah (Some Accessible)VCVerandahVDVerandahVEVerandahVFVerandahVHVerandah Main Deck Deck Plan Noordam Deck Plans: Main Deck Lower Promenade Deck Promenade Deck Upper Promenade Deck Verandah Deck Upper Verandah Deck Rotterdam Deck Navigation Deck Lido Deck Observation Deck Sports Deck Noordam Photos Photos & Videos travel42 Professional Review for Noordam Want to read the full Noordam travel42 Review? travel42 features professionally written reviews of more than 300 cruise ships, 78 cruise lines and more than 3,000 hotels in nearly 200 popular cruise embarkation ports worldwide, plus 7,000 additional destination hotels. Visit www.travel-42.com or call 1.866.566.8136 to learn more about subscribing. The cruise liner Noordam completed the four points of the compass for Holland America Line. With Noord, Dutch for north, the 81,769-ton Noordam along with Zuiderdam (south), Oosterdam (east) and Westerdam (west) make up HAL's Vista-class quartet, entering service between December 2002 and February 2006. Although the four ships share much in common, the Noordam is far more toned down than the jazzy Zuiderdam, apart from the occasional ornamentation to dazzle. Thr... Subscribe to travel42 to read the full review » Copyright (c) 2015 Northstar Travel Media, LLC. travel42. Noordam Cabin and Stateroom Photo GalleryNoordam Large Oceanview Stateroom (Some Accessible)2 lower beds convertible to 1 queen-size bed, bathtub, shower. Accessible includes roll-in shower, wide interior & exterior doors.Category: CDNoordam Large Oceanview Stateroom2 lower beds convertible to 1 queen-size bed, bathtub, shower.Category: DDEFGNoordam Oceanview Stateroom (Obstructed views)2 lower beds convertible to 1 queen-size bed, bathtub & shower.Category: GNoordam Large Oceanview Stateroom (Obstructed view)2 lower beds convertible to 1 queen-size bed, bathtub & shower. All G-category staterooms have a partial sea view. All GG-category staterooms have fully obstructed views. All H- & HH-category staterooms have fully obstructed views.Category: GGHHHNoordam Large Inside StateroomLarge: 2 lower beds convertible to 1 queen-size bed, shower.Category: INoordam Large or Standard Inside StateroomLarge or Standard: 2 lower beds convertible to 1 queen-size bed, shower.Category: JKNoordam Standard Inside StateroomStandard: 2 lower beds convertible to 1 queen-size bed, shower.Category: LMMMNNNNoordam Pinnacle SuitesPenthouse Verandah Suites: Bedroom with 1 king-size bed, oversize whirlpool bath & shower & additional shower stall, living room, dining room, dressing room, private verandah with whirlpool, pantry, 1 sofa bed for 2 persons, microwave, refrigerator, guest toilet, private stereo system, floor-to-ceiling windows.Category: PSNoordam Neptune SuitesDeluxe Verandah Suites: 2 lower beds convertible to 1 king-size bed, bathroom with dual sink vanity, full-size whirlpool bath & shower & additional shower stall, large sitting area, dressing room, private verandah, 1 sofa bed for 2 persons, floor-to-ceiling windows.Category: SASBSCNoordam Signature SuitesSuperior Verandah Suites: 2 lower beds convertible to 1 queen-size bed, bathroom with dual sink vanity, full-size whirlpool bath & shower & additional shower stall, large sitting area, dressing room, private verandah, 1 sofa bed for 1 person, floor-to-ceiling windows.Category: SSSYSZNoordam Verandah (Some Accessible)2 lower beds convertible to 1 queen-size bed, bathtub, shower, sitting area, private verandah, floor-to-ceiling windows. Accessible includes roll-in shower, wide interior & exterior doorsCategory: VANoordam Verandah (Some Accessible)2 lower beds convertible to 1 queen-size bed, bathtub, shower. Accessible includes roll-in shower, wide interior & exterior doors.Category: VBNoordam Verandah2 lower beds convertible to 1 queen-size bed, bathtub, shower.Category: VCVDVEVFVH

subset: commoncrawl


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The shoe looks great new,cleaning them is a problem due to the material used, it holds dirt and will leave a ring around the collar or dirt rings if not cleaned and rinsed well..They are very very comfortable and lite weight!!!, the best i've had.I have been a Tiger Woods shoe guy ,not any more!!The lugs look a bit outdoors like rock climbing.They run at least 1/2 size small in the fit.I would like a pair larger, hide the rock climbing look from the side view.That would be a winner!!!
I love these shoes. Adidas shoes, in general, are so much more comfortable than Nike's. These golf shoes are no different. They also look just as good as they feel. They may tend to run a bit small, so if your foot is still growing you might want to get a 1/2 size bigger than your normal shoe. I have no complaints with this shoe, a definite upgrade from my old Nike's.
These shoes are by far the most comfortable golf shoes I have ever worn. I can play 18 holes and wear these shoes without changing into a regular pair. I highly recommend them.
Ok..so I'm out today, my first with the Crossflex. I use a variety of shoes...my Trues which I love but, since I play in the desert, must admit aren't the shoe for steeping on rocks...ouch! super light but thin! That is their selling poin though, and on turf full time are excellent. Kikkors, which are quite heavy..and "freddie' shoes..very comfy but was looking for something different. Footjoy Sports..nice enough but not street worthy. The crossflex is, honestly, the best of all worlds. Already proclaimed my best shoes ever worn. Yep, after one measly round..and shopping afterward. They don't offer the feel-the-ground stablity of Trues, but are close for sure. In every other way they trump all the above! I can dig them in, post up, swing through..nice! Feet are good as ever upon finishing, the best part. And, slime green. Come on! I'll try anything in slime green! Haha! True to what the Adidas website says, order a half size BIGGER...I did so and it was a perfect fit!


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HootRoot Travel Tool
To be (green), or not to be, that is the question. When it comes to traveling, the answer is usually "not." But website HootRoot, which has just won a U.S. Environmental Protection Agency award, aims to change all that.
Plug in your start and end points (say, Boston and New York City), and HootRoot cleverly scans Google Maps and HopStop for routes, travel times, and carbon dioxide emissions for various modes of transport. For the Boston-New York City trip, for example, flying takes only 29 minutes (minus airport time) but emits a whopping 428.9 pounds of CO2, while driving clocks in at four hours and 238.84 pounds. Transit, which takes just minutes longer than a car trip, whittles one's carbon footprint to just 18.07 pounds. Consider it ready ammo for making green decisions--and saving a bundle on offset credits.
Photo: Courtesy of HootRoot


text: DHS will no longer be processing TennCare Medicaid eligibility applications. The DHS role is changing, and DHS will have a supportive role in the process. DHS will be assisting in providing access to kiosks where potential applicants can access TennCare Medicaid applications through the Health Insurance Marketplace. You can learn more about this on the TennCare website. DHS staff is available in local offices to help facilitate the use of kiosks and to provide assistance.


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Thursday, November 4, 2010
A new paint job
34 comments:
- The Tulip Patch said...
Don't feel guilt about the table. Obviously if the lady put a $5 pricetag on it she was totally over it. You saved it from a landfill. Now do you feel better???
- November 4, 2010 at 6:03 AM
- Sharon@Sharon at Home said...
Love the chairs .... definitely paint the table. New home ... new look.
- November 4, 2010 at 6:16 AM
- Tamera said...
It's cute, but...
It is yours after all. - November 4, 2010 at 6:23 AM
- trish said...
Good Morning Amy. :o)
Your chairs look beautiful! You really did a nice job and they will be so much fun to sit at, around the table. :o)
Did you need to sand or strip the previous paint off?
I hope you have been having a nice week.
Sincerely - Tricia - November 4, 2010 at 6:30 AM
- Leila said...
Great chairs! If the previous owner was ready to get rid of her table she won't mind you painting it. I have to agree that multi-colored is fun, but southwestern multi-colored is...well, not my style.
- November 4, 2010 at 6:33 AM
- Jackie said...
There are parts of the table that I like the way it is - and it's not the obviously southwest part. Make it your own!
- November 4, 2010 at 6:37 AM
- A Plain Path said...
Great job on the chairs....and that table...whew...paint away! :o) It does seem like it took someone a good bit of time to make it their own, but now it's time to make it your own. Have fun!
- November 4, 2010 at 6:56 AM
- Kim Walus said...
What beautiful chairs and the colors are perfectly perfect.
- November 4, 2010 at 7:00 AM
- Leslie said...
the chairs look awesome!!! what a fantastic idea
- November 4, 2010 at 7:08 AM
- Lori said...
LOVE the chairs! Yes- that table needs some help. It made the original owner happy so now you need to make you the owner happy...paint it!
- November 4, 2010 at 7:10 AM
- DeeRoo said...
Paint it, Paint it, Paint it!;)
Ivy leaf? Looks yellow to me! They all look great, any of those colors or the hutch color would suit just fine. Take a family vote!!;)
It is pouring here! - November 4, 2010 at 7:25 AM
- DeeRoo said...
Paint it, Paint it, Paint it!;)
Ivy leaf? Looks yellow to me! They all look great, any of those colors or the hutch color would suit just fine. Take a family vote!!;)
It is pouring here! - November 4, 2010 at 7:25 AM
- Kristie said...
Don't feel guilty...that side table needs to be stopped. Paint it!
- November 4, 2010 at 7:28 AM
- Jen said...
I remember you posting those chairs! I thought it was a gorgeous picture. Love the new chairs! I'm thinking I should do that to my plain black chairs. How did you prep them?
Wow, I can't wait to see what you do to the table! - November 4, 2010 at 7:55 AM
- live a colorful life said...
The chairs look great. And the table has such a great shape to it. Paint it and make it yours!
- November 4, 2010 at 8:12 AM
- Connie said...
I swear we are home improvement twins right now; I'm staining/painting/glazing some battered barstools and it makes a world of difference. So does the bulletproof polyurethane for a kid-friendly household. If you need help with/supplies for a faux finish, call me. I bought a pint of tintable glaze for this project; there's no way I'll use even close to the whole thing.
... and paint that table. I'd give it, like, 8 coats of primer to make sure that motif doesn't bleed through. Ever. - November 4, 2010 at 9:32 AM
- SewSara said...
go bright with the table!! you won't regret it. :)
- November 4, 2010 at 9:36 AM
- StrawberryBlond said...
PAINT IT! Yes, it must've taken someone forever to do that (and well, I might add) but that style is so over it's not even funny. No guilt!
I love what you've done with your chairs. It's what I've wanted to do FOREVER but we don't have a kitchen set yet. I lived vicariously through my daughter and made her a Barbie kitchen set with different colored chairs instead. :o) - November 4, 2010 at 9:37 AM
- Kasi said...
I love those so much, I can't even express it in writing :) Spray paint really is my best friend.
- November 4, 2010 at 9:49 AM
- Tiffany said...
Spray paint that poor table and put it out of its misery! :)
- November 4, 2010 at 11:05 AM
- Allie said...
Your chairs look so fun!
- November 4, 2010 at 11:27 AM
- AnneMarie said...
Ok - love the chairs - but! Completely unrelated....
Have you seen the spoof Sesame Street did with Grover for the Old Spice commercial????
Hilarious!! And EXTREMELY hilarious when you catch your 4 year old quoting it!!! - November 4, 2010 at 2:00 PM
- Angie said...
Paint it! The chairs look wonderful!
- November 4, 2010 at 3:07 PM
- Maggie said...
Love the OS reference! I imagined the actor that does them reading your paragraph. Ah-mazing!
:) Thanks for the laugh. - November 4, 2010 at 4:23 PM
- Gari said...
I love that little end table, it would look great in a quilt studio. But why not design a quilt from the tabel top. It would look great.
- November 4, 2010 at 8:05 PM
- Sew Many Mamas said...
LOVE the chairs - can't wait to see the table finished!
- November 4, 2010 at 9:46 PM
- Jodie said...
It's ok to let the geckos go :)
- November 5, 2010 at 5:00 AM
- Katy said...
Hmm, is it possible to be jealous of a CHAIR?! Very pretty makeover!
- November 5, 2010 at 7:45 AM
- Annette said...
Love what you did with the chairs. the colours are pretty. I am inspired.
- November 5, 2010 at 11:42 AM
- Pamela said...
Spray Paint rocks....the spray paint section is way bettr at WM unfortunately. Your chairs look awesome.
- November 6, 2010 at 9:50 AM
- Alissa said...
LOVE the chairs!
Can't wait to see what you do with the table! - November 7, 2010 at 4:58 PM
- Andy said...
love the chairs and thanks for the tip about walmart spray paint. I would never think to look there.
- November 7, 2010 at 11:14 PM
- Tracey said...
Just curious...how the table is finished that the "new chairs" go with. I have been wanting to give mine a redo....but haven't found the courage yet :)
- November 8, 2010 at 7:46 AM
- Shirley said...
I like that table...but I think it probably came out of a Mexican Resturant..you've probably painted this 2 years back but I'm surfing and writing. ;)
- February 13, 2012 at 6:43 PM


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New And Noteworthy...
The Republic of Guinea-Bissau and the Republic of Fiji formalised diplomatic relations in a ceremony at the Permanent Mission of Fiji to the United Nations in New York today. At the ceremony, the Permanent Representative of Guinea-Bissau to the United Nations, Ambassador Joao Soares Da Gama, and his Fijian counterpart, Ambassador Peter Thomson, signed a joint communiqué establishing diplomatic relations between the two nations.
Speaking at the High Level Political Forum (HLPF) on sustainable development in New York today, Fiji's Permanent Representative to the United Nations, Ambassador Peter Thomson, urged the international community to hear the voices of the Small Island Developing States (SIDS). He said that if they listened well, they would hear that what the island countries were articulating was for the good of the whole planet, not just that of SIDS.
The Annual Session of the Executive Board of UNDP/UNFPA/UNOPS began in Geneva this morning under the presidency of Fiji's Permanent Representative to the United Nations, Ambassador Peter Thomson. The Executive Board provides oversight and guidance to the three UN agencies responsible for an annual expenditure of over US$7 billion.
New York City


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quote:This thread led me to googled LHSAA state title winners over the years. my mind is blown with some of the schools at the top. I had no idea about Haynesville winning that many titles.
quote:And are they a long way away from my high school.
quote:Notre Dame tied for 3rd
quote:Where did you go?
quote:Where did you go? Mighty South Lafourche High


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Sean Maguire
Sean Maguire's Profile
The raw and the crafted
The Media Standards Trust has begun a lecture series on 'Why Journalism Matters'. It is disconcerting that it feels we have to ask the question. The argument put forward by the British group's director Martin Moore is that news organisations are so preoccupied with business survival that discussion of the broader social, political and cultural function of journalism gets forgotten. It is a pertinent review then, given the icy economic blasts hitting most Anglo-Saxon media groups, and notwithstanding the recent examples of self-evidently broader journalistic 'value' produced by London's Daily Telegraph in its politican-shaming investigations into parliamentarians' expenses.
First up in the series was Lionel Barber, editor of the Financial Times, who cantered through the justifications for a vibrant, independent press. Watchdog, informer, explainer, campaigner, community builder and debater – those are the roles that journalism plays. The value that it brings is most evident by comparison with the unhealthiness of states where the press is not free, noted Barber, citing the struggles of the citizenry in China and Russia to hold their leaders to account.
The FT's USP as a media group, according to Barber, is as an explainer and analyser of complicated events that play out across a global stage. But analytical reporting of global stories costs serious cash, he noted, in a question-begging aside. That you get the quality of journalism you are prepared to pay for, ultimately, is his response to the challenge posed to mainstream media by Internet-enabled communicators. For free you can have the rawness of a blog. For crafted journalism that is properly sourced, reviewed for taste and style and checked for accuracy, you must find ways to charge. At your peril do you blur the edges between the crafted and the raw world of easy comment, hasty opinion and rumour billed as fact, argues the FT editor. (There was a hat tip, however, to the bloggers that have broken news, such as Guido Fawkes who forced the resignation of an advisor to Gordon Brown by revealing his plans for a smear email campaign.)
So a sharp distinction was drawn between the value proposition of professional journalism and its unruly blogging and twittering cousin. No such clarity yet, though, on the funding model for the former when the Internet has made audiences expect to read most general interest news and a lot of specialised niche content for free. No secret that each and every news group is daunted by this obstacle, even the FT, which has not been immune to the downturn in advertising revenue.
We were left with a couple of clues on the way forward. Barber predicted that within a year all news organisations will be charging for online content in some way. (The FT's model is to allow readers access to a few articles for free and then charge for further use.) Will Google ever pay for content – unlikely says Barber. But at least they might be prepared to talk about linking via searches to articles requiring subscription, which they do not do currently.
And his flippant response to the demographic challenge posed to a print-based news organisation by the emergence of a generation of youngsters who get all their information from screens? People are living longer – they will still buy newspapers.
Mr.Martin is right.But economic reality must also be taken into account.The source of income is mainly through advertisements.Even this is under threat because of electronic media.Probably, if search engines are not willing to pay,best option is to charge a very nominal subscription from readers.People who pay for porn, should pay for good journalism.
This trend is fully changing.
Old types of journalism has been considerably changed to new era.
Now,journalists are qualified with modern widgets for quick audio and video reporting.'
still,lot of new,radical,digital images will be applicable and presentable in near future."
Profits and establishments will also be changed radically,
Hereafter,young,upcoming,dare and devil,adventurous people will enter in all journalistic segments.
No question of talking glorious past.
That,old glorious journals,editors views will be in archive.
Science always says,old will become todays history,today will become tomorrows history.
Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates. I've been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.
How do you create your site look this cool. Email me if you're able to and share your wisdom. Id be appreciative!
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text:
Implementing inter-processor communication on emerging heterogenous multicore SoCs
There are a number of heterogeneous multicore SoCs being introduced including the Vybrid platform from Freescale and the Jacinto 6 platform from Texas Instruments. At CES in January 2014 we demonstrated how the communication between Cortex M4 and Cortex A15 cores on the TI Jacinto 6 can be implemented using rpmsg. The two videos below show this demonstration in action. The first video illustrates how … Read More
rpmsg, Multicore, Texas Instruments, heterogenous, Infotainment, IPC, jacinto 6, instrument cluster, inter-processor communication


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Hamilton Paint Brush (W)37mm
- Product rating
This Vantage paint brush is ideally used with all paints, stains and varnishes. Made from specially designed blend, stainless steel and wood and with a wooden handle, you can complete any painting and decorating task with complete comfort and control. For added strength, it comes with a stainless steel ferrule. Its bristle blend can be easily maintained and looked after with appropriate paint brush care.
- Guarantee - 1 year
Read moreabout Hamilton Paint Brush (W)37mm
- Brand
Product notices
Purchasing and availability details
Current price
you save £2.48
- Check stock in store Stocked in store
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Product Details
Technical specifications
Brand | Hamilton |
Construction material | Blend, stainless steel & wood |
Colour description | Black |
Bristle material | Bristle blend |
Ferrule material | Stainless steel ferrule |
Handle material | Wooden handle |
Sizes | 37 mm |
Pack quantity | 1 |
Model | 60151037 |
Help & Advice
Wall Painting Calculator
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This is based on a coverage of 10m² per litre of paint. Always check the coverage on the side of the tin before buying.
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You should normally paint your walls and ceilings with emulsion, acrylic or water-based eggshell. Non-drip emulsion is also available in jelly or solid form, and this is particularly good for ceilings. Never stir non-drip paint, no matter how lumpy it looks. You'll cause the gel structure to break down, and the paint will lose its non-drip quality.
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If you're painting on bare wood, plaster or metal surfaces, you'll get a better result if you use a primer first. It provides a surface which the paint can bond to and stops the paint being absorbed. Find out more what you need and for what surface.
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Forest Friendly
All our wood is 100% Forest Friendly. This means using it in our products (from doors to wallpaper) does not damage ancient forests, harm wildlife or jeopardize communities who depend on forests now and in the future.
B&Q is proud of our industry-leading timber policy and 20 years of pioneering work on forests.
Product reassurances
Choose a convenient delivery date on 1000's of products
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Customer support team - 0333 0143357
Free delivery on orders over £50
Home delivery orders placed on diy.com.
Excludes Next Day Bulk delivery goods


text:
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Welcome to Love Letters, the place for love advice (giving and getting). Globe relationship columnist Meredith Goldstein and Boston.com readers are ready to take your letters and tell you what's what. Have a question? Click here to submit or email us at firstname.lastname@example.com.
Recent blog posts
Meredith Goldstein is a Boston Globe columnist who follows relationship trends and entertainment. She offers daily advice on Love Letters — and welcomes your comments. Meredith is also the author of "The Singles," a novel about complicated relationships. Follow Meredith at www.meredithgoldstein.netand on Twitter. Love Letters can be found in the print edition of The Boston Globe every Saturday in the G section.


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Online Games
Free Games
فیلم های تمام لخت سکسی
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Free Online Games
Thanksgiving Turkey
Thanksgiving is one of the greatest holidays. On thanksgiving night every member of the family gathers at dinner. Everybody sitting at the table means ... Tuna Tartar Salad
In This cooking game we will show you how to prepare this fabulously delicious salad with a truly tasty sushi filling. Make sure you have all the ingr ... Turtle Cake Cooking
Your boyfriend called you and told that he would visit you in several hours so do not lose time; you should surprise him with this delicious and nice- ... Winter French bistro
Help Sandy Claus set all of the chairs and take orders. ... Tasty Cute Kitty Cupcakes
Today we cook muffins with fruit and decorated with the image of Hello Kitty. First you need to cut all fruits, cut the butter. Then we prepare the do ... Tropical Fruitcake
Enjoy this great cooking game where you will learn how to prepare a delicious cake with tropical fruit. Make sure you have all the ingredients ready, ... Vegetable Manchurian
Vegetable Manchurian free online flash cooking game. ... Walnut cinnamon and sticky
Cinnamon Sticky Buns is a delicious desert. The sweet honey-walnut topping and tender texture make these sticky rolls a surefire people pleaser. Let's ... Tasty Sugar Cookies
Hello Cooking Fans! Today we propose to cook a delicious recipe that will make you look like a Chef King in front of your friends and namely, Tasty Su ... Tropical Treat Sherbet Cake
Delicious Treat! Make Tropical Treat Sherbet Cake by following the instructions correctly. Tropical Treat Sherbet Cake is real treat for cake lovers. ... Bright Bulls Coloring
Pat these bulls fondly and you would be surprised on how affectionate they could get. Befriend the lovable lot of bulls by dabbing great colors on the ... Bunny and Friends Coloring
Tweety is bored of her canary yellow color and Bugs Bunny and other friends too are looking for a change. Fill the air with enthusiasm by dabbing wild ... Red Velvet Cupcakes
Following the game recipe you will obtain red velvet cakes with great consistency and good flavor. You can prepare these creamy cupcakes for your birt ... Salsa Chicken Rice
In this game you will learn how to cook an easy but very satisfying meal, easy made with ingredients found in the pantry. Put the rice in water and bo ... Tessa Cake
This is a part of the Tessa series. Tessa has a beautiful kitchen in her home and she loves to cook and bake for her friends. Today she asked all her ... Walnut chocolate bread
You can't go wrong with our walnut chocolate bread cake game. It tastes as yummy as it looks it's my most requested special occasion bread and it neve ... World Class Chef
World Class Chef free online flash cooking game. ... My Birthday Party
It's your birthday party, so you can decorate the table any way you want! ... Spaghetti And Meatballs
Welcome to an awesome cooking demonstration! We all love to eat pasta, specially spaghetti and my favorites are spaghetti with meatballs so in this co ... Cars 2 coloring
Meet the original cars of the film Cars 2! Lightning McQueen and his friends are waiting for you! Pick your celebrated heroes from the movie and paint ... Sticky Toffee Pudding
Today I found a delicious recipe that can be cooked in just a few minutes! Sticky Toffee Pudding it's a perfect dessert for any occasion because it's ... Ice Cream Loop
What Is Your Favorite Ice Cream? Make delicious Ice Cream for kids using decorating skills. Use reference picture to decorate the Ice cream flawlessly ... Make Tomato Soup
Winter is the best season of the soups. Every day is a cold one so a healthy hot soup is always welcomed. If you have never cooked a tomato soup befor ... Mixed Nut Tart
Who doesn't love toffee tart? I think all kids love this dessert. In this cooking game for kids you will see how toffee tarts are made. This is a deli ... My Dream Cake
Design your dream cake! Make it fancy, or keep it simple. No matter how you slice it, cake is always yummy. ... Pancy Cupcakes
Ready for a new cooking session? It's time to use your inspiration and cook delicious flower cupcakes. This is most favorite dessert recipe, there are ... |


text:
quote:ETA: They are saying torn ACL
quote:On the other hand, Federer was just made for tennis. 31 and really no major injuries to speak of.
quote:How would PED's really help a tennis player become a lot better?
quote:P E Wait for it Ds
quote:Baker was wheelchaired off the court, not good at all, sucks for him and what he has been through. He was really looking good too. ETA: They are saying torn ACL.
quote:Watch out for my homeboy Rhyne Williams


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EUREKA, Kan. (AP) -- Eureka High School's tiny auditorium was packed as the community said goodbye to a couple who were killed in their rural Greenwood County home by a man who also is believed to have shot and wounded their 26-year-old daughter.
The Wichita Eagle (http://bit.ly/16Ga0Dh) reports law enforcement officers kept close watch Saturday at the funeral for Keith and Sheila Kriesel, who were fatally shot Oct. 2. A man sought in connection with the shootings, 35-year-old Kevin Welsh, remains at large.
Family members say 52-year-old Sheila Kriesel had worked for the Greenwood County Attorney's Office, while 54-year-old Keith Kriesel was a jailer for the county sheriff's office and drove a school bus.
The state has offered a $5,000 reward for information leading to Welsh's capture.


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Footprint for Nations
In today's world, where humanity is already exceeding planetary limits, ecological assets are becoming more critical. Each country has its own ecological risk profile: Many are running ecological deficits, with Footprints larger than their own biological capacity. Others depend heavily on resources from elsewhere, which are under increasing pressure.
In some areas of the world, the implications of ecological deficits can be devastating, leading to resource loss, ecosystem collapse, debt, poverty, famine and war.
The Ecological Footprint is a resource accounting tool that helps countries understand their ecological balance sheet and gives them the data necessary to manage their resources and secure their future.
National governments using the Footprint are able to:
- Assess the value of their country's ecological assets
- Monitor and manage their assets
- Identify the risks associated with ecological deficits
- Set policy that is informed by ecological reality and makes safeguarding resources a top priority
- Measure progress toward their goals
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It is almost certainly the case that countries and regions with surplus ecological reserves—not the ones relying on continued ecological deficit spending—will emerge as the robust and sustainable economies and societies of the future.
* Time series data for all nations not available. The 2010 Data Tables are a sample of the Ecological Footprint and biocapacity for almost 150 nations. These tables show the results for 2007 from the 2010 NFA Edition. The data is also presented in the Ecological Footprint Atlas 2010. National Footprint Account results from the 2012 and 2011 Edition are available. Please see descriptions of all the NFA Licenses at National Footprint Account Licenses.


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It's really hard to find television programming about video games anymore. Even if you happen to be a directv sandy customer or you subscribe to any of those other big name providers with hundreds of channels, it's still hard to find shows, let alone channels, that talk about video games.
This contrasts greatly to the way things used to be in the mid-80s – early-90s.
Remember when Nintendo was everywhere? Remember when there were actual game shows every Saturday morning where kids would have video game tournaments with Mario and Mega Man? Remember when former-wrestler, Captain Lou Albano, donned the red overalls and red cap for the live action portions of the Super Mario Super Show? REMEMBER THE MARIO AND ZELDA-THEMED BREAKFAST CEREALS?!
There used to be a time when America couldn't get enough video games and while the interest hasn't entirely diminished, it has certainly changed. It's no longer a hip new thing, it's a recognized lifestyle and hobby where no special concessions are made.
Even the alleged G4TV channel which used to feature 90 video game related content has taken to airing reruns of COPS and other reality TV shows.
No, it seems like video game shows are far and away becoming a rarity. Luckily, there is still the internet.


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InfoDesk is a technology company that specializes in information management solutions that help organizations integrate, deliver and share content resources more quickly, cost effectively and securely.
For more than twelve years InfoDesk has helped some of the largest multinational corporations, top government agencies and media companies integrate, deliver and share large volumes of information more effectively.
InfoDesk has built one of the largest, most responsive content provider networks in the industry. Our network allows us to integrate more content sources more quickly and more cost effectively than anyone else.


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That All May be Edified: Talks, Sermons & CommentaryThirty-five addresses given to conferences and other groups. |
Im Buch
7 Seiten stimmen mit dem Suchbegriff "sacrament meeting" in diesem Buch überein.
Wo ist der Rest dieses Buches?
Ergebnisse 1-3 von 7
Was andere dazu sagen - Rezension schreiben
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Review: That All May Be Edified: Talks, Sermons & Commentary
Nutzerbericht - Barbara Lovejoy - GoodreadsMy former stake president and good friend, Everett Peck, mentioned this book and recommended when he spoke at Patriarch Clarence Walker's funeral. Because I have so much respect for Pres. Peck I ... Vollständige Rezension lesen
Review: That All May Be Edified: Talks, Sermons & Commentary
Nutzerbericht - Vin27 - GoodreadsI loved reading this, I was surprised how many of the stories he I was familiar with, whether from actually having heard the talk before or just from others quoting him telling those stories. I loved ... Vollständige Rezension lesen
That All May Be Edified | 1 |
Instruction | 3 |
Prayers and Answers | 9 |
Urheberrecht | |
Häufige Begriffe und Wortgruppen
Aaronic Priesthood Address given answer Apostles asked authority baptism bear witness become bishop bless Book of Mormon Brethren Brigham Young University Brother called Church conference counsel covenant Doctrine and Covenants earth Edified Elder eternal experience faith feel gift give gospel heart Heavenly Father Holy husband inspiration instruction Jesus Christ Joseph Fielding Smith Joseph Smith Latter-day Saints leaders lesson Liberty Jail lives Lord marriage meeting Melchizedek Priesthood mind miracles mission mission president missionary moral mother name of Jesus Nephi never obedience Packer parents pray prayer preach prophet Quorum receive Relief Society religion revelation sacrament meeting sacred scriptures seminary and institute Sister Spafford someone soul speak spiritual stake president stand talk taught teach teacher tell temple testimony things thought tion told truth unto voice warning wife words


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Found the same room at a different price? Tell us, and we'll offer to match it.
The Park Hotel
3 | AA Assessed Hotel | Ratings explained |
The Park Hotel has 40 luxury bedrooms, each with an en suite bathroom, colour TV and tea/coffee making facilities. The bedrooms vary in standard, some of which a have a fantastic outlook over Rock Park. Our family bedrooms are interconnecting so parents can keep an eye on their children without sacrificing privacy.
The Park Hotel is 5 minutes walk from the town centre. If the outdoors is your thing then North Devon has everything. Our amazing unspoilt coastline, wild moors and quaint fishing villages will keep you enthralled. You stay fit in any number of ways: walking across Exmoor, riding the wild surf, horse riding, playing a round of golf or serving an ace at Tarka Tennis Centre.
Leisure facilities are available at the Barnstaple Hotel (The Park Hotels sister hotel also in Barnstaple) during your stay, these consist of Sauna, Fitness Centre, Solarium, Billiards, Jacuzzi, Biking, Indoor Swimming Pool, Outdoor Swimming Pool.