\tThe Australian market (XJO<\/span>) closed <\/span><\/span>down -54.0 points or 1.12% to 4781.2<\/b><\/span> <\/span>today. It took 11 minutes on the open for the market to reach the low of the day at 4778.4 before fighting back to rally over half the loss, then 10 minutes on the match to drop down near the low again. Over night t<\/span>he <\/span>Dow Jones<\/span> fell -216.95 points or 1.43% to 14,960.60 leading us into an expected drop today. The Gold sector has been hit with a -5.10% loss over the day, with all other sectors in the red except A-REIT finishing flat.<\/span><\/p>\n \n\t <\/span><\/p>\n \n\tBloomberg reports that <\/span>Qantas ((QAN<\/span>)) and China Eastern Airline's Hong Kong budget airline venture sold<\/span> <\/span>a stake in their airline to a company founded by billionaire Stanley Ho, which will help pave the way for an operating license. The low-cost carrier, called Jetstar<\/span> Hong Kong, sold a 33.3% stake to Shun Tak<\/span> Holdings, Sydney-based Qantas said in a statement today. Qantas and China Eastern will hold 33.3% each, according to the statement. The total capitalisation<\/span> of Jetstar<\/span> Hong Kong remains unchanged at $US198<\/span> million. With the addition of the partner, Qantas group cut its initial planned equity investment to $US66<\/span> million from up to $US99<\/span> million. China Eastern and Shun Tak<\/span> will also contribute up to $US66<\/span> million each, the statement said.<\/span><\/p>\n \n\t \n\tAUD is currently trading at <\/span><\/span>$0.9452, down $0.0087 <\/span><\/b><\/span>against the USD, a 20 month low. A poll from Reuters <\/span><\/span>of 48 analysts forecasts put the dollar at U.S. 97.00c on a one-month horizon, down from U.S. $1.0300 in the May survey.<\/span><\/span><\/p>\n \n\tTop Performers<\/strong><\/p>\n \tCoalspur<\/span> Mines Limited ((CPL<\/span>)) up $0.06 or 25.00% to $0.30<\/span><\/p>\n \n\tHorizon Oil Limited ((HZN<\/span>)) up $0.027 or 7.71% to $0.377<\/span><\/p>\n \n\tMagellan Financial Group Limited ((MFG<\/span>)) up $0.45 or 5.39% to $8.80<\/span><\/p>\n \n\tAlacer<\/span> Gold Corp ((AQG<\/span>)) up $0.12 or 5.38% to $2.35<\/span><\/p>\n \n\tMirabela<\/span> Nickel Limited ((MBN<\/span>)) up $0.005 or 3.33% to $0.155<\/span><\/p>\n \n\t \tDiscovery Metals Limited ((DML<\/span>)) down -$0.02 or -10.81% to $0.165<\/span><\/p>\n \n\tSilver Lake Resources Limited ((SLR<\/span>)) down -$0.07 or -7.53% to $0.86<\/span><\/p>\n \n\tEnergy World Corporation Limited ((EWC<\/span>)) down -$0.03 or -7.06% to $0.395<\/span><\/p>\n \n\tAusdrill<\/span> Limited ((ASL<\/span>)) down -$0.088 or -6.62% to $1.242<\/span><\/p>\n \n\tFleetwood Corporation Limited ((FWD)) down -$0.24 or -6.17% to $3.65<\/span><\/p>\n \n\tOur Comments<\/strong><\/p>\n \n\tBuying the banks today and trying to get more exposure in that space was the name of the game today. Some having gross yields over 10% now. Astounding how quickly this market has fallen away based really on no news or major developments from a macro point of view. It goes to show sometimes the market can do things that really do not make sense and catch us all by <\/span>surprise<\/span> very quickly.<\/span><\/span><\/p>\n \n\t <\/span><\/p>\n \n\tIf anyone was wondering why we seem to be paying more attention to what Japan is doing at the moment rather trading somewhat rationally, you just need to look at the graph below. Japan is Australia's second largest trading partner even out doing the United States. When it comes to goods such as our resources we almost double the amount of transactions with Japan over the US.<\/span><\/p>\n \n\t \n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.) \n\tRe-published with permission. Views expressed are not by association FNArena's<\/span> (see our disclaimer).<\/em><\/p>\n
\n\tAustralia's <\/span>trade balance has stayed in the black<\/span> <\/span>for a second month in a row, with a surplus of $28 million in April. That was however well below expectations of a $180 million surplus, and comes after a revised $555 million surplus in March (originally: $307m<\/span>). Imports in April rose to $25.39 billion (from $25.17b), while exports shrunk to $25.42 billion ($25.72b).<\/span><\/span><\/p>\n
\n\tBottom Performers<\/strong><\/p>\n![\"\"](\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/Japan.jpg\")
<\/p>\n
\n\t <\/p>\n