Vegas still stabilizing



"We continue to see the Las Vegas market stabilizing, Aria's operating performance is ramping up, and MGM Macau reported a record quarter. We have made significant progress on our financial position this year and have deployed several programs to better position our portfolio of resorts to benefit from a broader economic recovery going forward."


- Jim Murren, Chairman and CEO of MGM



  • Citycenter
    • CC net rev: $413MM; Aria net rev: $219MM; Aria EBITDA: $41MM
    • Aria's occ % was 82%; ADR was $175, resulting in REVPAR of $142
    • "$93 million impairment charge related to its residential inventory due to an increase in estimated final costs of the residential components"
    • "$279 million impairment charge related to its Harmon Hotel & Spa component due to CityCenter's conclusion that it is unlikely the Harmon will be completed using the building as it now stands.  The Harmon impairment did not affect the Company's loss from unconsolidated affiliates because the Company's 50% share of the impairment charge had been previously recognized by the Company in connection with prior impairments of its investment balance."
    • "Increase of $232 million in its total net obligation under its CityCenter completion guarantee and a corresponding increase in its investment in CityCenter"
    • Pre-tax impairment charges:
      • $182 million related to the Company's investment in CC
      • $46 million related to CityCenter's residential real estate inventory 
  • Casino revs down 9% YoY; Slot revs down 3% YoY; Table vol ex. bacc down 7% YoY; Bacc vol down 6% YoY
  • 3Q hold above midpoint of 18%-22%
  • "Rooms revenue decreased 3% from the prior year. The Company achieved 93% occupancy compared to 95% in the prior year quarter with consistent ADR, which led to a 2% decrease in Las Vegas Strip REVPAR."
  • "The Company used a portion of the net proceeds from the equity offering (40.9 MM shares) and all of the proceeds of the debt offering (10% 2016 Notes) to effectuate the extension its senior credit facility to February 2014.  Revolving commitments and term loans were reduced by $1.2 billion, leaving $3.6 billion of total commitments."
  • "Subsequent to quarter end, we have reduced our debt from $12.9 billion to $12.3 billion.  We have current availability under our senior credit facility to cover debt maturities into 2013."


  • 665-room MGM Grand hotel to open in Sanya, China in just over a year
  • Loyalty program revamped; has 60MM customers
    • Was behind the curve but catching up
    • Customers in MS and Detroit moving up the tiers
  • Market share in MS and Detroit have improved; Detroit market share was 42.5% in 3Q.
  • "Finally seen pockets of strength in Vegas"
    • customers coming out to shows
    • international and high end business doing well
    • restaurant spend per cover is up YoY
  • Significant increase in convention business and mix for 1Q 2011
    • luxury properties continue to outperform in October and for Q4; Bellagio REVPAR very strong
    • Mid-tier properties continue to struggle
  • Convention
    • continues to improve, particularly after Labor Day
    • mix improved in 3Q; October was great--November is decent too.
    • bookings in the high-teens
  • 1Q 2011: Room nights on the books up 30% YoY; convention revs up 40%; mix will be up to the mid-high teens.
  • Macau EBITDA: $83MM-- 23% EBITDA margin
    • mass table vol: up 25% YoY; slot vol: up 38% YoY; vip turnover: up 39% YoY
    • October was record month in terms EBITDA and margins
  • Quiet period with HK Exchange on Macau IPO
  • In compliance with convenants
  • City Center: $1.85BN credit facility
    • actively pursuing refinancing
  • 4Q stock comp: 9-10MM
  • 4Q depreciation: 155-160MM
  • 3Q gross interest expense: 285MM (261MM was cash interest) no capitalized interest
  • 4Q: interest expense: 270-280MM (no cap interest)
  • 2010 capex: ~200MM; spent 129MM thru Sept
  • Plan to refresh Bellagio and MGM Grand rooms next year
  • CityCenter: adjusted EBITDA 52.4 MM; Aria EBITDA 41.4; Crystals EBITDA: 2.4 MM; Vdara lost 600,000 and Mandarin lost 3.6 MM . Other components of CityCenter were 13MM net--26.1MM in residences income and administration costs of 13MM--primarily legal fees.
  • Aria
    • Net casino rev: 125.5 MM
    • High limit slot area closed in July; reopened in October
    • Non-casino rev: 94MM
    • Has 136k rooms nights on books for 2011--74% of total room nights for 2011
    • 50,000 room nights booked for Q1
    • FTE down 3% QoQ
    • Vdara: 70% occ; $129 ADR; occupied room nights flat QoQ; $10.9 net revenues in 3Q
  • Oriental: 7.2 MM rev; 3.6MM loss in EBITDA
  • Crystals: 70% occupied by end of 3Q; 80% occupied by year end
  • City-center residential: in September 2010, commenced CC leasing program
    • 200 units in the program; have leased 27 of those units

Q & A

  • Resort fee: $20MM in revs; by end of year, all wholly-owned properties will have a resort fee; if including resort fee in REVPAR, it would be positive. REVPAR is up in October. No change from previous guidance
  • Casino revs in 3Q:
    • Bellagio: table revs up
    • Mandalay Bay: table revs up
  • CC refinancing:
    • Hopefully get something done by end of year
    • No equity offering needed
  • CC 4Q should be profitable
    • Aria: 88% in 4Q; gaming volumes are strong in Oct; bacc market share tied with Bellagio; CC weekend occupancy 76% in Q1; 93% in Q2; 95% in Q3
  • Harmon infrastructure improvements will benefit Aria
  • Gaming tax proposal in Vegas: doesn't see any increase
  • May continue to have monthly distributions from Macau
  • Macau debt: 800MM
  • Marketing program: Wanted to be better on customer analytics; will see decreased promotional spending as they market better to their customers.
  • Have 400 condos for sale


The following are our notes from the Hyatt conference call that just ended.



"During the third quarter, RevPAR, margins, and fees increased as a result of improved demand. Higher levels of corporate and group business resulted in improved performance at convention and business hotels in particular. International hotels continued to perform well as occupancies and rates increased in several regions, contributing to fee growth of approximately 25% in the quarter."

- Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation



  • "Net income attributable to Hyatt included a favorable impact from special items of $21 million after-tax, or $0.11 per share, during the third quarter of 2010 compared to a favorable impact from special items of $5 million after-tax"
  • "During the third quarter, we opened three hotels, including Andaz 5th Avenue in New York City, an owned property. In total, we expect to open approximately 30 properties in 2010. In terms of future expansion, last month we announced the development of Andaz Wailea Resort and Residences in Maui, Hawaii, which is scheduled to open in 2012. Also, during the last week we announced the development of three new hotels in New York -- Park Hyatt New York, Hyatt 48Lex, and a Hyatt property near Union Square. Also, the major renovation of Grand Hyatt New York is progressing well. We are excited about increasing and improving our presence in key markets in the years ahead."
  • "Capital expenditures during the third quarter of 2010 totaled approximately $60 million, including approximately $6 million for investment in new properties."
  • Other activity in the quarter:
    • "Invested $60 million for preferred equity in the Hyatt Regency New Orleans re-development."
    • "Sold two aforementioned properties (Hyatt Regency Greenville and one non-Hyatt branded property) for $20 million."
    • "Conveyed Hyatt Regency Princeton to the lender, resulting in a reduction in debt of approximately $45 million."
  • Debt: $800MM and Cash & equivalents: $1BN



  • Occupancy levels increased in 75% of their portfolio
  • In NA ADR increases came from a mix shift towards higher rated transient and group business
  • Owned portfolio had strong flow through
  • Asia Pacific is benefitting from continued ramp up of newly opened hotels
  • In China they have 22 hotels under development and 11 hotels currently open
  • The Andaz in Waikiki will have a residential component - expect to invest $90MM in this development.  They are working with Starwood Capital
  • Will acquire a Park Hyatt when its complete in 2012 in NYC for $365MM - will own 2/3rds - just over 200 keys
  • Sold the Hyatt Greenville to an existing franchisee who will invest money to upgrade the property
  • Plan on selling 11 hotels so that they can free up capital to recycle
  • Results in NA were negatively impacted by renovation at 5 of their hotels. Margin improvement was due to continued productivity gains.  They managed expense increases to 4.4%. Lower cancellation and attritution fees also negatively impacted margins
  • NA managed and franchised hotels:
    • 60% of the hotels showed rate increases in the quarter
    • FS hotels experienced a 20% increase in room nights at flat room rates compared to last year, as a result of strong turnout for business on the books and near term booked business
    • F&B increased 8%
    • Group rates will lag prevailing rate
    • Transient demand - saw a 4% decline due to an increase in occupancy due to short term bookings.  Business hotels showed better performance.  Booked more business directly vs. through third party internet channels.
  • International mgmt and franchised: 
    • Asia Pacific continues to benefit from China RevPAR growth of 50% - Shanghai World Expo driven
    • In other Asian regions RevPAR grew 5-7%
    • Southeast Asia region lagged others in growth
  • Special $35MM gain on debt extinguishment on Hyatt Princeton when they conveyed the hotel back to the lender
  • 5 Large renovations are going well and some of them are approaching completion. Estimate that the renovations impacted EBITDA by $4MM and RevPAR by 175bps.  4Q impact is expected to be about 350bps to owned and leased RevPAR and $8MM of EBITDA.  The higher impact is due to markets performing better.  Renovations will impact the first 9 months of the year in 2011. Estimate that the cumulative negative impact will be 300-350bps of RevPAR and $20-25MM of EBITDA
  • Owned and Leased EBITDA will also be impacted by assets sold/conveyed in the quarter - so this quarter the impact was roughly $5MM


  • Expect a high single digit unleveraged return on the NY Park Hyatt and a low double digit return on the Hawaii project.
  • Hawaii Andaz - Residential 38 units, 290 rooms
  • They are in early stages of corporate rate negotiations. Their goal is to get a high single digit rate increase while corporates want flat to decreased rates.
  • There is nothing that restricts them for establishing a dividend policy. The reason they have a no dividend policy is because they feel like they have more attractive uses of deploying that capital
  • Costs for 2011 on Owned & Leased portfolio
    • Focused on increasing productivity, but they are starting to add hourly staff given the increases in occupancy. They are still tight on management staffing
    • They are giving merit increases in salaries
    • Bonuses have been re-instituted
    • Energy costs and HC costs are not really controllable
  • How did resorts vs. urban/convention hotels perform?
    • Leisure side was weaker. So urban and convention hotels outperformed
  • Much of their international development are driven by third party development
  • Why are they spending $1.6MM per key in NY, can't they buy something for less?
    • Very limited pool for brands that were available for conversion and that were for sale
    • There are also a number of residential units in the building that they will release for sale when the market recovers
  • Started this year with 1 hotel in NY and will have 5 within 2 years - with hotels that are all new or newly renovated
  • What comps are they using for Park Hyatt?
    • Will be at the top of the luxury market in NY
    • Over 700 SQFT per room
    • over 25% suites
    • Looked at rates in 2006-2008
  • Any markets in China that are starting to be overdeveloped?
    • maybe in the short term but over time they feel like there will plenty of demand
    • Many hotels they are building are in "secondary" emerging citites

The Tin Man Cometh . . . We See A Bullish Long-Term Set Up In Tin

Conclusion: Even as home prices in the United States continue to deflate, various commodities globally are in inflation mode.  Specifically, tin is set up bullishly from a fundamental perspective, which will impact the COGS of electronics makers and packaging.


Tin is not a commodity that we have spent a great deal of time focused on over the last couple of years, but with a hat tip from a client we respect and due to the addition of stalwart intern Isaiah DeLeon-Mares who has been digging in on tin recently, we believe we have identified some long-term bullish fundamental dynamics for this commodity.  Now we are not so naïve as to suggest that we are early to this story as the price of tin is up more than 50% YTD, but the longer-term supply and demand dynamics are intriguing.  As a result, we could be in the early days of a bullish tin cycle. 


The primary use of tin is as solder, the fusable metal alloy, which is utilized for making electrical connections. (In 2002, tin replaced lead as the primary component in solders in Europe and Asia, which drove up the demand for tin.) Therefore, the primary end market for tin is the production of electronics, such as cell phones, personal computers, MP3 players, and so on.  In North American and Europe, packaging (think tin cans) is one of the key drivers. Asia uses almost twice as much tin as the Americas and Europe combined, and more than 2/3rds of this tin is used in solders for electrical connections.  Not surprisingly, China is the largest consumer of tin globally at ~40% of all global tin use.  In aggregate, tin is only about a $7BN annual market and roughly 1/20th the size of copper, but remains a critical input into many key consumer products.


Unlike other metals, almost 50% of tin is mined locally by individuals or small scale miners.  From a company perspective, the top 10 companies produce about 70% of the world’s tin production and this has remained relatively stable over time.  Currently, the United States does not produce any tin and has not produced any meaningful amounts of tin since the late 1980s.


As we look at the tin market, we see three key factors that make us bullishly inclined.  These are: 

  1. Inventory is low – As highlighted in the chart below, inventory has fallen off dramatically over the course of the past year on the LME.  Currently stocks on the London Metals Exchange for tin are at 13,160 tonnes, which is down almost 50% y-o-y.  While tin inventories are slightly off their lows of early October, this dramatic decline in tin inventories signals a current global imbalance in which demand is, and has been, outstripping supply.  Specific to this point, PT Timah, the Indonesian state-controlled tin producer and second largest tin producer in the world, reported total tin inventories at the end of September that amounted to only 10,063 tonnes.  This was the lowest amount of tin recorded since 2000 by PT Timah. At the peak of the last 10 years, PT Timah had almost 4x that amount of tin inventories.  This dramatic and accelerated reduction in global tin inventories is noteworthy.
  2. Consumption accelerating – According to industry estimates, tin demand in aggregate should be up more than 15% in 2010 versus 2009.  Specifically, in 2009 global consumption was ~300,400 tonnes and is expected to be more than 345,000 tonnes this year.  The most recent data from the United States, which only accounts for ~10% of global tin demand but a much larger percentage of global imports, support this as consumption of tin in the U.S. was reported to be up 10% in May 2010 over May 2009. (May is the most recent data point provided by the U.S. government.)  A key potential future catalyst would be if the U.S. mandated the use of a greater tin percentage use in soldering.  As an example, when Asian and Europe implemented a shift from solder with 60% tin to solder with 97.5% tin in 2002, global tin demand jumped 20%. 
  3. Production broadly in decline – Tin production peaked globally in 2005 with 325,000 tonnes and has been in steady decline ever since.  This is driven be a number of factors, which include more stringent sanctions restricting mining in key production countries such as Indonesia and China, and broad lack of resources globally.  Interestingly, the world’s largest producer of tin, China, is also the largest consumer of tin and recently became a net importer.  Despite higher tin prices outside of China, producers are limited as to the amount they can export by the government because of the internal demand requirements. In addition, we did an analysis of the nine largest producers of tin globally and based on their most recent annual numbers, six of those producers are showing declines in production.  The decline in production in 2010 is being partially driven by a 1-time event of substantial rain in Indonesia, which the Indonesian government estimates has led to 20% decline in production, or ~20,000 tonnes for the full year. 

Currently, it is estimated that the world supply and demand deficit is 17,000 tonnes this year, which will be narrowed by Indonesia coming fully back online. Even when Indonesia does become fully productive again, the long-term supply and demand mismatch will still be sustained absent broad production increasing globally, which seems unlikely based on current trends.  Accelerating demand, constrained production, and tight inventories are a good set up for any commodity.


The tin man cometh? Indeed.


Daryl G. Jones

Managing Director


The Tin Man Cometh . . . We See A Bullish Long-Term Set Up In Tin - 1

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20 Proprietary Risk Ranges

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McDonald’s: Denis Hennequin, head of McDonald’s European operations, is leaving the company to become an executive director of Accor on December 1st after which, on January 15th, he will take over as CEO.  This is a blow to MCD; Hennequin began working for the company in 1984 as an assistant store manager and has an impressive track record. 


Cosi: Cosi continues to be one of my favorite long ideas.  As I have been writing over the past number of weeks, the company’s shrink-to-grow strategy will effectively streamline the business and increase shareholder returns over the next few years.  Sales trends are improving during all day-parts and operational initiatives are gaining traction.  At present, the stock is outperforming the QSR category in terms of share price gains on a 1 day, 30 day, and 60 day basis. 


Dine: Dine Equity reported strong results for 3Q10. Having eased balance sheet concerns by refinancing debt during the third quarter, their overall business was bolstered by Applebee’s revitalization strategy and later opening hours.  DIN’s results certainly provide a challenge to Brinker but I am holding firm in my conviction that Chili’s will take significant market share from here as their own changes are implemented throughout their system.


Peet's Coffee: Peet's reported a strong quarter after the close.  This is one of the better long-term growth stories in the space and growth will accelerate in FY11. 


TALES OF THE TAPE: MCD - stocks 113




Howard Penney

Managing Director

Professional Politicians Beware

"We must all strive to find common ground to support the middle class, create jobs, reduce the deficit and move our nation forward."

-Nancy Pelosi, November 2nd, 2010


While it will take many days for the final tallies to come in, it looks like our prediction will hold and that massive Republican turnout has driven a net gain in House seats of 65+ for Republicans.  According to Nate Silver over at the FiveThirtyEight blog (one of the more accurate electoral statisticians we follow):


“Our current projection is that Republicans will finish with a total of 243 house seats: this would reflect a net gain of 65 from Democrats. The range of plausible outcomes is fairly small: our model thinks there is roughly a 90 percent chance that the G.O.P.’s total will eventually be somewhere between 64 seats and 66.”


As it relates to our prediction in the Senate, we were off slightly as a number of major Democratic candidates did marginally better than expected, in particular Harry Reid in Nevada.  Currently, Alaska, Colorado, and Washington are still too close to call, but even if these States all go Republican the Democrats will still retain at least 51 seats in the Senate.  Nonetheless, the Democrats should lose a net 7 seats.


Since it seemed statistically unlikely that the Republicans could take the Senate, the story of the night is really the massive seat losses in the House.  To put it in historical context, this will likely be the largest seat loss in a midterm election for any party since 1938 under President Roosevelt, when the Democrats lost 72 House seats and 7 seats in the Senate.  Clearly, the electoral results today are indicative of a strong statement being made by the American people.


The obvious conclusion from these results is that this is a repudiation of the Obama agenda.  While we would be naïve to not agree at least partially with that, more broadly this looks to be a referendum on politicians themselves.   To wit, given a historical incumbency advantage of almost 90%, the last three congressional elections of 2006, 2008 and 2010 have shown accelerated volatility of incumbent losses.  Specifically, in 2006 the Democrats gained 30 seats in the House, in 2008 the Democrats gained 22 seats, and in 2010 the Republicans will likely gain back 65 seats.  In a span of four years, we have seen massive volatility between the parties and the relative support from the electorate.


The chart of the day, which is posted below, underscores the key reason why this occurring.  This chart highlights broad congressional approval.  Currently, 73.8% of voters disapprove of Congress!   If you were a professional politician yesterday and didn’t understand the implications of that yesterday, today you do in spades. 


We’ve used a quote from Nancy Pelosi at the top of the note today to further emphasize our point regarding the popularity of professional politicians.  While Pelosi retained her seat, her approval rating across the country as Speaker of the House was 29% heading into yesterday’s election.  Her brief statement last night, assuming it is not just rhetoric, is actually what politicians collectively need to work towards for this nation.  More broadly, the message this morning is clear from Americans, they are tired of rhetoric. 


While the Republicans will take a few victory laps over the next few days, the gauntlet is now thrown to them.  They have been given at least a nominal agenda and the next two years will be a test as to whether they can work with the President to move the country forward.  The questions we would ask are: what is next for monetary policy, what can be done about the burgeoning budget deficit, and how can we address the escalating sovereign debt situation of the federal government?  As Paul Rand stated in his victory speech last night:


“When I arrive in Washington, I will ask them, respectfully, to deliberate upon this. We are in the midst of a debt crisis and the people want to know why we have to balance our budget - and they don't.”


To take a deeper dive on some of these questions and to test the mettle of the rhetoric we will be hearing over the coming weeks, Keith and I will be hosting a call next Wednesday November 10th at 1PM with Peter Orszag, former Director of the Office of the Management and Budget.  This call will be a similar format to the one we held with our friend Karl Rove in September.  Peter will present for 20 – 25 minutes and he will then take questions for the duration of the call. 


If there is anyone in the nation who understands what can and cannot be done to reduce the budget deficit, it is Peter Orszag.  If you would like to join this call and are an institutional subscriber, or would like to trial our institutional service for the call, please email Jen Kane at .  The budget deficit is one of the most pressing economic issues facing the United States; therefore we think this call will be a valuable use of your time.


To Rand’s point in his victory speech last night, the people of America are asking a lot of questions.  The next two years will be a test as to whether the professional politicians are finally ready to answer the people with more than rhetoric. Needless to say, our Hedgeyes will be watching.


Yours in risk management,


Daryl G. Jones

Managing Director


Professional Politicians Beware - DJ EL


TODAY’S S&P 500 SET-UP - November 3, 2010

As we look at today’s set up for the S&P 500, the range is 11 points or -0.80% downside to 1184 and 0.12% upside to 1195.  Equity futures are positive following a mixed opening as investors digest Tuesday's mid-term election results.


Today is the long awaited FOMC meeting, and expectations for QE2, which most now expect will reveal a further $500B in asset purchases over the next 6 months.


But first, there is the ADP employment report plus ISM Non Manufacturing index and Factory Orders.

  • Alaska Air Group (ALK) Oct. traffic rose 15.9% percent and capacity rose 9.1%
  • Approach Resources (AREX) 3Q EPS beat est., rev. missed *Citigroup (C) may sell ~$570m of stakes in CVC funds, 2 people with direct knowledge of the matter tell Bloomberg
  • OpenTable (OPEN) 3Q adj. EPS beat est.
  • Seahawk Drilling (HAWK) says it’s reviewing strategic alternatives, including sale, merger, recapitalization 
  • Sonus Networks (SONS US) 3Q rev. missed est., loss-shr matched est.


  • One day: Dow +0.58%, S&P +0.78%, Nasdaq +1.14%, Russell 2000 +2.05%
  • Month-to-date: Dow +0.63%, S&P +0.87%, Nasdaq +1.04%, Russell +1.37%.
  • Quarter-to-date: Dow +3.71%, S&P +4.59%, Nasdaq +6.96%, Russell +5.43%.
  • Year-to-date: Dow +7.29%, S&P +7.04%, Nasdaq +11.65%, Russell +13.99%
  • Sector Performance: Utilities +1.18%, Energy +1.10%, Consumer Disc +1.14%, Tech +0.98%, Materials +1.04%, Industrials +0.96%, Healthcare +0.96%. Consumer Spls +0.59% and Financials +0.24%
  • MARKET LEADING/LAGGING STOCKS YESTERDAY: Harman Intl +12.25%, Medco Health +10.75% and Vulcan Materials +8.54%/ADM -6.59%, Carefusion -5.61% and Marathon Oil -5.30%.


  • ADVANCE/DECLINE LINE: 1441 (+1295)  
  • VOLUME: NYSE - 907.36 (-5.44%)
  • VIX: 21.57 -1.19% - YTD PERFORMANCE: (+0.51%)
  • SPX PUT/CALL RATIO: 1.21 from 2.57 -53.06%  


  • TED SPREAD: 16.53, -0.812 (-4.681%)
  • 3-MONTH T-BILL YIELD: 0.13%    
  • YIELD CURVE: 2.29 from 2.32


  • CRB: 304.98 +1.14% - up 7 of the last 8 days
  • Oil: 83.90 +1.15% - BULLISH  - up 6 of the last 8 days
  • COPPER: 383.90 +1.43% - BULLISH - up 6 of the last 8 days
  • GOLD: 1,356.60 +0.29% - BULLISH - up 5 of the last 8 days


  • EURO: 1.4036 +0.97% - BULLISH
  • DOLLAR: 76.722 -0.74%  - BASING



European markets:

  • FTSE 100: +0.14%; DAX +0.23%; CAC 40 +0.46%
  • Major indices have edged into positive territory led by Banks, Construction and Auto plays.
  • BMW Group Q3 net €874M vs Rtrs €832M, Confirms 2012 targets
  • Societe Generale  Q3 net €896M vs Rtrs €667.5M
  • UK Oct Services PMI +53.2 vs cons +52.5

Asian markets:


  • Nikkei closed, Hang Seng +2.00%; Shanghai Composite (0.47%)
  • Most Asian markets rose, in anticipation of monetary easing from the US later today.
  • Banks led a surge in Hong Kong after Goldman Sachs upgraded the Heng Seng on increased liquidity from QE2.
  • Tokyo was closed for culture day.
  • Australia rose, but banks gave up their early highs in light of a political storm over their profits
  • Australia Sep dwelling approvals (3.7%) m/m vs survey +1.0% 

Howard Penney
Managing Director

THE DAILY OUTLOOK - levels and trends