Things are getting tougher in New Zealand. While the rest of the world hasn't really priced in the risks associated with higher interest rates and slower growth, New Zealand's market has started to do so.

If they want to use shares to buy a company, then if their shares fall it will make it harder for that takeover to proceed. The market's probably getting a bit of indigestion as regards to the size of the predatory move.

It was a good result considering the environment of higher costs being faced by miners.

Globally, steel shares are up as some people are pricing in potential takeovers. Consolidation will help shift the balance of power against the raw materials suppliers.

The earnings reports have spin offs for stocks globally. The U.S. economy is the cornerstone of global growth and aspects of it are worrying.

Given the bad blood between Chris and Paul, Pacific National has to be restructured or broken up.