Markets sold-off heavily across the globe this week. Traders continued to sell on concerns over Greece and the potential contagion, with fears that the eurozone financial system is on the verge of collapse. Global markets have erased over $US3 trillion from the value of equities worldwide this month, as traders fret over this eurozone financial system destabilisation.

Markets, particularly in the eurozone and Asia, have continued selling down, now that they are firmly trading below their 50 and 200 day moving averages, which is a sign of continued market weakness going forward.

The Australian market has also sold-off severely this week, and is down over 300 points as local investors joined in on the selling spree. The selling has been across the board, and the materials sector continues to lag the overall market.

US stock markets are ending the week lower and are testing 4-month lows, on concerns over global financial stability. The Dow Jones index finished below the 200 day moving average for the first time since last November. In the broader market the S&P500 and the tech-heavy Nasdaq fell to 4-month lows, with all ten S&P500 sectors finishing in the red. In corporate news Jamie Dimon, JP Morgan’s CEO, will face regulators over the $US2 billion trading loss announced in the past week, while there is excitement over Facebook’s IPO which is due to list tonight, at $38/share raising $US16 billion in the biggest IPO ever and valuing the company at over $US100 billion (at a PE of 100).

Commodity prices are looking for support. Crude-oil has fallen to a 6-month low, while gold surged overnight, the most since October as the gold price rebounded from its lowest level of the year. The US Dollar Index is driving commodity prices and has climbed for a record 14th straight day, which is putting selling on commodity prices.

European share markets continued their rout this week. The Stoxx Europe 600 Index lost another -1.1% overnight, as five shares dropped for every one that gained and it is extending its declines to the lowest level this year. Selling has continued as concerns about the European debt crisis deepen. Moody’s Investors Service has downgrade the credit ratings of 16 Spanish banks, confirming the cuts after U.S. markets closed.

Across the region eurozone banks have slumped to their lowest levels since November, and are the biggest drag the eurozone markets. The Spanish market is at 9-year lows, while the Italian market fell to its lowest level since March 2009. In a flight to safety the German bunds rose, pushing yields on two, five and 10-year debt to record lows. Spanish cost of debt funding has doubled since April. Greece has scheduled new elections for June 17, and this is seen as a vote for a referendum on Greece staying in the 17-nation currency bloc, so the market uncertainty is likely to continue through to mid-June.

Asian stock markets plunged this week, due to concerns over Greece moving closer to an exit from the eurozone after coalition talks failed to form a new government. Across the region the financials and materials sectors led the falls, as traders hit the sell button on concern over eurozone financial stability and slowing growth in the Chinese economy. The Hong Kong market has plunged to a 4-month low, as sellers stepped in on ongoing concerns over faltering eurozone growth. The Chinese market has fallen below its 50 day moving average and has had 7 successive sessions of selling. In Japan the Nikkei index fell below 8800 for the first time since the start of February, as eurozone-focused exporters were hit heavily.

In our market the defensive sectors continue to outperform, with Telstra, gambling and health-care stocks holding ground, as investors seek out stocks that can deliver consistent yield in this low rate environment. The materials sector continues to underperform on the back of lower commodity prices, and the banks are being sold down in sympathy with their global counterparts. Commodity prices have had severe pullbacks this month, with Crude-oil down -15%, Silver down -15%, Gold down -13% and Copper down -11% since the their 2012 highs.

The Aussie market has been trashed this week, breaking below its 50 and 200 day moving averages, and plummeting below the key 4280 level. On the S&P/ASX 200 the 4280 level will now be a crucial resistance level and the 4080 level is now a pivotal level for the week. Stocks have seen sustained selling, including the banks, and the materials and energy sectors persist in underperforming.

Investors should be looking to protect their recent profits and capital, and reduce their risk by using options and warrants strategies. We have successfully hedged our banking positions using MINI warrants and can help you with this type of strategy, as discussed in my article on Hedging/Shorting With Limited Risk Using MINIs. The D2MX Financial Advisory Services team can help with these trades. Call me on 1300 610 024 for further information. Options remain an excellent form of insurance, but volatility has risen.

Remain attuned to the news from overseas, particularly from the eurozone and China in relation to easing policies, and the US, as the US markets test their 200 day moving averages. Monitor the performances of Greece, Spain, China and the US dollar for a guide to the future direction of commodities and equities prices.

The S&P/ASX 200 index is currently trading at 4075 and is testing breakeven levels for the year. Key levels for the index next week will be 3980 and 4200, with 4120 the key short term pivot level.

By Michael Hevern
DMX Trading Desk

For Buy and Sell recommendations on ASX listed companies register for a free trial of MDS Financial Research.

On the right hand side of the Quote screen there are a number of preloaded watchlists called System Watchlists. These contain preset groups of shares such as the Top 20, Top 50 and Top 200 ASX shares. These groups will be kept up to date as these lists change over time without you having to do anything.

To create your own watchlists the first thing to do is click on Quote.

You can use any of the System Watchlists as the start of a new watchlist or you can create new lists as well. Click Clear to create a blank watchlist, or open the watchlist you want to use as the starting point for your new list.

To add a share, type the code in the search box located below the Quote tab. If you don’t know the code you can click on the N button for the Navigator, which allows you to type in the name and then find the appropriate code. Once you have the correct code click the black > next to the N to add the code into your watchlist. Keep typing in codes and click the black > adding them to the watchlist.

To delete a share from the watchlist right click on the share and click Delete from the menu that appears.

Shares will appear in the watchlist in the order that they are added to the list. To change the order click on the heading of any column and the list will be sorted by that column. Click on SecCode and the list will be sorted alphabetically; click on Last column heading and the list will be sorted by price.

Now that you have the list how you want it, remember to click Save As and give your watchlist a name. The watchlist will appear under the User Watchlist tab on the left. If you make changes to the watchlist, by adding more shares or changing the order, you can click Save so the program will keep these changes.

A further trick that can be used to create watchlists is to copy data and import it into a watchlist. You can take the results of an Analyser scan and highlight the list by clicking on the first share in the list and holding down the Shift key and then clicking on the last share in the list. Once the list is highlighted, hold down the CTRL key and push C on the keyboard. This will copy the list. Now go to the watchlist window and click Clear, then click Import. This will import the data into the watchlist. If you want to save the list click on Save As and type in a name for the list.

In a similar way you can import a list of codes from Microsoft Excel or other parts of the platform. Highlight the list of codes you want to import, hold down CTRL key and push C. Then go back into the Bourse 7 or Market Analyser 7 platform, and in the Quote window click Import. This will bring the codes into the watchlist and you can then save that watchlist as you did before.

Enjoy using your new platform, and if you have any questions while finding your way around please call the Customer Care team on 1300 363 766.

Jeff Cartridge
Education Manager

The Australian market is expected to sell-off again today, even though we saw some short covering late yesterday.  Markets sold-off from the outset and finished on their lows in the European markets and in the US.  Traders continued to sell on concerns over Greece,  and global markets have erased over $US3 trillion from the value of equities worldwide this month, as traders fret over the eurozone financial system destabilisation.

The SPI Futures is trading below the key pivot level of 4180, ended down -2.2% (or -76 points) at 4,084. The key levels for our index today are 4000 to 4150.

See below for ASX listed companies in the news today.

US Markets

US stock markets end lower again at 3-month lows, on concerns over global financial stability.  

The Dow Jones index finished below the 200 day moving average for the first time since last November.  In the broader market the S&P500 and the tech-heavy Nasdaq fell to a 4-month lows, with all 10 S&P500 sectors finishing in the red led by the Financials and Industrials sectors.

Commodity prices are looking for support, Crude-oil fell to a 6-month low, while gold surged the most since October as Gold rebounded from its lowest level of the year.  However the US Dollar Index climbed for a record 14th straight day which is driving the pullback in commodity prices.

Traders continued to sell on concerns over Greece,  and global markets have erased over $US3 trillion from the value of equities worldwide this month, as traders fret over the eurozone financial system destabilisation.

In economic news the Federal Reserve Bank of Philadelphia’s general economic index decreased to minus 5.8 in May, indicating an unexpected contraction in manufacturing. The index of leading economic indicators dropped in April for the first time in seven months.

In corporate news Jamie Dimon JP Morgan’s  CEO will face regulators over the $US2 billion trading loss announced in the past week, while there is excitement over Facebook’s IPO which is due to list tonight, at $38/share raising $US16 billion in the biggest IPO exver and valuing the company at over $US100 billion.

All ten company groups that make up the S&P index traded lower, with the Materials down -2.2% , Energy sector was down -0.6%, Financials sector down -2.0%,  Industrials sector was down -2.1%, Technology was down -1.4%,  while Consumer Staples were down -2.6%.

The Dow Jones closed  down -1.3% (or  -156 points) at 12,442, the S&P 500 index  down -1.5% (or -20 points) at 1,305, the Nasdaq ended  down -2.1% (or -60 points) at 2,814 and the smaller cap Russell 2000 was down -2.3%.

European Markets

European share markets continued the rout over night.  The Stoxx Europe 600 Index  lost another -1.1%, as five shares dropped for every one that gained and extending its declines to the lowest level this year.  

Selling continued as concern about the European debt crisis deepened, as Moody’s Investors Service has downgrade the credit ratings of 16 Spanish banks, while the ratings firm confirming the cuts after U.S. markets closed. Across the region eurozone banks slumped another -2.4 percent, sliding to their lowest levels since November, and were the biggest drag the markets.  

The Spanish market finished at 9-year lows, while the Italian market fell to its lowest level since March 2009.  In a flight to safety the German bunds rose, pushing yields on two, five and 10-year debt to record lows. Spanish cost of debt funding has double since the start of April.  

Greece has set the date for its new elections for next 17 June, and it is seen as a vote for a referendum on Greece staying in the 17-nation currency bloc, so the market uncertainty is likely to continue through to mid-June.

In London the FTSE 100 index last closed down -1.2% (or -67 points) at  5,338, the German DAX was closed down -1.2% (or -75 points) at 6,309 while in France the CAC was closed  down -1.2% (or -37 points) at 3,012, Spain closed down -1.1% and Italy closed down -1.5%.

Asian Markets

Asian stock markets fell again yesterday, due to concerns over Greece moving closer to an exit from the eurozone after coalition talks failed to form a government.  Greece will new elections on 17 June. 

Across the region the financials and materials sectors led the falls, as traders hit the sell button on concern over eurozone financial stability and slowing Chinese economic growth. However there did appear to be some short covering/bargain hunting late in the session. However the selling will continue today after the performance of overseas markets overnight as the eurozone debt crisis worsens.

In China the SSE Composite closed  up1.4% (or 33 points) at 2,379, while in Hong Kong the Hang Seng Index closed  down -0.3% (or -59 points) at 19,200 and in Japan the Nikkei 225 Index  was up 0.9% (or 75 points) at 8,876, South Korean KOSPI was up 0.3% for the session, while the Indian market closed up 0.3%.

Commodities

The Dollar Index was higher at 81.53 on a lower Euro, while the Australian Dollar last traded lower at 98.87 Commodities prices traded  lower again.

For the session the Benchmark crude NYMEX for June delivery was up 0.2% settled at $US92.75.  Copper prices are below key support level as Copper for June delivery was down -0.6% (or -0.2 cents) at $US3.464, while June Gold was down -0.1% (or -$US1.00) at $US1,574.

In China the SSE Composite closed  down 1.2% (or -29 points) at 2,346, while in Hong Kong the Hang Seng Index closed  down -3.2% (or -634 points) at 19,259 and in Japan the Nikkei 225 Index  was down -1,1% (or -100 points) at 8,801, South Korean KOSPI was down -3.1% for the session, while the Indian market closed down 1.8%.  

CommoditiesThe Dollar Index was higher at 81.1 on a lower Euro, while the Australian Dollar last traded lower at 99.14. Commodities prices traded  lower again.

For the session the Benchmark crude NYMEX for June delivery was down -1.3% settled at $US92.73.  Copper prices are breaking key support level as Copper for June delivery was down 1.4% (or -5 cents) at $US3.479, while June Gold was down -1.1% (or -$US17.40) at $US1,540.

ABC – Adelaide Brighton the building materials producer expects sales to improve slightly in 2012, but challenges remain because of weak construction activity.

BHP – BHP Billiton is turning its back on a silver, lead and zinc, JV project in north Queensland amid doubts over its potential.

CBA – Commonwealth Bank of Australia (CBA) has posted a profit of $1.7 billion for the three months to March, but says higher funding costs have reduced its margins.

CRF – Centro Retail Australia has sold its 50 percent stakes in three of its shopping centres to billionaire Stan Perron for $690.4 million.

CWK – Coalworks has called for its shareholders to reject a $142 million takeover offer as well as a separate bid to dump its chairman and chief executive.

IAG – Insurance Australia Group (IAG) is to review its underperforming business in the United Kingdom, which could result in its sale.

IDL – Industrea says the US giant General Electric (GE) will increase its presence in the booming resources sector with a $700 million friendly takeover for Australian mining equipment-maker.

LEI – Leighton Holdings construction giant has appointed an external consultant to review its disclosure procedures after breaching laws earlier this year.

SHL – Sonic Healthcare will buy Healthscope’s pathology businesses in three Australian states and Candberra for $100 million.

SPN – SP AusNet the Victorian electricity and gas distributor says full year profit has risen to $253 million due partly to higher electricity prices.

SYD – Sydney Airport has reaffirmed distribution guidance at 21 cents per stapled security for calendar 2012 and says it has ample capacity to deal with the expected growth in passengers.

TOL – Toll Holdings Transport and logistics group  has warned of lower earnings in 2012, sending its shares plummeting.

Corporate News

PanAust Ltd (PNA.AU)           Full year 2011 AGM 

Incitec Pivot (IPL)

Market Summary 

US ADRs – Sharply Lower!!… 

BHP  down -1.4%, RIO  down -2.1%; AWC down -2.5%
ANZ down -1.6% & NAB  down -2.3%
NEM up 4.0%, JHX down -1.2%, NWS  down -1.5%

Neil Meadows, Managing Director of IMX, said: “The combination of IMX and Continental results in a stronger company with an impressive pipeline of high quality projects, including 100% of the potentially significant Nachingwea Nickel Project. With the project under single ownership, there is now a clear path to advance towards commencing nickel production. Dave Massola, President and Chief Executive Officer of Continental, said: “The consolidation of Nachingwea in a larger and more attractive company significantly enhances the potential to unlock value for shareholders through the timely and optimal development of the project. With ongoing operating cash flow from Cairn Hill and a substantially improved profile, the combined company is well placed to continue to fund Nachingwea from both internal and external sources. In addition, Continental shareholders gain exposure to the emerging Mt Woods Magnetite Project in South Australia.”

Under the proposed Arrangement, each Continental shareholder will receive 3.7 IMX ordinary shares plus 0.5 of an ordinary share purchase warrant (equivalent to an option in Australian parlance) for each Continental common share. Each full warrant will entitle the holder to acquire one IMX ordinary share at an exercise price of A$0.60 or C$0.62 per IMX ordinary share (at the sole election of the holder) and will expire three (3) years from completion of the transaction.

Any Continental common shares acquired on exercise of existing Continental options prior to the completion date of the transaction will participate in the Arrangement.

IMX Resources Limited (IXR) is an ASX listed company headquartered in Perth, Western Australia. IMX is a mining and mineral exploration company with an iron ore mining operation in South Australia, and a pipeline of advanced exploration projects in Australia and Africa, focusing on iron ore, nickel, copper and gold. IMX operates and owns 51% of the Cairn Hill Mining Operation, located 55 km south-east of Coober Pedy in South Australia, where it produces a premium coarse-grained magnetite–copper-gold DSO product at a rate of 1.7Mtpa.

www.imxresources.com.au

John Holland Group Managing Director, Glenn Palin, said the award reflects the diversity of John Holland’s skills across the energy and resources sector. “This agreement provides an opportunity to further develop our mining skills and capabilities, which complement our broader skills in energy and resources, including our specialist engineering capabilities in ports construction and in the delivery of large-scale materials handling infrastructure,” he said. “Our long-term strategy is to use these skills, along with our capabilities as an operator and maintainer of major transport networks, to develop and deliver fully integrated mine operations to port services for our clients.”

John Holland commenced operations at Isaac Plains Coal Mine under an interim agreement in October 2009. The new contract will be finalised in the coming months, with the agreed terms applying to the scope of works delivered from July 2012. John Holland, a wholly owned subsidiary of Leighton Holdings Limited (LEI), is one of Australia’s leading engineering, contracting and services providers to the infrastructure, energy and resources and transport services sectors. Operating across Australia and in New Zealand, South East Asia and the Middle East, John Holland’s business is driven by its collaborative approach to project delivery and its diversity of skills and capabilities.

www.leighton.com.au

The strong investor demand for the quality assets supports both the underlying portfolio value and net tangible assets of CRF, and maintains the services business fee streams with assets under management remaining unchanged. Proceeds from the sale, net of transaction costs, will initially be applied to reducing the drawn amount of the core debt facility, with the intent to restructure this and other facilities in the future.

CRF’s Chief Executive Officer, Steven Sewell said: “Entering into this strategic CRF’s alliance with Perron Group is a redefining event for CRF. The Perron Group is privately owned and had the flexibility to make this compelling offer early in the transaction process. Their ability and willingness to commit to this transaction in such a condensed time frame is a testament to the quality of the CRF assets and management team. Perron Group’s commitment also reflects their insightful view on the synergies that will arise from the alliance between the two groups.

Perron Group is a privately owned Perth based Group of Companies whose main business activity is property investments. Other activities include automotive distribution, listed and unlisted equities and land development. The property portfolio consists of commercial office buildings, retail shopping centres and industrial property in Western Australia, New South Wales and Victoria. CRF was established in December 2011 and is a fully vertically integrated Australian Real Estate Trust specialising in the ownership and management of Australian shopping centres. CRF has $6.7 billion of shopping centres under management and employs over 600 people, with offices in Melbourne, Sydney, Brisbane, Perth and Brisbane, Adelaide. CRF provides a full suite of property services including retail development, property management, leasing, financial, sustainability and fund administration.

www.crfinvestor.com.au

The Australian market is expected to ease again today.  Markets recovered from early selling, but still finished lower in the European markets and in the US.  Traders continued to sell on concerns over Greece, the ASX lost $30 billion in value yesterday.

The SPI Futures is trading below the key pivot level of 4300, ended down -0.1% (or -2 points) at 4,157. The key levels for our index today are 4080 to 4180.

See below for ASX listed companies in the news today.

US Markets

US stock markets were unable to hold on to early gains ending at 3-month lows again, on concerns over global financial stability, after Greece says it will have to go back to the polls on 17 June.  

The Dow Jones Industrial Index fell for a fourth straight day and has finished lower 10 of the past 11 sessions, finishing on 4-month lows and down -4.7% for May. In the broader markets the S&P500 and Nasdaq continued their falls, as financial and materials sectors dragged on the markets.

Traders initially pushed stocks higher after economic data showed home building was  stronger-than-expected the past two months and industrial output for April had its biggest monthly jump since December.

The Fed FOMC meeting minutes were then released and sellers stepped in, as it was clear that the Fed has no intention of implementing any additional economic stimulus near term.

Commodity prices continue to fall with crude-oil hitting 6-month lows and gold prices lower again.

All ten company groups that make up the S&P index traded lower with the exception of Healthcare and the Consumer sectors, with the Materials down -1.1% , Energy sector was down -0.6%, Financials sector down -1.5%,  Industrials sector was down -0.1%, Technology was down -0.8%,  while Consumer Staples were down -0.2%.

The Dow Jones closed  down -0.3% (or  -33 points) at 12,598, the S&P 500 index  down -0.4% (or -6 points) at 1,325, the Nasdaq ended  down -0.7% (or -20 points) at 2,874 and the smaller cap Russell 2000 was down -0.7%.

European Markets

European recovered from an early sell-off butut still finished lower overnight, as the focus remained on Greece.  The Stoxx Europe 600 index closed down -0.6%.  

The Greek markets continued lower down -1.1% as stocks remained under selling pressure as officials set the new election date of June 17, after political parties failed to form a coalition government.  There is a delay much-needed international aid for Greece due to the political upheaval, and there were reports that the ECB has temporarily halted lending to Greek banks, as these banks have see a run on them, as depositors withdraw their funds as fast as they can, plus banks asset valuations are plummeting and the capital backing is inadequate for the current environment.  The National Bank of Greece SA shares plunged -13.5% in the session and the financials led the selling once again.  

The major major markets fell around -0.5%, but the French bucked the trend closing up 0.3%, on the back of some buying in the battered energy sector. 

In London the FTSE 100 index last closed down -0.6% (or -32 points) at  5,405, the German DAX was closed down -0.3% (or -17 points) at 6,384 while in France the CAC was closed  up 0.3% (or 9 points) at 3,048, Spain closed down -1.3% and Italy closed down -0.2%.

Asian Markets

Asian stock markets plunged again yesterday, due to concerns over Greece moving closer to an exit from the eurozone after coalition talks failed to form a government.  

Overnight Greece moved a step closer to hold new elections on 17 June.  Across the region the financials and materials sectors led the falls, as traders hit the sell button on concern over eurozone financial stability and slowing Chinese economic growth.  

The Hong Kong Hang Seng index led the falls down over -3% after bucking the global trend in the previous session.  Hong Kong market plunged to a 4-month low, as sellers stepped in on ongoing concerns over faltering eurozone growth.  The Chinese market fell below its 50 day moving average and has had 7-successive sessions of selling.  In Japanese the Nikkei index fell below 8800 for the first the start of  February, as eurozone focused exporters were hit heavily.

In China the SSE Composite closed  down 1.2% (or -29 points) at 2,346, while in Hong Kong the Hang Seng Index closed  down -3.2% (or -634 points) at 19,259 and in Japan the Nikkei 225 Index  was down -1,1% (or -100 points) at 8,801, South Korean KOSPI was down -3.1% for the session, while the Indian market closed down 1.8%.

BHP – BHP Billiton chairman Jacques Nasser says the global miner will not spend the $80 billion on growth projects that it had planned to.

BTA- Biota the flu drug developer says its losses for the first nine months of the FY12 financial year are half that of the prior corresponding period.

CSR – CSR the building products maker expects Australia’s housing construction market to remain bleak for the foreseeable future and says it is difficult to predict the timing of a recovery.

IDL – Industrea says the US giant General Electric (GE) aims to increase its presence in the booming resources sector with a $700 million friendly takeover for Australian mining equipment-maker Industrea.

LLC – Lend Lease Australia’s biggest property developer, says there are signs of recovery in global construction markets but remains cautious about its medium-term prospects

MBN – Mirabela Nickel’s is doing a $120 million capital raising which Moody’s Investors Service says should alleviate the miner’s near-term liquidity pressures.

MND – Monadelphous Group the engineering company, has been awarded two new construction contracts in Western Australia worth about $150 million.

SHL – Sonic Healthcare will buy Healthscope’s pathology businesses in three Australian states and Candberra for $100 million.

SPN – SP AusNet the Victorian electricity and gas distributor says full year profit has risen to $253 million due partly to higher electricity prices.

TOL – Toll Holdings Transport and logistics group  has warned of lower earnings in 2012, sending its shares plummeting.

VAH – Virgin Australia says it has started trialling the use of biodiesel to power some ground vehicles at Brisbane Airport.

WRT – Westfield Retail truist the shopping centre giant, is punting on interest rate cuts and $5 billion worth of federal government handouts to families to help entice people to spend again.
Corporate News

None

Market Summary 

BHP  down -1.6%, RIO  down -1.6%; AWC down 1.9%
ANZ down -1.8% & NAB  down -0.3%
NEM up 0.3%, JHX down -1.8%, NWS  down -0.9%

Discount :  -2.2% Liquidity : Poor  Profitability : Good  Stability : Ok

*Note: Discount is based on the closing price on the 16 May 2012

Sonic’s CEO, Dr Colin Goldschmidt said: “The acquisition of these businesses will be value accretive for Sonic’s shareholders and we will be pleased to welcome the pathologists, management and staff of the Healthscope businesses into Sonic’s global team”.

www.sonichealthcare.com

Toll Global Logistics, a division of Toll Group, has announced a restructure that will combine its finished vehicle distribution service with automotive storage, processing and rectification specialist, PrixCar, the 50-50 joint venture between Toll and K-Line Auto-Logistics Pty Limited. Toll is selling down its finished vehicle distribution service – part of its Toll Global Logistics, Automotive business (formerly Toll AutoLogistics) – to establish a more sustainable and competitive business model that will produce stronger outcomes for both companies. The change will provide customers with a fully integrated, end-to-end supply chain management service, and comes in response to broader automotive industry trends, such as the decline in local manufacturing and the increase in vehicle imports. PrixCar performs strongly in vehicle importing and commissioning, and the restructure will ensure it will be well positioned to continue its growth. Following the restructure, Toll will account for its 50 per cent share of PrixCar’s earnings as associate earnings. Toll Global Logistics, Automotive will retain its parts logistics service in Australia and Asia, as well as its finished vehicle distribution service in Asia.

www.qube.com.au