Auckland, 31 January, 2012 - Fletcher Building Limited announces that its Formica business has reached agreement to acquire all of the shares in Homapal Plattenwerk ("Homapal"), a manufacturer and distributor of metal and specialty laminates, for ?30 million (NZ$48 million).

Illinois, USA - LanzaTech, a producer of low-carbon fuels and chemicals from waste gases, has closed its Series C round with new investment totaling US $55.8 million led by the Malaysian Life Sciences Capital Fund.

Short-termism has driven markets at the expense of long term investment thinking during a markedly volatile 2011.

Fonterra announced today an increased payout forecast range for the 2012 Season of $6.90-$7.00 for a fully shared up farmer, up 20 cents on the previous forecast.

Comvita Independent Directors note Cerebos New Zealand's statement this morning that it will not lift its offer for the company above the current bid price of $2.50 per share.

Cerebos New Zealand Limited ("Cerebos") will not be increasing its offer price under its full takeover offer dated 8 November 2011 (the "Offer") for all of the equity securities in Comvita Limited ("Comvita").

Wellington investment company Rangatira today announced its interim result for the six months to 30 September 2011. In what the company termed a challenging and volatile market, Operating Earnings were $4.4 million, 2% ahead of the same period last year.

Emerging market growth slowed to its weakest level in nine quarters in the third quarter of 2011, reflecting the continued decline in world trade volumes, the HSBC Emerging Markets Index (EMI) shows.

Wellington - Equity research specialist Woodward Research today issued a report on Trade Me, the dominant online auction and classified advertising company in New Zealand owned by Fairfax Media (ASX:FXJ).

Global natural health and beauty products company Comvita today announces normalised(2) Net Profit After Tax (NPAT) for the six months to September 2011 rose to $2.6 million from $392,000 in the same period last year.

With only a few days until voting closes in Fonterra's Director and Council Elections Shareholders' Council Chair, Simon Couper encourages shareholders to exercise their rights as owners of the Co-operative and vote.

Bank of New Zealand (BNZ) has today reported cash earnings for its New Zealand banking operations* for the year ended 30 September 2011 of $612 million. This is an increase of $88 million or 16.8% compared to the 2010 financial year.

The Reserve Bank of New Zealand (RBNZ) should take the Swiss National Bank's lead at the Official Cash Rate announcement on Thursday and take action on the exchange rate say the New Zealand Manufacturers and Exporters Association (NZMEA).

The focus turns to domestic developments this week with the main event being Thursday's RBNZ Monetary Policy Statement. We also get a raft of domestic data, some rescheduled from last week, which will give us a better steer on how Q2 GDP fared.

Markets: European equities slump heavily on growth & debt concerns, US equity futures down 2%, commodities generally weaker (gold the exception) and commodity currencies weaker, Euro hits 1-mth low against the Dollar.

Markets: Equities bounce strongly as some data not as bad as might have been & Fed stimulus hopes continue to build, commodities generally stronger but gold sharply weaker, bonds generally a touch weaker. USA: New home sales fall 0.7% in July, below mkt.

The US credit rating downgrade triggered immense market volatility over the past week. The downgrade itself was not really the key concern to market participants. Indeed, the downgrade did not stop investors piling into US Treasuries over the past week.

The 2008-2011 periods of quantitative easing by the US central bank (QE1 and QE2) corresponded with a dramatic improvement in global risk sentiment.

The developed markets data pulse rose slightly last week (see chart 25). The index now sits at 40.5%, which is up from the lows seen in early July but is still well below the index's long run average.

Below we have collated the opinions of our rates trading desk on the near term price action following today's 2:30pm (AEST) June RBA announcement. We have included 3 scenarios - the RBA on pause with an accompanying neutral statement, a pause with a hawkish statement and a 25bp hike.

Markets: Equities bounce initially as US debt deal draws closer but then turn tail as US ISM report disappoints, global manufacturing PMIs generally weaker. USA: ISM manufacturing falls 4.4pts to 50.9 in July, below mkt. USA: Construction spending rises 0.2% mom in June, above mkt.

Markets: Equities weaker & Treasuries rally as US GDP report disappoints & US debt impasse drags on, Dollar weaker, mkts open more positively Monday morning as US debt deal said to be "very close".

CURRENCY: Some semblance of sanity should prevail in markets today. Expect a certain wariness of movement for the NZD as it remains on the sidelines and focus is squarely on developments in the European arena.

Markets: Disappointing non-farm payrolls interrupts risk rally, S&P500 ends down 0.7%, 10-year Treasuries rally 11bps but Dollar strengthens against Euro as peripheral spreads widen. USA: Nonfarm payrolls rise 18k in June, well below mkt, unemployment rate rises 0.1pps to 9.2%.

CURRENCY: Action in the NZD should liven up today as month end flows approach. The anticipation of Greek parliamentary measures by markets leaves the door open for disappointment should things not progress smoothly.

Markets: European equities little changed on average but US equities rally as banks gain on lower-than-expected Basel capital buffers, hopes for successful Greek austerity passage and expected consumer benefit from lower commodity prices, Treasury yields rise, Dollar generally stronger.

OUTLOOK CURRENCY: Expect a day of relative quiet for the NZD today as it remains in the 0.80USD zone. Offshore guidance will be taken, particularly from the EUR, as increasing belief that some additional Greece assistance is on the way.

OUTLOOK CURRENCY: Reduced risk appetite will limit topside moves for the NZD today to the low 0.81USD area as markets evaluate Asia's response to overnight moves. Expect support in the NZD to further emerge on an extension to 0.8060USD.

HEADLINES... Markets: US equities post another solid session, 10 year Treasuries little changed. In FX the USD trended a little lower as market participants anticipated the Greece confidence vote passing.

CURRENCY: The clock continues to tick as the Greek PM faces the Economist Telephone: +64 4 802 2199 confidence vote this morning. Topside moves for the NZD today should continue to be difficult to sustain given the uncertainty offshore.