Morgan Stanley has admitted it was wrong on Qantas, upgrading its guidance to “overweight”, as the airline's shares rally for a second day.

The dive in Santos's share price to 10-year lows has turned market attention to the assets the oil and gas producer may consider for sale, as well as whether the whole company could turn into a target for a larger player.

A Glencore merger with Rio Tinto would be damaging for Australia and ought to be, and very likely will be, knocked on the head by the Foreign Investment Review Board.

Investor fears of much tougher recommendations from David Murray’s Financial Services Inquiry have not come to fruition.

BHP Billiton says the company it plans to demerge in 2015 will have global aspirations, despite bestowing it with a name that recognises its focus on the southern hemisphere.