Markets Live: Gold stocks lead rise 10:44am: Gold stocks are charging higher this morning on the back of higher gold prices over the weekend. Despite the gold price slipping back below $US1400 per ounce this morning, the following companies are still enjoying big rises: Newcrest up 89 cents to $13.95 Northern Star up 5 cents to $1.025 Medusa up 22 cents to $2.84 Evolution up 6.5 cents to $1 St Barbara up 15.5 cents to 94.5 cents Marcus Randolph is leaving BHP as the miners reshuffles its management. 10:27am: The man Andrew Mackenzie beat to become chief executive of BHP Billiton will leave the company at the end of this week, as the resources giant continues to reshape its executive ranks. American national Marcus Randolph will retire from the company on September 2, in a move that clarifies his future after a long period of sick leave. Randolph spent the past few years in charge of BHP's iron ore and coal divisions; a role that saw him directly report to then chief executive Marius Kloppers. He was second favourite to be appointed to the chief executive role behind Mackenzie, who was long considered the front runner for the role. But the role he used to fill no longer exists under the flatter, trimmer executive structure that Mackenzie has established. His departure was not the only change announced by BHP today, with a new face set to join the company's powerful "group management committee." BHP's human relations boss Mike Fraser has been elevated to the GMC, which effectively operates like a cabinet does inside a government. His title will become "President of Human relations," and the elevation was made possible by splitting in half the "People and Public Affairs" role that GMC member Karen Wood has held in recent years. Ms Wood will continue at the company as President of Public Affairs and remain on the GMC. 10:10am: The stock market has opened slightly higher. The benchmark S&P/ASX200 is up 9.6 points, or 0.2 per cent, at 5133.0, while the broader All Ords has gained 11.3 points, or 0.2 per cent, to 5126.5. Most sectors are up, with gold stocks (+3.2 per cent) leading the way on the back of a rally in the gold price. 10:01am: NAB chief executive Cameron Clyne says the credit rating downgrade of its British subsidiary Clydesdale Bank is "disappointing," citing better conditions in the business after a recent restructure. In a review released late last week in Britain, ratings agency Moody's said the Clydesdale bank "faces longer-term structural challenges from its weakened franchise and past risk-management/control weaknesses." Moody's cut Clydesdale Bank's long-term bank deposit and senior debt rating from A2 to Baa2 while cutting from Prime 1 to Prime 2 the rating attached to the bank's deposit and short-term debt. Clyne said in a statement that NAB continued to support Clydesdale, and the bank's performance was improving. The downgrade of Clydesdale Bank's credit rating is disappointing given that the restructure of the UK operations announced in 2012 is driving significant improvements in the business and NAB's support for Clydesdale Bank is unchanged. 9:58am: Before you get too excited about the extent of the red ink at drill contractor Boart Longyear thinking this may signal the worst is over, keep in mind the fact that management reckons the going is going to get even tougher from here on in. In the June half it posted a net loss of $US329 million down from the net profit of $US98 million a year earlier, largely due to heavy write-offs and provisions. But the company has made it clear that it ""expects the 2H 2013 results to be lower than the 1H 2013"," it said in material filed with the ASX this morning. ""Analyst expectations may not adequately reflect the risk of price erosion in the 2H and may assume larger benefit of cost savings initiative."" Revenue slumped to $US719 million from $US1.1 billion. 9:56am: German Chancellor Angela Merkel has sought to reassure voters that Greece will not need a debt write-down but left open the option of more aid for Athens as she struggled to contain a dispute which could hurt her in next month's election. Finance Minister Wolfgang Schaeuble provoked a storm last week when he told a campaign rally that a new rescue for Greece was inevitable in comments that contradicted Merkel, who has said it is too early to discuss additional aid. The subject has dominated the election campaign ever since. Merkel has tried to keep Greece out of her campaign to avoid angering Germans who fear they will foot the bill for more bailouts. She is tipped to win a third term in the September 22 poll partly because voters approve of her management of the euro zone crisis and her tough line with struggling states. The chancellor on Sunday did not rule out a further Greek bailout, saying the eurozone would look again at the situation in the country in 2014, but she told Focus magazine that she did not see a debt haircut for Greece. 9:45am: Stocks are set to rise and gold is trading near an almost three-month high after a slump in US home sales eased speculation the Federal Reserve will reduce economic stimulus next month. ""Just as the market appeared to have made its mind up that next month would be the beginning of the Federal Reserve tapering of QE3, along came a US home sales report that was truly dreadful,"" says ANZ economist Sharon Zollner. The data has caused ""pause for reflection". Most economists expect the Fed to pare its $US85 billion a month in bond purchases at its September 17-18 meeting. Stocks and bonds globally have been whipsawed since May, when Fed chairman Ben Bernanke first signalled the prospect of cuts to stimulus should the economy and job market continue to improve. 9:34am: One to keep an eye on: NAB's British unit, Clydesdale Bank, has been hit by a downgrade of its credit rating following a further deterioration in the asset quality of a key part of its lending business. In a review released late last week in Britain, ratings agency Moody's said the bank "faces longer-term structural challenges from its weakened franchise and past risk-management/control weaknesses." The downgrade also highlighted "historic failures" that led to NAB absorbing Clydesdale's £6 billion ($10.3 billion) commercial property lending book and "NAB's stated intention to sell the bank over the medium term." "The bank's franchise as a retail and selective business lender has been materially weakened, following a strategic pull-back from commercial real estate lending and other areas of business lending," Moody's said 9:28am: Special dividends seem back in vogue as the reporting season passes its halfway mark and most companies enter a period of consolidation. Despite tough operating conditions across most sectors, insurance leader Suncorp, Coca-Cola Amatil, Wesfarmers and Woodside Petroleum were among the companies to announce a special dividend this profits season. Equity Trustees chief investment officer George Boubouras says it makes sense to return capital to investors rather than hang on to the cash. But Boubouras expects that dividend strategy to flip in the next six months, as companies begin to feel the effects of lower interest rates and a depreciating Australian dollar. "It has been an extraordinary tough operating environment for corporate Australia in the past couple of years, and the defensive businesses are more than happy to pass on any additional sort of special dividends given that's what the market is hungry for," Boubouras said. That's quite appropriate. But if there is a cyclical recovery in the the economy, which is what a lower rate environment and a lower Aussie dollar is about, then there is going to be a bit of a change in sentiment. You want those companies not to give back the money and to go and do something else with it. It will be a different sort of investment climate. 9:17am: NIB, Australia's only listed health insurer, has blamed a rise in healthcare claims and tough trading conditions for a fall in its full-year earnings. The company reported a net profit of $67.2 million for the year to June, down from $67.6 million a year earlier. This was below its guidance of $75 million in pre-tax underwriting profit, which was at $73.8 million. Chief executive Mark Fitzgibbon said the growing number of claims being made and unfavourable government policies remained the biggest challenges for the company in the current financial year. 9:09am: US biotech Amgen has struck a more than $US10 billion deal to buy Onyx Pharmaceuticals, ending a two-month-long auction for the cancer drugmaker. Amgen said it will pay $US125 per share for Onyx, a 4.2 per cent increase from the $US120 a share it offered to pay in June. Onyx said that bid significantly undervalued the company and put itself up for sale. The deal represents the fifth-largest biotechnology deal in history and gives Amgen full rights to Kyprolis, the new multiple myeloma drug that analysts expect to reach annual peak sales in excess of $US2 billion. 9:07am: Gold has jumped above $US1400 this morning, extending Friday's strong rally. Spot gold is trading up $US8.57, or 0.6 per cent, at $US1407 an ounce, hitting its highest price in more than two months, as a big drop in US new home sales renewed hopes that the Federal Reserve will maintain its bond-buying economic stimulus. Sales of new single-family homes in the United States fell more than 13 per cent in July to their lowest level in nine months. The Commerce Department data was much weaker than expected, even during a month when Fed stimulus remained in place. "The new home sales number is terrible, so the fear is clearly that higher interest rate (are) going to topple this housing recovery, which means the Fed has to ease and not tighten," said Axel Merk, portfolio manager of Merk Funds. 9:04am: It's not going to be as crazy a week for earnings as the last one was, but we still have a number of ASX200 companies reporting today and over the coming days, with Woolies the big one on Wednesday. Oil refiner and marketer Caltex was first out of the gates, posting a rise in its June half net profit to $195 million, benefiting from inventory gains on the oil price movement. The profit compared with a net profit of $167 million earned a year earlier. Revenue totalled $11.5 billion down from $11.8 billion a year earlier. The profit benefited from inventory gains of $24 million in the half, compared with losses of $30 million in the year earlier period. A steady interim dividend of 17 cents a share as been declared. Earnings a share in the half rose to 72.2 cents from 61.8 cents a year earlier. 8:58am: The Australian market looks set to open higher following gains on Wall Street which enjoyed a jolt from Microsoft's announcement that chief executive Steve Ballmer will retire within the next 12 months. The US Commerce Department's unwelcome US new-home sales report for July - sales plunged 13.4 per cent month-on-month - also proved a catalyst for the rally. What you need to know this morning: SPI futures are up 22 points to 5129 The Australian dollar is higher at 90.39 US cents On Wall Street, the S&P500 gained 0.4 per cent London's FTSE 100 added 0.7 per cent Frankfurt's DAX 30 rose 0.2 per cent US crude oil jumped $US1.39 to $US106.42 a barrel For more details in how major markets performed on Friday, click this morning's need2know.