Markets Live: Taper talk to dominate 10:25am: Murray Goulburn has emerged as top dog in the fight for Warrnambool Cheese and Butter, after lobbing an offer worth $9 a share or about $504 million. Warrnambool shares will start trading at 11.00am, the company this morning advised its shareholders to take no action. But RBS Morgans analyst Belinda Moore says she wouldn't be surprised if Saputo beats MG's fresh bid. This is despite concerns about the Canadian's ability to secure a return on its investment. But despite curiosity about whether Saputo would raise its bid, Moore says Bega's next move is also interesting, considering that it owns about 17 per cent of WCB. Bega's bid is the lowest at $2 cash plus 1.2 Bega shares, or $7.23 based on current prices. ""If Bega is unsuccessful in acquiring WCB and accepts the highest offer, it will end up with a cash windfall,"" Moore says. ""Based on MG's new offer, Bega would receive $92.4 million (or 61cps) in cash. In addition, if MG receives an acceptance level of over 90%, it will receive 56cps of franking credits. 10:06am: Building materials group CSR has nearly doubled its interim profit, as it benefited from a rebound in earnings from key divisions, but with its problemmatic glass unit remaining in the red. CSR said it expects the full year to March net profit will come in at the top end of the analysts' range of forecasts of $51-70 million, thanks in part to its view that housing starts for the year will run at around 155,000 units which is 5 per cent ahead of its earlier forecast. 9:55am: Gold prices fell to four-week lows on speculation that a recovering US economy will spur the Federal Reserve to taper stimulus. ""Tapering has become the centrepiece again,"" said Frank McGhee, head dealer at Integrated Brokerage Services. ""There is no reason for gold to go higher in the current environment."" Gold futures for December delivery fell 0.8 per cent to close at $US1,271.20 an ounce at 1:46 p.m. on the Comex in New York. After the settlement, the price touched $US1,262.30, the lowest for a most-active contract since October 15. Spot gold fell 1.2 per cent at $US1,266.18 in US trade. 9:50am: The Australian dollar is lower amid fears that tapering of US economic stimulus could begin soon. The local unit was trading at 93.01 US cents, down from 93.32 cents yesterday. A disappointing business survey yesterday, showing a sharp fall in business confidence in October, also drove the Australian dollar lower, Westpac chief currency strategist in New York Richard Franulovich said. ""The Australian dollar is not trading with a particularly healthy tone at all,"" Mr Franulovich said. ""Tapering fears are certainly weighing on risk assets, keeping the Aussie on the backfoot. ""Commodities have been heavy, risk appetite has been on the back foot, equities are lower. ""The weaker National Australia Bank business survey was very unhelpful for the Aussie as well and the weakness overnight was a continuation of that."" 9:43am: Department store group Myer has reported a slight increase in sales and says consumers are spending more since the September federal election. 9:39am: Australia's biggest milk processor Murray Goulburn has emerged has the top bidder for Warrnambool Cheese and Butter after raising its bid to $9 a share. Murray Goulburn has increased its bid for Warrnambool Cheese and Butter to $9 cash per share.