Despite a pro-austerity party lead in the Greek elections, offshore markets closed mixed overnight, as the burden of Europe’s debt crisis continues to weigh on sentiment. The Australian share market is set for a weak start to the day.
Figures
Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 25 points to close at 12,742, the S&P500 gained 2 points to close at 1,345 and the Nasdaq added 23 points to close at 2,895.
European markets closed mixed: London’s FTSE gained 12 points, Paris lost 21 and Frankfurt gained 19 points.
Asian markets closed up: Hong Kong’s Hang Seng added 194 points, Tokyo’s Nikkei added 152 and China’s Shanghai Composite added 9 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 80 points up to finish at 4,137. On the futures market the SPI is 13 points down.
Currencies
The Australian Dollar at 7:15AM was buying $US1.013, 64.66 Pence Sterling, 80.16 Yen and 80.53 Euro cents.
Economic news
Due out today from the Reserve Bank of Australia is the minutes of its monthly board meeting held earlier this month.
Company news
Echo Entertainment Group Limited (ASX:EGP) emerged from a trading halt yesterday and reportedly sold $71 million worth of shares priced between $4.26 and $4.35. Media reports have suggested Genting Singapore has lifted its stake in the company by more than 7 per cent. Shares in Echo closed 3.56 per cent down yesterday at $4.33.
Centro Retail Australia Limited (ASX:CRF) is scheduled to appear in Federal court today in the hope that its proposed $200 million settlement will end a long-running class action. The settlement requires approval of the court before it can move forward with its offer. Shareholders commenced two parallel class actions against the real estate investment trust for not disclosing short-term debt in 2007.Shares in Centro Retail closed 0.5 per cent down yesterday at $2.00.
Commodities
Gold is up $2.10 to $US1,629 an ounce for the August contract on Comex.
Silver is down $0.06 to $28.68 for July.
Copper is up $0.01 at $3.40 a pound.
Oil is down $0.76 at US$83.27 a barrel for July light crude in New York.