Following mixed offshore leads, the Australian share market looks set for a soft start to the day, after US markets closed lower on news that the Federal Reserve showed no signs of further quantative easing.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 49 points to close at 12,605, the S&P500 lost .02 points to close at 1,341 and the Nasdaq lost 14 points to close at 2,888.
European markets closed mixed: London’s FTSE is up by 0.41 points, Paris lost 18 points and Frankfurt is up 16 points.
Asian markets closed mixed: Hong Kong’s Hang Seng added 24 points, Tokyo’s Nikkei lost 7 points and China’s Shanghai Composite added 11 points.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 1 point down to finish at 4,097. On the futures market the SPI is 1 point up.
Currencies
The Australian Dollar at 7:15AM was buying $US1.025, 66.15 Pence Sterling, 81.74 Yen and 83.79 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is Labour Force Data for June.
Company news
Ten Network Holdings Limited (ASX:TEN) has partnered with UK company Zeebox Limited, in preparation for the launch of its social TV platform and consumer service app, Zeebox Australia. Zeebox will launch in the third quarter of 2012. The new platform rivals Seven Group Holdings Limited (ASX:SVW) Fango and Channel Nine’s Jump -In that will launch in the next few weeks. Shares in Ten Network closed 1.06 per cent higher yesterday at $0.475.
Tandou Limited (ASX:TAN) says it expects its full year profit before tax to be between $6.5 - $7.5 million. The agribusiness and water investment company attributes its success to the completion of its 2012 cotten harvest and profitable water investment returns. Shares in Tandou are running flat at $0.38.
Commodities
Gold is down $04.10 to $US1,575 an ounce for the August contract on Comex. Silver is up $0.14 to $27.00 for September. Copper is up $0.05 at $3.44 a pound. Oil is up $1.90 at US$85.81 a barrel for August light crude in New York.