The Australian share market is set for a moderate start to the day after US markets closed slightly lower as investors await news from the US Federal Reserve and the European Central Bank later this week, on whether new measures to boost the economy will be put in place.
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 3 points to close at 13,073, the S&P500 lost 1 point to close at 1,385 and the Nasdaq lost 12 points to close at 2,946.
European markets closed up: London’s FTSE gained 66 points, Paris was up by 41and Frankfurt added 85 points.
Asian markets closed mixed: Hong Kong’s Hang Seng added 310 points, Tokyo’s Nikkei was up by 69 and China’s Shanghai Composite lost 19 points.
The Australian share market closed higher yesterday The S&P/ASX 200 Index closed 36 points up to finish at 4,246. On the futures market the SPI is 6 points higher.
The Australian Dollar at 7:15AM was buying $US1.051, 66.9 Pence Sterling, 82.16 Yen and 85.71 Euro cents.
Due out today from the Australian Bureau of Statistics is building approvals for June as well as private sector credit for June.
Flinders Mines Limited (ASX:FMS) says it can now progress its plans to develop its Pilbara iron ore project, after Russian suitor Magnitogorsk Iron & Steel Works OJSC (MMK) recently removed a $554 million bid for the company. The iron ore miner expects development of its flagship project to commence in fiscal 2013. Shares in Flinders Mines closed flat yesterday at $0.115.
Transfield Services Limited (ASX:TSE) has acquired $100 million in new contracts in the Pilbara region. The engineering firm has signed a one-year $65 million contract with Rio Tinto Limited (ASX:RIO) to design and construct a fuel storage terminal in Dampier, as well as a one-year $35 million contract with Fortescue Metals Group Limited (ASX:FMG) to design and build a diesel storage facility at the company's Solomon mine project. Shares in Transfield Services closed 4.86 per cent up yesterday at $1.835.
GUD Holdings Limited (ASX:GUD) with a $0.35 fully-franked dividend.
Gold is up $1.70 to $US1,620 an ounce for the August contract on Comex.
Silver is up $0.11 to $28.14 for September.
Copper is up $0.01 at $3.43 a pound.
Oil is down $0.23 at US$89.55 a barrel for September light crude in New York.