The SPI is pointing to a steady start for the Australian share market today following weak offshore leads. Overseas markets responded to disappointing Chinese inflation data and investors remained cautious ahead of another euro zone meeting and the US second quarter reporting season.

Figures

Wall Street started the week lower: On Monday the Dow Jones Industrial Average lost 36 to close at 12,736, the S&P500 lost 2 to close at 1,352 and the Nasdaq lost 6 to close at 2,932 points.
 
European markets also eased on Monday: London’s FTSE lost 35, Paris lost 12 and Frankfurt lost 23 points.
 
Asian markets also posted a soft start to the week: Hong Kong’s Hang Seng lost 373, Tokyo’s Nikkei lost 124 and China’s Shanghai Composite lost 53 points.
 
The Australian share market retreated from last week’s gains yesterday, shedding almost 1 per cent. The S&P/ASX 200 index dropped 40 points to finish at 4,118 on Monday. On the futures market the SPI is now 5 points higher.

Currencies

The Australian Dollar at 7:10AM was buying $US1.02 cents, 65.76 Pence Sterling, 81.23 Yen and 82.9 Euro cents.

Economic news out today

Australian Bureau of Statistics: Building approval figures for May

National Australia Bank Limited (ASX:NAB): Monthly business survey for June

Company news

Australia's largest telco Telstra Corporation Limited (ASX:TLS) has reportedly denied ongoing speculation that it is looking to swoop on one of Australia's largest media companies, Nine Entertainment. According to The Australian the telco’s media chief, Rick Ellis, says Telstra is not looking at buying Nine Entertainment and not contemplating any acquisitions at this point in time. Commenting on the telco’s media strategy Mr Ellis says Telstra is transitioning from a product-centric telco approach to a media-company approach focused on viewers, users, audience and market segments. Shares in Telstra Corporation rose 1.07 per cent yesterday, closing at $3.78.

Shares in Mirrabooka Investments Limited (ASX:MIR) gained yesterday after the listed investment fund posted an 18 per cent increase in its full year profit, coming in at $12.8 million. Mirrabooka says its portfolio delivered a positive return of 3.5 per cent over the year against the combined small and mid-cap market sectors which fell 13.6 per cent over the same period. The company says its best performing stocks over the year were Hastings Diversified Utilities Fund (ASX:HDF), Senex Energy Limited (ASX:SXY), Campbell Brothers Limited (ASX:CPB), Australian Infrastructure Fund Limited (ASX:AIX) and James Hardie Industries SE (ASX:JHX). Shares in Mirrabooka Investments gained 4.42 per cent yesterday to close at $1.89.

Ex-dividends

Norfolk Group Limited (ASX:NFK): 2 cent unfranked dividend

Commodities

Gold is up $10.20 to $US1,589 an ounce for the August contract on Comex.
Silver is up $0.524 to $27.44 for September.
Copper is up $0.03 at $3.43 a pound for September.
Oil is up $1.54 at $85.69 a barrel for August light crude in New York.