The Australian share market is poised for a bright start to the week after US stocks surged on Friday amid speculation China will act to stimulate its economy.
Figures
Wall Street closed up on Friday: The Dow Jones Industrial Average gained 204 points to close at 12,777, the S&P500 was up by 22 points to close at 1,357 and the Nasdaq gained 42 points to close at 2,908.
European markets closed up: London’s FTSE was up by 58 points, Paris gained 46 points and Frankfurt added 138 points.
Asian markets closed up: Hong Kong’s Hang Seng added 68 points, Tokyo’s Nikkei added 4 and China’s Shanghai Composite gained 0.40 points.
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 14 points up to finish at 4,082. On the futures market the SPI is 33 points higher.
Currencies
The Australian Dollar at 7:15AM was buying $US1.025, 65.83 Pence Sterling, 81.27 Yen and 83.56 Euro cents.
Economic news
The Australian Bureau of Statistics will release lending finance figures for May.
Company news
Whitehaven Coal Limited’s (ASX:WHC) shares are expected to jump today after Nathan Tinkler placed a surprise bid for the company three hours after the market closed on Friday. Mr Tinkler who already has a 21 per cent stake in the company, made a non-binding offer of $5.20 cash per share. Shares in Whitehaven closed 2.27 per cent down on Friday at $3.45.
Singapore Telecommunications Limited’s (ASX:SGT) Australia arm Optus, will reportedly receive the ACCC’s decision this week on whether it will shut down its cable network in order to migrate customers on to the National Broadband Network (NBN). If the deal is green-lighted, Optus will be paid $800 million to progressively shut down its hybrid fibre-coaxial network, shifting about 400,000 customers on to the NBN between 2014 and 2018.Shares in SingTel closed flat on Friday at $2.65.
Ex-dividends
Euroz Limited (ASX:EZL) with a 6.5 cent fully franked dividend.
Commodities
Gold is up $16.20 to $US1,588 an ounce for the August contract on Comex.
Silver is up $0.11 to $27.27 for September.
Copper is up $0.07 at $3.49 a pound.
Oil is up $1.29 at US$87.07 a barrel for August light crude in New York.