Following mixed leads from overseas, the Australian share market looks set to open flat this morning after the dollar came under further pressure overnight. The US Dollar surged against a basket of currencies after comments from Federal Reserve chair Janet Yellan that growth remains too low for an imminent rate raise.
Markets
Wall Street closed little changed yesterday: The Dow Jones Industrial Average lost 0.06 per cent to close at 18,214, the S&P 500 dipped 0.2 per cent to close at 2,111 and the NASDAQ added 0.4 per cent to close at 4,988.
European markets closed slightly higher: London’s FTSE gained 0.2 per cent, Paris added 0.6 per cent and Frankfurt lifted 1 per cent.
Asian markets closed up: Tokyo’s Nikkei added 1.1per cent, Hong Kong’s Hang Seng rose 0.5 per cent, and China’s Shanghai Composite climbed 2.2 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 36 points down to finish at 5,909. On the futures market the SPI is 7 points up.
Currencies
The Australian Dollar at 8.30AM was buying 78 US cents, 50.63 Pence Sterling, 93.18 Yen and 69.69 Euro cents.
Ecomomic news
Due out today at 11.30am from the Australian Bureau of Statistics are financial aggregates for January.
Company news
Embatttled health tech company Orion Health Group Limited
(ASX:OHE) has lost Chief Financial Officer Rodney Hyde. My Hyde resigned after a four year stint with the company which included the listing of Orion on the ASX. The New Zealand-based software company has not lived up to i’s much hyped IPO with delays on settling contracts and bills in North America weighing on second half revenue. Mr Hyde will stay with the company till the end of May while a search for his replacement gets underway. Shares in Orion Health last traded at $5.02.
Rio Tinto Limited
(ASX:RIO) is condensing its portfolio of assets into four product groups as part of a streamlining process. As part of the restructure, Energy department head Harry Kenyon-Slaney will leave the business after nearly 25 years with the group. A new Copper and Coal product group will be headed up by Jean-Sebastien Jacques. Shares in Rio Tinto closed 0.19 per cent higher at $63.70 yesterday.
Commodities
Gold is up $8.60 to $US1,210 an ounce for the April contract on Comex. Silver is up $0.08 to $16.55 for March. Copper is up $0.05 at $2.69 a pound. Oil is down $2.03 at US$48.96 a barrel for April light crude in New York.
