While Wall Street reversed yesterday’s losses and Euro stocks gained on stimulus news the local share market looks set to open flat with the SPI is sitting just above zero.
European Central Bank President Mario Draghi announced the bank’s bond buying program would begin on March 9 in line with its previous commitment to pump €60 billion into the European economy per month.
In the US all eyes are now on jobs data due out tonight local time, analysts are expecting a further uptick in job creation.
Global figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 0.2 per cent to close at 18,136, the S&P 500 added 0.1 per cent to close at 2,101 and the NASDAQ gained 0.3 per cent to close at 4,983.
European markets closed up: London’s FTSE gained 0.6 per cent, Paris is up 0.9 per cent and Frankfurt pushed 1 per cent higher.
Asian markets closed mixed: Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng lost 1.1 per cent, and China’s Shanghai Composite is down 1 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 3 points up to finish at 5,904. On the futures market the SPI is 4 points up.
Turning to currencies and the Australian Dollar at 8:20AM was buying $US0.7776 cents, 51.04 Pence Sterling, 93.42 Yen and 70.54 Euro cents.
Economic news
Due out today from the Australian Industry Group/Housing Industry Association is the performance of construction index (PCI) for February.
Company news
Metals X Limited
(ASX:MLX) has shown high grade gold depostis at its Great Fingall and Paddy’s Flat drilling operations. CEO Peter Cook says both sites are which are shaping up to be long-life, high grade producers which should add high margin ounces to the Central Murchison Gold Project. Shares in Metals X closed flatyesterday at $1.24
Living Cell Technologies Limited
(ASX:LCT) will partner with its 50 per cent shareholder Otsuka Pharmaceutical Factory to develop Diabecell in the US. The biotech company says the focus will be on gaining FDA approval which it hopes will facilitate wider approval across the globe. Shares in Living Cell closed 3.57 per cent up yesterday at $0.058
Commodities
Gold hasdropped $4.70 to $US1,196an ounce for the April contract on Comex. Silver is flat at $16.16 for May. Copper has lost $0.01 to $2.65 a pound. Oil has lost $0.77 to $US50.76 a barrel for April light crude in New York.
Ex-dividends
MACA Limited (ASX:MLD )
