Outlook: Wall St reverses gains as oil lifts

Market Reports

The SPI is pointing to a positive start for the Australian share market despite a negative lead from Wall Street. US equity markets retreated before close as investors turned cautious ahead of America’s quarterly earnings season. Across commodity markets the price of iron ore has lifted back above $US47 per tonne and the oil price is also trading stronger.    
 
Global markets
 
Wall Street back-flipped from a positive start to end lower on Tuesday: The Dow Jones Industrial Average slipped 0.03 per cent to close at 17,875, the S&P 500 dipped 0.2 per cent to close at 2,076 and the Nasdaq eased 0.1 per cent to close at 4,910.
 
European markets lifted into the trading week following Easter: London's FTSE 100 jumped 1.9 per cent, France's CAC 40 climbed 1.5 per cent and Germany's DAX advanced 1.3 per cent.
 
Asian markets rose on Tuesday: Japan’s Nikkei gained 1.3 per cent, Hong Kong’s Hang Seng gained 0.8 per cent, and China’s Shanghai Composite gained 2.5 per cent.
 
The Australian share market started the trading week stronger despite retreating after the Reserve Bank of Australia kept rates on hold yesterday: The S&P/ASX 200 index ended 27 points higher at 5,926 on Tuesday. On the futures market the SPI is 13 points higher. 
 
Currencies 
 
The Australian dollar at 7:30am was buying $US0.7641, 51.59 Pence Sterling, 91.92 Yen and 70.66 Euro cents.
 
Company news
 
Newcrest Mining Limited (ASX:NCM) has submitted an application to increase the processing plant capacity at its Cadia East Project in New South Wales. The gold miner is seeking to increase the permit for the upper limit processing plant to 32 million tonnes per annum, from 27 million tonnes per annum. Newcrest Mining says Cadia East is one of the largest gold and copper deposits in the world. Shares in Newcrest Mining rose 1.09 per cent yesterday to close at $13.93 ahead of the announcement. 
 
Breville Group Limited (ASX:BRG) has appointed Jim Clayton as its new CEO who will step into the top job in July. The appliance manufacturer says its new boss is an experienced executive with a strong background in consumer products, technology and innovation. Acting CEO Mervyn Cohen will remain in the position until July and then return to his role of Chief Financial Officer. Shares in Breville Group rose 0.4 per cent yesterday to close at $7.51 following the announcement. 
 
Ex-dividends 

Fonterra Shareholders' Fund (ASX:FSF) paying an 8.2773 cent unfranked dividend
Gowing Bros. Limited (ASX:GOW) paying a 6 cent fully franked dividend
Harvey Norman Holdings Limited (ASX:HVN) paying a 9 cent fully franked dividend
Nufarm Limited (ASX:NUF) paying a 4 cent unfranked dividend
 
Commodities 

Gold has declined $8.00 to $US1,211 an ounce for the June contract on Comex. 
Silver has slipped $0.27 to $16.84 for May. 
Copper has added $0.05 to $2.76 a pound. 
Oil has gained $1.84 to $US53.98 a barrel for May light crude in New York.