US stocks ended last week on a high providing a positive lead for the Australian market. The US stock market had its best day in around two months following signals that the US jobs market rebounded last month.
US economic news
The Labor Department reported that US firms created 223,000 new jobs in April following a rise of just 85,000 jobs in March after a spell of cold weather saw much of the country slowdown. The US unemployment rate is now at a seven year low of 5.4 per cent.
Markets
Wall Street closed sharply higher on Friday: The Dow Jones Industrial Average gained 1.5 per cent to close at 18,191, the S&P 500 added 1.4 per cent to close at 2,116 and the NASDAQ advanced 1.2 per cent to close at 5,004.
European markets closed up higher: London’s FTSE gained 2.3 per cent, Paris rose 2.5 per cent and Frankfurt improved 2.7 per cent.
Asian markets closed stronger: Tokyo’s Nikkei added just under half a per cent, Hong Kong’s Hang Seng was up 1 per cent, and China’s Shanghai Composite added 2.3 per cent.
The Australian share market closed lower on Friday: The S&P/ASX 200 Index closed 11 points down to finish at 5,635 slipping 180 points on the week. On the futures market the SPI is 43 points higher.
Turning to currencies and the Australian Dollar at 7:20AM was buying 79.24 US cents, 51.31 Pence Sterling, 94.87 Yen and 70.76 Euro cents.
Economic news
Due out today from National Australia Bank is the business survey
Company news
Corporate Travel Management Limited
(ASX:CTD) has announced a strategic joint venture with a Chinese e-commerce company World99. 99 Westminster e-commerce company will allow travel solutions for the Chinese consumer and open up overseas markets for the Chinese firm. The deal uses CTM’s current travel platform. World99 has grown to 80,000 customers in 12 months with a turnover of around $50.4 million per month. CTM has also upgrade guidance to just above the previously stated $46-$48 million. Shares in Corporate Travel Management last traded 3.43 per cent higher at $10.55.
Technology One Limited
(ASX:TNE) says it will pay $12 million cash for unlisted company Desktop Mapping Systems. The acquisition will allow Technology One access to spatial data which it will embed with its own enterprise data to help provide software solutions for governmental and asset intensive organizations. Shares in Technology One
(ASX:TNE) were steady at $3.99 on Friday.
Ex-Dividends One company is going ex-dividend today: Tamawood Limited
(ASX:TWD) will pay 10 cents fully franked.
Commodities
Gold has lifted $6.70 to $US1,189 an ounce for the June contract on Comex. Silver has added 17 cents to $16.46 for July. Copper is steady at $2.92 pound. Oil has jumped 45 cents to $59.39 a barrel for June light crude in New York.
