More record highs on Wall Street look to support the Australian share market this morning. The tech-heavy Nasdaq index climbed to a record close overnight as precious metal and oil prices declined. The Australian dollar is trading at a six-week low with the greenback and the iron ore price has firmed.
Global markets
Wall Street rebounded on Wednesday: The Dow Jones Industrial Average gained 0.7 per cent to close at 18,163, the S&P 500 gained 0.9 per cent to close at 2,123 and the Nasdaq gained 1.5 per cent to close at a record high of 5,107.
European markets also moved higher on Wednesday: London's FTSE 100 rose 1.2 per cent, France's CAC 40 rose almost 2 per cent and Germany's DAX rose 1.3 per cent.
Asian markets ended mixed on Wednesday: Japan’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng dipped 0.6 per cent, and China’s Shanghai Composite lifted 0.6 per cent.
The Australian share market fell 0.8 per cent yesterday and ended near session lows: The S&P/ASX 200 index dropped 48 points to close at 5,725. On the futures market the SPI is 11 points higher.
Currencies
The Australian dollar at 7:30am was buying $US0.7732, 50.37 Pence Sterling, 95.65 Yen and 70.94 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Private New Capital Expenditure and Expected Expenditure for the March quarter
Company news
QBE Insurance Group Limited
(ASX:QBE) says it is pleased with Standard and Poor’s decision to revise its rating outlook to stable from negative. The insurance company believes the revised outlook recognises a very substantial strengthening of its capital base. Group CEO John Neal says QBE would hope for a similar move by fellow ratings agency Fitch in due course. Shares in QBE Insurance Group rose 0.63 per cent to close at $14.49 before the announcement.
Cardno Limited
(ASX:CDD) has appointed Richard Wankmuller as its new CEO and Managing Director. The infrastructure and environmental services consultancy says its new chief comes with more than 30 years international experience in professional engineering services. Shares in Cardno slipped 1.69 per cent to close at $2.90 following the announcement.
Ex-dividends
Aurora Sandringham Dividend Income Trust
(ASX:AOD) paying a 0.45 cent, 72.59 per cent franked dividend
Orica Limited
(ASX:ORI) paying a 40 cent, 35 per cent franked dividend
Commodities
Gold has declined $1.30 to $US1,186 an ounce for the June contract on Comex.
Silver has eased $0.10 to $16.65 for July.
Copper has lost $0.01 to $2.77 a pound.
Oil has dropped $0.52 to $US57.51 a barrel for July light crude in New York.
