Markets are hoping the Greek debt crisis is approaching some kind of resolution with US and European markets both looking optimistic overnight while closer to home the futures markets is pointing towards a steady start for the local bourse.
This week has seen a major downturn after gains last week with the RBAs decision to keep rates on hold on Tuesday putting pressure on yield stocks.
Today there’s some hope that a bump in the iron ore price will support the ailing miners.
The Aussie dollar has continued to strengthen on the back of yesterday’s GDP figures.
Global figures
Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.4 per cent to close at 18,076, the S&P 500 added 0.2 per cent to close at 2,114 and the NASDAQ is up 0.5 per cent to close at 5,099.
European markets closed higher: London’s FTSE gained 0.3 per cent, Paris is up 0.6 per cent and Frankfurt pushed 0.8 per cent higher.
Asian markets closed mixed: Tokyo’s Nikkei lost 0.3 per cent, Hong Kong’s Hang Seng gained 0.7 per cent, and China’s Shanghai Composite lost 0.01 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 52 points down to finish at 5,584. On the futures market the SPI is 6 points up.
Turning to currencies and the Australian Dollar at 7:20AM was buying $US0.7782 cents, 50.78 Pence Sterling, 96.72 Yen and 69.09 Euro cents.
Economic news
Due out today from the ABS is monthly trade figures with the trade deficit set to remain. Also from the ABS today we’ll retail trade figures for April with sights set on continued strength in consumer spending.
Company news
XERO
(ASX:XRO) says it’s hit half a million subscribers for its online accounting software platform with customers in more than 180 countries. The New Zealand based company says it’s become one of the fastest growing software as a service companies in the world. The company says Forbes ranked Xero number one in its list of the world’s most innovative growth companies. Shares in Xero closed 2.86 per cent lower yesterday at $18.65
ANZ Banking Group
(ASX:ANZ) has opened a branch in Paris to support its wholesale banking clients doing business in the Asia Pacific region. The bank says the branch builds on a presence in London and Frankfurt and follows the granting of a French banking licence last month. Shares in ANZ closed 1.18 per cent lower yesterday at $31.92
Commodities
Gold has lost $9.50 to $US1,185 an ounce for the August contract on Comex.
Silver has lost $0.32 to $16.48 for July.
Copper has lost $0.01 to $2.73 a pound.
Oil has dipped $1.62 to $US59.64 a barrel for July light crude in New York.
