Outlook: ASX looks up before Fed outcome

Market Reports

The Australian share market is poised to gain at open ahead of the highly anticipated outcome of a US Federal Reserve meeting. Wall Street gained momentum throughout the session as investors remained upbeat despite ongoing Greek debt concerns. Across commodity markets prices are mixed, the price of iron ore has dropped 2 per cent and the Australian dollar is trading slightly lower.
 
Global markets
 
Wall Street rose on Tuesday: The Dow Jones Industrial Average gained 0.6 per cent to close at 17,904, the S&P 500 gained 0.6 per cent to close at 2,096 and the Nasdaq gained 0.5 per cent to close at 5,056.
 
European markets closed mixed on Tuesday: London's FTSE 100 dipped 0.01 per cent, France's CAC 40 and Germany's DAX both lifted 0.5 per cent.
 
Asian markets sank on Tuesday: Japan’s Nikkei declined 0.6 per cent, Hong Kong’s Hang Seng dropped 1.1 per cent, and China’s Shanghai Composite plunged 3.5 per cent.
 
The Australian share market continued to trade in the red on Tuesday: The S&P/ASX 200 Index ended 3 points lower at 5,536. On the futures market the SPI is 46 points higher. 
 
Currencies 
 
The Australian dollar at 7:30am was buying $US0.7752, 49.55 Pence Sterling, 95.64 Yen and 68.94 Euro cents.
 
Economic news due out today 
 
Westpac Banking Corporation (ASX:WBC)-Melbourne Institute: Leading indexes of economic activity
 
Company news
 
Shares in Alexium International Group Limited (ASX:AJX) gained after revealing its home furnishings customer has moved to full scale production and consumer roll out of Alexflam treated products. The surface treatment company expects potential sustainable revenue from this initial program to come in between $US200,000 and $US300,000 per month. CEO Nicholas Clark has described the news as an important milestone for the company’s growth. Shares in Alexium International Group gained 10.91 per cent to close at $0.61 on Tuesday.  
 
Atlas Pearls and Perfumes Limited (ASX:ATP) has reported positive year end results from its June pearl auction. The Australian based pearling and perfume business says total sales came in at $2.4 million which was 10 per cent over forecast sales. Atlas believes the auction confirmed the buyers’ appetite for its pearls and appreciation for the pearls consistency. Shares in Atlas Pearls and Perfumes last traded at $0.046 on Tuesday.  
 
Ex-dividends

Fisher & Paykel Healthcare Corp Limited (ASX:FPH) paying a 7.54 cent unfranked divided

Commodities 

Gold has declined $4.80 to $US1,181 an ounce for the August contract on Comex. 
Silver has lost $0.10 to $15.98 for July. 
Copper has eased $0.03 to $2.62 a pound. 
Oil has risen $0.45 to $US60.02 a barrel for July light crude in New York.