Positive global leads look to lift the Australian share market into the session. US traders were buoyed by earnings results, despite disappointing retail sales data. Greece’s debt dramas remain in the spotlight ahead of a vote to approve the reforms. In focus today will be the release of China’s second quarter growth figures. Economists expect annual GDP to slow to a rate of 6.9 per cent from 7 per cent.
Global markets
Wall Street climbed to session highs on Tuesday: The Dow Jones Industrial Average advanced 0.4 per cent to close at 18,054, the S&P 500 improved 0.5 per cent to close at 2,109 and the Nasdaq increased 0.7 per cent to close at 5,105.
European markets bounced of lows to end higher on Tuesday: London's FTSE 100 firmed 0.2 per cent, France's CAC 40 rose 0.7 per cent and Germany's DAX added 0.3 per cent.
Asian markets ended mixed on Tuesday: Japan’s Nikkei gained 1.5 per cent, Hong Kong’s Hang Seng fell 0.4 per cent, and China’s Shanghai Composite fell 1.2 per cent.
The Australian share market soared 1.9 per cent on the back of the latest Greek debt deal: The S&P/ASX 200 index rallied 104 points to close at 5,577. On the futures market the SPI is 18 points higher.
Currencies
The Australian dollar at 7:30am was buying $US0.7451, 47.67 Pence Sterling, 91.93 Yen and 67.7 Euro cents.
Economic news due out today
Westpac Banking Corporation Limited
(ASX:WBC)-Melbourne Institute: Index of consumer sentiment for July
Australian Bureau of Statistics: Dwelling commencements for the March quarter and new car sales for June
Company news
Virgin Australia Holdings Limited
(ASX:VAH) has warned its flights to and from Bali look to again be disrupted today. Volcanic ash has grounded a number of flights over the past week and left travellers stranded. Virgin says another major eruption may continue to affect flights today. Shares in Virgin Australia Holdings fell 1.15 per cent to close at $0.43 on Tuesday.
Shares in Frontier Capital Group Limited
(ASX:FCG) surged yesterday after announcing a deal to acquire the licence to operate the Mongolian National Lottery. Subject to conditions being met Frontier says it will also have the right to establish the first casino in Mongolia. Shares in Frontier Capital Group surged 11.48 per cent to close at $0.34 on Tuesday.
Commodities
Gold has lost $1.10 to $US1,154 an ounce for the August contract on Comex.
Silver has slipped $0.11 to $15.35 for September.
Copper is steady at $2.54 a pound.
Oil has risen $1.09 to $US53.80 a barrel for August light crude in New York.
