The Australian share market is set for a cautious start to the session as traders await the outcome of a Greek parliamentary vote. US markets gave up early gains as Fed chair Janet Yellen against suggested rates look likely to rise this year and industrial production and producer prices were shown to have risen last month. Closer to home the Australian dollar has dropped to a six-year low but the iron ore price has lifted back above $US50 per tonne.
Global markets
Wall Street moved lower Wednesday: The Dow Jones Industrial Average dipped 0.02 per cent to close at 18,050, the S&P 500 slipped 0.07 per cent to close at 2,107 and the Nasdaq lost 0.1 per cent to close at 5,099.
European markets closed mixed on Wednesday: London's FTSE 100 ended steady, France's CAC 40 rose 0.3 per cent and Germany's DAX lifted 0.2 per cent.
Asian markets finished mixed on Wednesday: Japan’s Nikkei firmed 0.4, Hong Kong’s Hang Seng fell 0.3 per cent, and China’s Shanghai Composite dropped 3 per cent.
The Australian share market jumped more than 1 per cent yesterday after a better than expected read on China's growth: The S&P/ASX 200 index gained 59 points to close at 5,636. On the futures market the SPI is 5 points higher.
Currencies
The Australian dollar at 7:30am was buying $US0.7379, 47.21 Pence Sterling, 91.32 Yen and 67.42 Euro cents.
Company news
Qantas Airways Limited
(ASX:QAN) has signed up as the latest customer of employee engagement technology company REFFIND FPO
(ASX:RFN). Australia’s largest airline has a work force of more than 30,000 and will use the REFFIND platform to boost the strength of its internal employee referral program. While shares in REFFIND rose 7.45 per cent yesterday shares in Qantas Airways fell 0.28 per cent to close at $3.53 on Wednesday.
Wesfarmers Limited
(ASX:WES) has posted mixed output results from its coal mines over the last quarter and forecast softer prices for the product over the following quarter. The conglomerate says the coal pricing outcome was in line with recent market price settlements which have been impacted by a downturn in the Chinese steel industry. Shares in Wesfarmers rose 2.54 per cent to close at $41.58 on Wednesday.
Ex-dividends
Euroz Limited
(ASX:EZL) paying a 3.25 cent fully franked dividend
Metro Performance Glass Limited
(ASX:MPP) paying a 3.39 cent unfranked dividend.
Commodities
Gold has dropped $6.10 to $US1,147 an ounce for the August contract on Comex.
Silver has eased $0.25 to $15.06 for September.
Copper has lost $0.01 to $2.52 a pound.
Oil has fallen $1.69 to $US51.79 a barrel for August light crude in New York.
