Buoyed by positive leads the Australian share market looks set to open higher. European markets were given a boost by M&A activity while Wall Street was supported by earnings. American traders also absorbed economic news showing house price growth but weaker consumer confidence.
Global markets
Wall Street saw strong gains on Tuesday: The Dow Jones Industrial Average advanced 1.1 per cent to close at 17,630, the S&P 500 climbed 1.2 per cent to close at 2,093 and the Nasdaq increased 1 per cent to close at 5,089.
European markets moved higher on Tuesday: London's FTSE 100 rose 0.8 per cent, France's CAC 40 rose 1 per cent and Germany's DAX rose 1.1 per cent.
Asian markets put in a mixed performance on Tuesday: Japan’s Nikkei dipped 0.1 per cent, Hong Kong’s Hang Seng gained 0.6 per cent, and China’s Shanghai Composite dropped 1.7 per cent.
The Australian share market bounced from the day’s low and ended just slightly lower on Tuesday: The S&P/ASX 200 index lost 5 points to finish at 5,585. On the futures market the SPI is 23 points higher.
Currencies
The Australian dollar at 7:30am was buying $US0.7326, 46.97 Pence Sterling, 90.54 Yen and 66.29 Euro cents.
Company news
BHP Billiton Limited
(ASX:BHP) will reportedly cut 37 per cent of its jobs in Melbourne to about 300 employees in the next few years. While the global miner has not officially announced the move is understood to be part of CEO Andrew Mackenzie's ongoing strategy to simplify operations. The reported job cuts come months after the demerger of South32 Limited
(ASX:S32) and one week after BHP reported a 14 per cent rise an annual iron ore output. Shares in BHP Billiton fell 0.59 per cent to close at $25.37 on Tuesday.
AGL Energy Limited
(ASX:AGL) has officially opened its new Melbourne office at 699 Bourke Street. The energy giant’s 1,500 Melbourne-based employees will work at the new Mirvac Group
(ASX:MGR) building. Managing Director and CEO Andy Vesey says the selection of a building with 6-Star Green Star rating aligns with AGL’s commitment to decarbonisation and investment in renewable energy. Shares in AGL Energy lifted 1.08 per cent to close at $15.97 on Tuesday.
Ex-dividends
Aurora Dividend Income Trust
(ASX:AOD) paying a 0.42 cent unfranked dividend
Commodities
Gold has dipped $1.90 to $US1,095 an ounce for the August contract on Comex.
Silver has added $0.05 to $14.65 for September.
Copper has lifted $0.06 to $2.41 a pound.
Oil has added $0.38 to $US47.77 a barrel for September light crude in New York.
