The Australian share market looks poised for a slightly higher start after mainly positive leads. While European markets closed stronger US markets ended flat following a batch of earnings and economic data.
America’s second quarter GDP expanded less than expected but its first quarter growth rate was revised higher and US jobless claims were shown to have risen by 12,000 last week.
The Australian dollar has fallen to a six-year low and the iron ore price has back-flipped from this week’s gains and is trading under $US55 per tonne.
Global markets
Wall Street moved off the session lows on Thursday to end almost unchanged: The Dow Jones Industrial Average finished 0.03 per cent lower at 17,746, the S&P 500 finished steady at 2,109 and the Nasdaq gained 0.3 per cent to close at 5,129.
European markets traded and ended higher on Thursday: London's FTSE 100 and France's CAC 40 both rose 0.6 per cent and Germany's DAX firmed 0.4 per cent.
Asian markets put in a mixed performance on Thursday: Japan’s Nikkei gained 1.1 per cent, Hong Kong’s Hang Seng fell 0.5 per cent, and China’s Shanghai Composite dropped 2.2 per cent.
The Australian share market ended 0.8 per cent stronger yesterday: The S&P/ASX 200 index gained 45 points to close at 5,670 on Thursday. On the futures market the SPI is 9 points higher.
Currencies
The Australian dollar at 7:30am was buying $US0.7292, 46.8 Pence Sterling, 90.58 Yen and 66.73 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Producer price indexes for the June quarter
Reserve Bank of Australia: Private sector credit for June
Company news
Bendigo and Adelaide Bank Limited
(ASX:BEN) has advised Alexandra Gartmann has been appointed as the new chief of Rural Bank. The regional lender says Ms Gartmann will take on the role of Managing Director at Australia’s only owned and operated agribusiness bank. Current chief Paul Hutchinson will continue to lead the bank until officially handing over to Ms Gartmann in late October. Shares in Bendigo and Adelaide Bank rose 0.54 per cent to close at $13.12 on Thursday.
ALS Limited
(ASX:ALQ) has flagged an ongoing review of the company’s capital structure at its annual general meeting. The laboratory analysis group has advised these include paying dividends, reducing debt, funding acquisitions and potentially a share buyback. ALS says it remains focused on its cost base, maximising market share and continuing to execute its long-term strategies. Shares in ALS rose 3.2 per cent to close at $5.48 on Thursday.
Commodities
Gold has declined $4.60 to $US1,089 an ounce for the August contract on Comex.
Silver has slipped $0.04 to $14.70 for September.
Copper has eased $0.03 to $2.38 a pound.
Oil has lost $0.27 to $US48.52 a barrel for September light crude in New York.
