The local market looks set to open flat after US stocks ended lower on Friday as solid jobs figures supported the potential for an interest rate rise there as soon as September.
US economic news
The US Labor Department said 215,000 jobs were added in July with the unemployment rate steady at the seven year low of 5.3 per cent.
Markets
Wall Street closed lower on Friday: The Dow Jones Industrial Average lost 0.3 per cent to close at 17,373, the S&P 500 lost 0.3 per cent to close at 2,078 and the NASDAQ lost 0.3 per cent to close at 5,044.
European markets closed lower: London’s FTSE slipped 0.4 per cent, Paris shed 0.7 per cent and Frankfurt dipped 0.8 per cent.
Asian markets closed higher: Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng advanced 0.7 per cent, and China’s Shanghai Composite rose 2.3 per cent.
The Australian share market closed lower on Friday: The S&P/ASX 200 Index closed 135 points down to 5,475 to be 224 down on the week. . On the futures market the SPI is 2 points down.
Turning to currencies and the Australian Dollar at 7:20AM was buying 74.16 US cents, 47.88 Pence Sterling, 92.09 Yen and 67.65 Euro cents.
Company news
Tabcorp Holdings Limited
(ASX:TAH) says Victorian thoroughbred Racing will return to Sky Channel after new media rights were arranged. Tabcorp stopped broadcasting the races back in June during a stand-off as it negotiated new media rights. The current deal now includes digital. Shares in Tabcorp last traded 1.06 per cent down at $4.67.
Carsales.com Limited
(ASX:CAR) will spend up to $9 million to buy a 65 per cent stake in Mexican auto website Soloautos. Carsales says the Mexican market is attractive as it is the second largest economy in Latin America with nearly 50 per cent internet usage among its 120 million people. Existing owner Jose Ramirez will retain 35 per cent in the company and continue as CEO. Shares in carsales.com last traded 1.29 per cent lower at $10.69.
Commodities
Gold has added $4.00 to US$1,094 an ounce for the December contract on Comex. Silver has added 14 cents to $14.82 for September. Copper has dipped 1 cent to $2.33 a pound. Oil has slipped $0.79 to $US$43.87 a barrel for September light crude in New York.
