Unlike yesterday’s sharp rebound, the Australian share market looks set to open lower today following negative overseas leads. Wall Street shed gains in afternoon trading ending lower at the closing bell, despite a midday rally earlier in the day echoing a buying spurt out of Europe.
US economic news
US New Home Sales saw a lift in July beating estimates as Consumer Confidence jumped to a 7-month high in August; further signs that the US economy is firming.
Global markets
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 1.3 per cent to close at 15,666, the S&P 500 lost 1.4per cent to close at 1,868 and the NASDAQ lost 0.4 per cent to close at 4,506.
European markets closed up: London’s FTSE gained 3.1 per cent, Paris gained 4.1 per cent and Frankfurt gained nearly 5 per cent.
Asian markets closed mixed: Tokyo’s Nikkei lost nearly 4 per cent, Hong Kong’s Hang Seng up 0.7 per cent, and China’s Shanghai Composite lost 7.6 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed up 136 points to finish at 5,137. On the futures market the SPI is down 47 points.
Currencies
The Australian Dollar at 7:20AM was buying 71.29 US cents, 45.49 Pence Sterling, 84.75 Yen and 61.90 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is a quarterly reading on Construction work done. Investors will also be listening out for hints of future monetary policy from the Reserve Bank as Governor Glenn Stevens is set to speak today at the National Reform Summit in Sydney.
Company news Oil Search Limited
(ASX:OSH) posted a record profit read for the first half of 2015. The oil and gas producer saw a 49 percent increase in net profit to $US227.5 million. The company will pay an interim dividend of 6 US cents. Shares in Oil Search Limited closed up 1.55 per cent yesterday at $5.90.
Amcor Limited
(ASX:AMC) delivered a 23 percent lift to its annual dividend. The packaging giant beat analysts’ estimates, delivering a gain in net profit totalling $US680.3 million. The company is set to pay an annual dividend of 53 cents. Shares in Amcor Limited closed up 4.32 per cent yesterday at $13.05.
Commodities
Gold has lost $13.50 to $US1,140 an ounce for the December contract on Comex.
Silver is down 10 US cents to $14.70 for September.
Copper is up 4 US cents to $2.29 a pound.
Oil is up $1.38 to $US39.62 a barrel for September light crude in New York.
