Following positive leads from Wall Street overnight, the Australian share market looks set to open well into positive territory this morning. The S&P 500 has made gains for a fifth straight session now, its longest winning streak for this year.
US economic news
Latest figures from the Institute for Supply Management show the US services sector expanded at a slower pace for the month of September. The non-manufacturing PMI fell to 56.9 in September from 59 in August.
Global markets
Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 1.9 per cent to close at 16,776, the S&P 500 gained 1.8 per cent to close at 1,987 and the NASDAQ added 1.6 per cent to close at 4,781.
European markets closed higher: London’s FTSE gained 2.8 per cent, Paris added 3.5 per cent and Frankfurt gained 2.7 per cent.
Asian markets closed mostly higher: Tokyo’s Nikkei added 1.6 per cent, Hong Kong’s Hang Seng gained 1.6 per cent also, and China’s Shanghai Composite wasn’t trading due to a bank holiday.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 99 points higher to finish at 5,151. On the futures market the SPI is up 66 points.
Currencies
The Australian Dollar at 8.30AM was buying 70.83 US cents, 46.79 Pence Sterling, 85.32 Yen and 63.32 Euro cents.
Economic news
The Reserve Bank of Australia will meet for its October board meeting, but the consensus is that once again interest rates will be kept on hold at a record low of 2 per cent. Meantime, the Australian Bureau of Statistics will release data on international trade and tourist arrivals for the month of August.
Company news TradeMe Group Limited
(ASX:TME) says the number of jobs being created in New Zealand is slowing after a strong run, according to an analysis of 60,000 vacancies listed on Trade Me Jobs in the three months to September. The number of new roles listed grew by 1.2 per cent when compared to the same time last year, while the advertised salary fell 2.6 per cent. Shares in TradeMe Group closed 1.2 per cent higher yesterday at $3.36.
Orion Health Limited
(ASX:OHE) has been awarded a Defence Healthcare Management System Modernisation subcontract. The initiative is designed to modernise the military’s healthcare system, enabling patients and clinicians to capture and share health data. Shares in Orion Health last traded at $3.00.
Commodities
Gold has gained $1 to $US1,138 an ounce for the December contract on Comex.
Silver has gained 37 cents to $15.63 for December.
Copper has gained 3 cents to $2.36 a pound.
Oil has gained 72 cents to $US46.26 a barrel for November light crude in New York.
