Outlook: Aus shares set to open lower

Market Reports


US stocks ended mixed on Friday as a better-than-expected October jobs report increased the chances of a December rate increase from the Federal Reserve. The stocks have been posting weekly gains for the last 6 weeks straight making it the longest winning streak since this time last year. 
 
The likelihood of a US rate hike and lower commodity prices look set to see the ASX open lower this morning ahead of the latest jobs figures due here this week. 
 
US economic news

The Labor Department showed 271,000 jobs were added in October, well above estimations of 180,000. This brought the unemployment rate down to 5 per cent. 
 
Markets

Wall Street closed mixed on Friday: The Dow Jones Industrial Average gained 0.3 per cent to close at 17,910, the S&P 500 was virtually flat at 2,099 and the NASDAQ lifted 0.4 per cent to close at 5,147.
 
European markets closed mixed: London’s FTSE lost 0.2 per cent, Paris gained 0.1 per cent and Frankfurt advanced 0.9 per cent.
 
Asian markets also closed mixed: Tokyo’s Nikkei added 0.8 per cent, Hong Kong’s Hang Seng shed 0.8 per cent, and China’s Shanghai Composite lifted nearly 2 per cent.
 
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 22 points up to finish at 5,215 to be 24 points lower on the week. On the futures market the SPI is 28 points down.  
 
Currencies

The Australian Dollar at 7:20AM was buying 70.27 US cents, 46.69 Pence Sterling, 86.68 Yen and 65.52 Euro cents.
 
Economic news

Due out later today are ANZ job ads for October. 
 

 
Company news

Ridley Corporation Limited (ASX:RIC) say they have sold the former salt fields at Dry Creek. Adelaide Resource Recovery will pay $35 million for the entire site. Ridley had been looking a breaking the site into pieces however ARR will look a developing the stretch of coastline in time. Ridley Corporation last traded 1.54 per cent stronger at $1.32. 
 
Sealink Travel Group (ASX:SLK) say they have completed on the purchase of Transit Systems Marine for $125 million. The acquisition takes the number of vessels in the SeaLink fleet from 27 to 60 and transforms the company into the largest marine and transport business in Australia. SeaLink last traded 4.78 per cent down at $3.39. 
 
Ex-dividends

One company is going ex-dividend today: Macquarie Group Limited (ASX:MQG) will pay $1.60 with 40 per cent franking. 
 
Commodities

Gold has shed $16.50 to US$1,088 an ounce for the December contract on Comex. Silver has slipped 29 cents to $14.69 for December. Copper is down 1 cent to $2.24 a pound. Oil has retreated $0.68 to US$44.52 a barrel for December light crude in New York.