Outlook: Aus shares set for flat start

Market Reports

US stocks ended higher on Friday capping a strong week of recovery as investors digested minutes of the Federal Reserve meeting which reassured investors that any rate hikes would be gradual and measured. 
However the SPI is in negative territory this morning pointing to a flat or weak open for local stocks. 

Wall Street closed up on Friday: The Dow Jones Industrial Average gained 0.5 per cent to close at 17,824, the S&P 500 added 0.4 per cent to close at 2,089 and the NASDAQ advanced 0.6 per cent to close at 5,105.
European markets closed mixed: London’s FTSE was flat, Paris slipped 0.1 per cent and Frankfurt rose 0.3 per cent.
Asian markets closed higher: Tokyo’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng advanced 1.1 per cent, and China’s Shanghai Composite lifted 0.4 per cent.
The Australian share market closed higher ahead of the weekend: The S&P/ASX 200 Index closed 14 points up to finish at 5,256 to be 205 points higher on the week. On the futures market the SPI is 5 points down. 

The Australian Dollar at 7.30 AM was buying 72.36 US cents, 47.68 Pence Sterling, 88.92 Yen and 68.04 Euro cents.
Company news
Metals X Limited (ASX:MLX) says it will extend its takeover offer for Aditya Birla Minerals Limited (ASX:ABY) until 15th December to give itself time to digest the half yearly results of its target as well as the implications of a 12 per cent drop in commodity prices since the offer was made. Shares in Metals X last traded up 2.56 per cent to $1.20. 
360 Capital office Fund (ASX:TOF) says it has settled on the sale of a property at 33 Allara St Canberra in the ACT. The fund said the property represented significant risk and the sale has improved gearing. 360 Capital Office Fund last traded steady at $2.03. 

Gold has slipped $1.80 to $US1,076 an ounce for the December contract on Comex. Silver has shed $0.09 to $14.16 for December. Copper has slipped $0.02 to $2.06 a pound. Oil has added $0.18 to $US41.90 a barrel for December light crude in New York.