US markets have given local stocks a positive lead climbing higher despite further falls in oil prices.
Energy shares pushed Wall Street into positive territory however the S&P 500 is looking flat for the year as companies start winding down for Christmas.
US economic news
The Labor Department reported new applications for US unemployment benefits jumped by 13,000 to 282,000 for the week ended Dec 5, the biggest rise in 5 months.
A separate report also shows that import prices dipped 0.4 per cent in November mainly driven by a 2.5 per cent drop in energy prices.
Markets
Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.5 per cent to close at 17,575, the S&P 500 added 0.2 per cent to close at 2,052 and the NASDAQ advanced 0.4 per cent to close at 5,045.
European markets closed mixed: London’s FTSE shed 0.6 per cent, Paris lost 0.1 per cent and Frankfurt added 0.1 per cent.
Asian markets closed down: Tokyo’s Nikkei slipped 1.3 per cent, Hong Kong’s Hang Seng and China retreated 0.5 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 43 points down to finish at 5,038. On the futures market the SPI is 11 points down.
Currencies
The Australian Dollar at 8:20AM was buying 72.80 US cents, 48.03 Pence Sterling, 88.56 Yen and 66.56 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics are lending finance figures which include housing, personal, business and lease loans
Company news
Automotive Holdings Group (ASX:AHG )says Jane McKellar will join the board bringing significant strategic marketing capability. Ms McKellar has held senior executive roles at Unilever, Nine MSW and Microsoft. She currently serves on the boards of MCPhersons, Terry White Group and Sea Change Technologies. Automotive Holdings Group last traded 2.50 per cent lower at $4.29.
And New Zulu Limited
(ASX:NWZ) has signed an agreement with the ABC. NewZulu will gather, produce and distribute content relating to Australia Day for the national broadcaster and if all goes well further deals will explored in February. Shares in NewZulu last traded flat at $0.046.
Commodities
Gold has slipped $5.30 to US$1,071 an ounce for the February contract on Comex. Silver has dipped 9 cents to $14.10 for March. Copper has dropped 1 cent to $2.07 a pound. Oil has dropped 59 cents to US$36.57 a barrel for January light crude in New York.
