While US stocks ended mixed ahead of the weekend upbeat data from the States is giving local stocks a positive lead.
A core personal consumption index is showing its biggest lift in over 18 months giving weight to more interest rate hikes in the US in the second half of the year.
US economic news
The Commerce Department says consumer spending increased 0.5 a per cent in January with the so called core PCE price index up 1.7 per cent in the 12 months through January, the biggest rise since July 2014.
The Markets
Wall Street closed mixed on Friday: The Dow Jones Industrial Average lost 0.3 per cent to close at 16,640, the S&P 500 lost 0.2 per cent to close at 1,948 and the NASDAQ advanced 0.2 per cent to close at 4,590.
European markets closed up: London’s FTSE added 1.4 per cent, Paris rose 1.6 per cent and Frankfurt lifted just under 2 per cent.
Asian markets closed up: Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng surged 2.5 per cent, and China’s Shanghai Composite rose nearly one per cent.
The Australian share market closed flat ahead of the weekend: The S&P/ASX 200 Index closed 1 point down to finish at 4,880 to be 73 points lower on the week. On the futures market the SPI is 7 points up.
Currencies
The Australian Dollar at 7:30AM was buying 71.43 US cents, 51.51 Pence Sterling, 81.42 Yen and 65.40 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is private sector credit, HIA will release new home sales for January and the TD-Melbourne Institute measure of inflation is out as well.
Company news
Fortescue Metals Groups Limited
(ASX:FMG) has had its credit ratings affirmed by Fitch. The ratings agency has FMG’s Long term Issue Default rating at BB+ with the Secured Term Loan at BBB- saying strong progress in cost reductions is expected to be sustainable despite declines in market prices. Shares in FMG last traded down 2.9 per cent at $2.01.
Australia and New Zealand Banking Group
(ASX:ANZ) has brokered a deal with online business registration company Honcho. ANZ will offer new small business customers bank accounts and refer them to Honcho from its banking websites so that Honcho can supply business registration, marketing services and possible data storage. Shares in ANZ closed 0.04 per cent higher on Friday at $22.56.
Commodities
Gold has slipped $18.40 to $1,220 an ounce for the April contract on Comex. Silver has shed 48 cents to $14.71 for March. Copper has added 5 cents to $2.13 a pound for May. Oil has slipped 29 cents to US$32.78 a barrel for April light crude in New York.
Asciano Limited ASX:AIO 13c 100%
Contact Energy Ltd ASX:CEN 9.768 0%
Challenger Limited ASX:CGF 16c 100%
Insurance Australia ASX:IAG 10c 100%
Insurance Australia ASX:IAG 13c 100%
IPH Limited ASX:IPH 11c 80%
MyState Limited ASX:MYS 14c 100%
Nick Scali Limited ASX:NCK 9c 100%
Orora Limited ASX:ORA 4.5c 30%
RCG Corporation Ltd ASX:RCG 2.5c 100%
Wesfarmers Limited ASX:WES 91c 100%
