The local share market is set to open slightly higher this morning following gains in commodities including base metals and iron ore.
US stocks closed mildly higher on Wednesday following a jump in energy prices with financials also among the top S&P500 advancers.
US economic news
The Federal Reserve Beige Book shows that US economic activity has continued to expand in most districts. And a report from payroll processor Automatic Data Processing shows that private payrolls in the US rose by 214,000 last month, higher than analyst expectations of 185,000.
Markets
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 0.2 per cent to close at 16,899, the S&P 500 added 0.4 per cent to close at 1,986 and the NASDAQ advanced 0.3 per cent to close at 4,703.
European markets closed mixed: London’s FTSE lost 0.1 per cent, Paris gained 0.4 per cent and Frankfurt added 0.6 per cent.
Asian markets closed higher: Tokyo’s Nikkei surged 4.1 per cent, Hong Kong’s Hang Seng advanced 3.1 per cent, and China’s Shanghai Composite improved 4.3 per cent.
The Australian share market closed strongly higher yesterday: The S&P/ASX 200 Index added 99 points to finish at 5,021. On the futures market the SPI is 25 points higher.
Currencies
The Australian Dollar at 8.40AM was buying 72.94 US cents, 51.83 Pence Sterling, 82.76 Yen and 67.15 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is GDP final consumption and HIA New Home Sales for January.
Company news
BHP Billiton Limited
(ASX:BHP) says its Brazilian iron ore venture Samarco Mineracao has reached an agreement with the Brazilian government for compensation over its tailings dam spill. The company will pay US$5.1 billion over 15 years to guarantee the reparations of social and environmental damages as well as compensation. Shares in BHP last traded 4.37 per cent higher at $16.73.
Sino Gas and Energy Holdings Limited
(ASX:SEH) says its joint venture SGE has received US$6.6 million for the sales of gas from its Linxing PSC. The proceeds represent around 85 per cent of the total pilot program sales with future proceeds to be received monthly. Shares in Sino Gas & Energy added 7.14 per cent to $0.06 yesterday.
Commodities
Gold has advanced $9.80 to US$1,241 an ounce for the April contract on Comex. Silver is up 21 cents to $14.96 for May. Copper has added 4 cents to $2.19 a pound for May. Oil has added 35 cents to US $34.75 a barrel for April light crude in New York.
