Following positive leads, the Australian share market looks set to open higher this morning. Oil prices rose on Thursday while solid gains in the healthcare sector helped drive the S&P 500 to its highest close in seven months. In yet another signal for a strengthening U.S. economy, data released yesterday showed U.S. private employers increased hiring in May. Investors will be watching to see if this is mirrored in the official non-farm payroll data due on Friday.
U.S. economic news
A number of key U.S. economic data points will be released today, including the April Balance of Trade, and May data for both the Unemployment Rate and Non Farm Payrolls.
Markets
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 0.3 per cent to close at 17,839, the S&P 500 added 0.3 per cent to close at 2,105 and the NASDAQ was up 0.4 per cent to close at 4,971.
European markets closed mixed: London’s FTSE down 0.1 per cent, Paris lost 0.2 per cent and Frankfurt closed virtually flat.
Asian markets closed mixed: Tokyo’s Nikkei fell 2.3 per cent, Hong Kong’s Hang Seng added 0.5 per cent, and China’s Shanghai Composite was up 0.4 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 44 points down to finish at 5,279. On the futures market the SPI is 40 points up.
Currencies
The Australian Dollar at 7:20AM was buying $US72.28 cents, 50.14 Pence Sterling, 78.70 Yen and 64.82 Euro cents.
Economic news
Due out today is AIG’s Performance Services Index. Yesterday's April Balance of Trade data from the Australian Bureau of Statistics beat market expectations, coming in at $1.58 billion, a decrease of 20 percent on the previous month.
Company news
Lendlease Group
(ASX:LLC) has announced it has established a managed investment vehicle, Lendlease Public Infrastructure Investment Company.
The vehicle will take three equity positions in Sunshine Coast University Hospital, New Bendigo Hospital and Darling Harbour Live.
Shares in Lendlease closed 1.49 per cent lower yesterday at $13.19.
99 Wuxian Limited
(ASX:NNW) has announced it has been selected by a large Chinese state-owned enterprise to provide employee incentive and benefit services.
The company has also reported a new agreement is in place with Zhong An Property to enhance its existing insurance offering and expansion of its iBenefit services with two Chinese banks is also underway.
Shares in 99 Wuxian closed 8 per cent lower yesterday at $0.115.
Ex-dividends
One company is going ex-dividend today. Iron Mountain will pay 46.88 cents unfranked.
Commodities
Gold has dropped $2.10 to $US1,213 an ounce for the August contract on Comex.
Silver has gained $0.10 to $16.02 for July.
Copper is steady at $2.07 a pound for July.
Oil has gained $0.16 to $US49.17 a barrel for July light crude in New York.
