Two of the three Wall Street indices finished in the green yesterday. The S&P500 closed at its highest level since July, receiving a boost from Energy shares, and increasing oil prices (due to supply constraints and a weaker US dollar). The Nasdaq finished lower, with Biotech shares being the biggest drag on that index.
Following these mixed leads, the Australian market looks set to open lower.
US economic newsThe Federal Reserve has released figures which show consumer credit in April rose $13.42 billion (seasonally adjusted) from the previous month. This was a less-than-expected rise given that an increase of $18 billion was the forecast for outstanding non-mortgage debt.
MarketsWall Street closed mixed: The Dow Jones Industrial Average gained 0.1 per cent to close at 17,938, the S&P 500 gained 0.1 per cent to close at 2,112 and the NASDAQ was down 0.1 per cent to close at 4,962.
European markets closed higher: London’s FTSE gained 0.2 per cent, Paris gained 1.2 per cent and Frankfurt was up 1.7 per cent.
Asian markets closed higher: The Nikkei gained 0.6 per cent, the Hang Seng gained 1.4 per cent, and the Shanghai Composite gained 0.1 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 11 points up to finish at 5,371. On the futures market the SPI is down 18 points.
CurrenciesThe Australian Dollar at 7:30AM was buying $US0.7458 cents, 51.30 Pence Sterling, 80.07 Yen and 65.70 Euro cents.
Economic newsThe Australian Bureau of Statistics will release the latest housing finance figures later today.
Company newsNational Australia Bank Ltd
(ASX:NAB) has confirmed that has been sued by ASIC in the Federal Court over allegations of market manipulation and engaging in unconscionable conduct. ASIC has also commenced similar court action against ANZ and Westpac Bank.
Shares in NAB traded 0.11% lower yesterday at $26.59.
OZ Minerals
(ASX:OZL) has reached an in-principle agreement to settle a class action that was commenced against it by former shareholders of mining company, Zinifex. The company advised that the trial was adjourned so that the parties can finalise settlement negotiations.
Shares in OZ Minerals traded 0.71% higher at $5.69 yesterday.
Ex-dividends2 companies are going ex-dividend today. ALS will pay a dividend of 6 cents, 40 percent franked, and James Hardie Industries will pay a dividend of 31.87 cents unfranked.
CommoditiesGold has lost $0.40 to $US1,247 an ounce for the August contract on Comex.
Silver has lost $0.05 to $16.39 for July.
Copper has lost $0.07 at $2.05 a pound.
Oil has gained $0.76 to $US50.43 a barrel for July light crude in New York.
