Following positive leads, the Australian share market looks set to open higher. US stocks rebounded overnight after a jittery week, with speculation about Brexit weighing on investor sentiment. The S&P 500 was the main winner from the session, ending a five-day losing streak, bolstered by strong advances in the telecoms sector.
US economic news
YoY May data showed inflation coming in slightly below market expectations at 1 percent versus 1.1 percent. Core inflation data accelerated slightly to 2.20 percent, up from the 2.1% reported in April’s YoY figures. Jobless claims were also up for the week, coming in at 277,000.
Markets
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 0.5 per cent to close at 17,733, the S&P 500 added 0.3 per cent to close at 2,078 and the NASDAQ lifted 0.2 per cent to close at 4,845.
European markets closed lower: London’s FTSE was down 0.3 per cent, Paris lost 0.5 per cent and Frankfurt fell 0.6 per cent.
Asian markets closed lower: Tokyo’s Nikkei dropped 3 per cent, Hong Kong’s Hang Seng fell 2.0 per cent, and China’s Shanghai Composite was down 0.5 per cent.
The Australian share market closed steady yesterday: The S&P/ASX 200 Index closed 1 point down to finish at 5,146. On the futures market the SPI is 35 points up.
Turning to currencies and the Australian Dollar at 7:20AM was buying $US73.65 cents, 51.85 Pence Sterling, 76.81 Yen and 65.61 Euro cents.
Company News
Primary Health Care Limited
(ASX:PRY) has announced it will divest its pathology assets in Queensland and Northern New South Wales to Medlab Pathology to end an ACCC investigation. The divestment represents 3 percent of Primary’s pathology centres, with the healthcare company expecting no material impact on profit as a result of the sale.
Shares in Primary Health Care Limited closed 3.14 per cent lower yesterday at $3.70.
GDI Property Group
(ASX:GDI) has announced it has established a new office trust with two properties in Townsville and Ashfield, with the company electing to retain a 45 percent stake. This is the first time the group has taken a meaningful stake in a Trust, and it expects its holding to add approximately $1.3 million to Funds From Operations in the following financial year.
Shares in GDI Property Group closed 1.11 per cent up yesterday at $0.910.
Ex-dividends
One company is going ex-dividend today. G8 Education Limited will pay 6 cents fully franked.
Commodities
Gold has gained $10.10 to $US1,298 an ounce for the August contract on Comex.
Silver is up $0.10 to $17.61 for July.
Copper has fallen $0.04 to $2.05 a pound for July.
Oil is down $1.19 to $US46.74 a barrel for July light crude in New York.
