The Australian share market looks like it will open higher today. The initial shock of Brexit seems to have eased a bit as global equities rallied overnight. The British pound rebounded, and so did European stocks.
Also, US shares experienced their best day since March, with every sector posting gains, and investors now considering it less likely that the Fed will raise interest rates this year.
US economic newsConsumer confidence went up in May – rising from 92.4 to 98. This is its highest level since October 2015. However, this result reflects consumer confidence before the British referendum last week, and it will be interesting to compare it with next month’s figure.
MarketsWall Street closed higher on Tuesday: The Dow Jones Industrial Average gained 1.6 per cent to close at 17,410, the S&P 500 gained 1.8 per cent to close at 2,036 and the NASDAQ gained 2.1 per cent to close at 4,692.
European markets closed higher: London’s FTSE gained 2.6 per cent, Paris gained 2.6 per cent and Frankfurt gained 1.9 per cent.
Asian markets closed mixed: the Nikkei gained 0.1 per cent, the Hang Seng was down 0.3 per cent, and the Shanghai Composite gained 0.6 per cent.
The Australian share market closed lower: The ASX 200 closed 34 points down to finish at 5,103. On the futures market the SPI is up 83 points.
CurrenciesThe Australian Dollar at 7:30AM was buying $US73.87 cents, 55.43 Pence Sterling, 75.92 Yen and 66.8 Euro cents.
Company newsWebjet Limited
(ASX:WEB) has completed its $72 million equity raising. The company says it received valid applications for 4.9 million shares, and that around 700,000 shares were not taken up under the Retail Entitlement Offer.
Shares in Webjet closed 1.3% lower at $6.84.
Oil and gas recruitment company, Oilfield Workplace Group Ltd
(ASX:OFW) is set to acquire all the shares in a Singaporean company called Jack-In Holdings Pte Ltd, and its subsidiary, Jack-in Pile (M) Sdh Bhd.
Jack-in Pile is a piling business that services the construction industry, and this acquisition is part of a conditional binding share purchase agreement.
Oilfield Workplace last traded at 25 cents and is currently on a trading halt due this transaction.
CommoditiesGold has lost 10.20 cents to $US1,315 an ounce for the August contract on Comex.
Silver has gained $0.06 to $17.85 for July.
Copper is up 5 cents to $2.18 cents a pound for July.
Oil is up $1.78 to $US48.11 a barrel for July light crude in New York.
