The Australian share market looks like it will continue its upward momentum and open higher again this morning. On Tuesday, share markets around the world continued to rally, and post-Brexit losses have been erased.
On Wall Street, the S&P 500 posted a new intraday high (beating Monday’s result), and the Dow Jones finished at an all-time high. This was helped by the price of oil surging overnight and, indeed, Energy was the best performing sector in the US.
US economic newsThe number of job openings fell to 5.5 million in May as US employers advertised fewer jobs and hired less people. In April, it was slightly higher, at 5.79 million.
Also, US wholesale inventories rose slightly in May (by 0.1%) as automobile stocks tumbled. Economists were expecting a slightly higher gain of 0.2%. Inventory investment seems to have been a drag on economic growth in the second quarter.
MarketsWall Street closed higher on Tuesday: The Dow Jones Industrial Average gained 0.7 per cent to close at 18,348, the S&P 500 gained 0.7 per cent to close at 2,152 and the NASDAQ gained 0.7 per cent to close at 5,023.
European markets finished mixed: London’s FTSE was flat, Paris was up 1.6 per cent and Frankfurt was up 1.3 per cent.
Asian markets closed higher: The Nikkei was up 2.5 per cent, the Hang Seng gained 1.7 per cent, and the Shanghai Composite was up 1.8 per cent.
The Australian share market closed higher yesterday: The ASX 200 closed 16 points higher to finish at 5,353. On the futures market the SPI is up 30 points.
Turning to currencies, the Australian Dollar at 7:30AM was buying $US76.24 cents, 57.57 Pence, 79.85 Yen and 68.93 Euro cents.
Economic newsSomething to look out for later today is the Consumer Sentiment report from the Westpac-Melbourne Institute for June 2016.
To company newsRetail property group, Vicinity Centres RE Ltd
(ASX:VCX) has acquired the remaining 50% interest in Bentons Square, in the south-east of Melbourne, for $38.25 million. This deal is due to be settled by 15 August 2016.
Shares in Vicnity closed 0.57% lower at $3.48.
Bassari Resources Ltd
(ASX:BSR) says that Makabingui mining permit negotiations have advanced significantly in the last two weeks. The company says the draft terms have been submitted, and the are awaiting final review from the Senegal government.
Shares in Bassari Resources closed 23.81 per cent higher at 2.6 cents.
CommoditiesGold has lost $21.30 to $US1,335 an ounce for the August contract on Comex.
Silver has lost $0.13 to $20.17 for September.
Copper is up 7 cents at $2.21 a pound for September.
Oil is up $1.87 to $US47.39 per barrel for August light crude in New York.
