The Australian share market looks like it will open slightly higher this morning.
Although the recent rally on Wall Street lost a bit of momentum on Wednesday, US shares are still at all-time highs. This was despite a complete reversal of fortune for oil prices overnight. The price of crude plunged on the back of US inventory data, raising concerns about a global supply glut. This resulted in Energy being the worst performing sector. However, 7 out of 10 sectors finished in the black on the US market.
Also, Theresa May has now been sworn in as Prime Minister of the United Kingdom. This news helped strengthen the Pound against the US dollar.
US economic newsCrude oil inventories fell by 2.5 million barrels in the week ending 8 July. This was a smaller than expected decrease, and current inventory count is at 521.8 million barrels.
MarketsWall Street closed mixed on Wednesday: The Dow Jones Industrial Average gained 0.13 per cent to close at 18,372, the S&P 500 gained just 0.01 per cent to close at 2,152 and the NASDAQ lost 0.34 per cent to close at 5,006.
European markets finished mixed: London’s FTSE was down 0.15%, Paris was up 0.1 per cent and Frankfurt was down 0.3 per cent.
Asian markets closed higher: The Nikkei was up 0.8 per cent, the Hang Seng gained 0.5 per cent, and the Shanghai Composite was up 0.4 per cent.
The Australian share market closed higher yesterday: The ASX 200 closed 35 points higher to finish at 5,389. On the futures market the SPI is up 8 points.
CurrenciesThe Australian Dollar at 7:30AM was buying $US76.07 cents, 57.9 Pence, 79.47 Yen and 68.58 Euro cents.
Economic newsDue out later today are the ABS’s unemployment figures and new motor vehicle sales for June 2016.
Company newsThe Western Australian government has granted Wavenet International Ltd
(ASX:WAL) a mining tenement in the Eastern Goldfields, 80km northeast of Kalgoorlie. The company is currently in the early stages of gold exploration in that region.
Shares in Wavenet closed flat at 0.005 cents.
APN Outdoor Group Ltd
(ASX:APO) has acquired the outdoor advertising assets of Metrospace Advertising Pty Ltd and iOM Pty Ltd. APN will pay Queensland-based Metrospace between $16 and $19.5 million for its outdoors advertising assets. Victoria-based iOM will be paid a similar amount for its assets by APN.
Shares in APN closed 0.26 per cent lower at $7.58.
Ex-dividends8I Holdings will pay a dividend of 0.5 cents, unfranked.
Newhaven Hotels will pay a dividend of 2 cents, fully franked.
CommoditiesGold has gained $8.30 to $US1,344 an ounce for the August contract on Comex.
Silver has gained $0.24 to $20.41 for September.
Copper is up 2 cents at $2.24 cents a pound for September.
Oil is down $1.75 to $45.82 USD per barrel for August light crude in New York.
