Following positive leads, the Australian share market looks set to open higher. Overnight on Wall Street tech stocks were the stand out performer, helping the Nasdaq hit a yearly high. Facebook led the charge after reporting improved earnings, while Google’s Alphabet and Amazon also lifted. Oil continues to head into bear territory, off the back of increased inventories and weaker global demand.
US economic news
Weekly jobless claims rose by 14,000 for the week ending July 23, to 266,000.
Markets
Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 0.1 per cent to close at 18,456, the S&P 500 added 0.2 per cent to close at 2,170 and the NASDAQ was up 0.3 per cent to close at 5,155.
European markets closed lower: London’s FTSE fell 0.4 per cent, Paris lost 0.6 per cent and Frankfurt dropped 0.4 per cent.
Asian markets closed mixed: Tokyo’s Nikkei dropped 1.1 per cent, Hong Kong’s Hang Seng fell 0.2 per cent, and China’s Shanghai Composite rose 0.1 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 17 points up to finish at 5,557. On the futures market the SPI is 8 points up.
Currencies
The Australian Dollar at 7:20AM was buying $US75.07 cents, 57.04 Pence Sterling, 79.02 Yen and 67.78 Euro cents.
Economic news
Due out today from the Reserve Bank of Australia is private sector credit data. Also due out from the Australian Bureau of Statistics is the QoQ and YoY Producer Price Index figures.
Company news
OceanaGold Corporation
(ASX:OGC) has released its Q2 FY16 operational and financial results. Gold production dropped off slightly in the second quarter compared to Q1 however YTD production remains ahead of 2015’s results. Net profit for the quarter was also up on Q1 to $39.7 million, as a result of higher gold prices.
Shares in OceanaGold Corporation closed 7.3 per cent up yesterday at $4.85.
Tempo Australia Limited
(ASX:TPP) has announced it has entered into an agreement to purchase the core assets of telecom and data communications contractor Cablelogic Pty Limited. Cablelogic was placed into receivership earlier this month, however Tempo’s acquisition will see all staff remain on in the business and $4 million of work in hand continued.
Shares in Tempo Australia Limited closed 2.08 per cent up yesterday at $0.245.
Commodities
Gold has gained $7.60 to $US1,342 an ounce for the August contract on Comex.
Silver has lifted $0.22 to $20.21 for September.
Copper has added $0.03 to $2.22 a pound for September.
Oil has dropped $0.82 to $US41.10 a barrel for August light crude in New York.
