The ASX has no direction from US stocks which were little changed on Thursday with energy and financial shares ending lower.
All eyes are on the Friday jobs report as US investors contemplate the start of interest rate increases from the Federal Reserve.
US economic newsWhilst recent jobs reports have been strong other US economic data is showing signs of weakness. The Institute of Supply Management said manufacturing activity dropped to 49.4 in August from 52.6 in July. A reading below 50 shows contraction and this was the first time since February that manufacturing decreased.
MarketsWall Street closed mixed yesterday: The Dow Jones Industrial Average added 0.1 per cent to close at 18,419, the S&P 500 was steady at 2,171 and the NASDAQ added 0.3 per cent to close at 5,227.
European markets closed mixed: London’s FTSE shed 0.5 per cent, Paris was steady and Frankfurt slipped 0.6 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng advanced 0.8 per cent, and China’s Shanghai Composite slipped 0.7 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 17 points down to finish at 5,416. On the futures market the SPI is 12 points lower.
CurrenciesThe Australian Dollar at 7:20AM was buying 75.52 US cents, 56.90 Pence Sterling, 78 Yen and 67.45 Euro cents.
Company newsIMF Bentham Limited
(ASX:IMF) says it has won a case in the US that will win it revenue of around $2.8 million. The litigation firm says it expects to realize around $1 million in profit before tax from the outcome. Shares in IMF Bentham last traded 2.91 per cent higher at $1.77.
Automotive Holdings Group
(ASX:AHG) says it has bought a Mercedes Benz commercial dealership in Laverton Melbourne. It plans to move the dealership to a new purpose built site on Boundary Road within the next year. The Group now has 108 dealership locations across Australasia. Shares in Automotive Holdings Group last traded 0.43 per cent lower at $4.67.
Ex-dividendsA number of companies are trading ex-dividend today including Cyclopharm, Fortescue and Infomedia. Select Harvests will also pay a dividend of 25 cents fully-franked.
CommoditiesGold has added $5.80 to US$1317 an ounce for the December contract on Comex. Silver has added 25 cents to $18.95 for December. Copper is steady at $2.08. Oil has slipped $1.17 to US $43.53 for October light crude in New York.
