Following positive leads, the Australian share market looks set to open higher. US stocks rallied on Friday after news Deutsche Bank was nearing a settlement with the US Justice Department over its $14 billion fine. Deutsche stock recovered from Thursday’s all time low, jumping 14 percent. Friday marked the end of Q3 for Wall Street, with all major bourses in positive territory.
US economic news
While personal spending was flat in August compared to July, personal income rose by 0.2 percent, in line with market expectations. August Core PCE data, the Federal Reserve’s preferred inflation measure showed gains of 1.7 percent on last year. Consumer sentiment and the Chicago purchasing managers lifted in September, both beating market expectations.
Markets
Wall Street closed up on Friday: The Dow Jones Industrial Average gained 0.9 per cent to close at 18,308, the S&P 500 added 0.8 per cent to close at 2,168 and the NASDAQ rose 0.8 per cent to close at 5,312.
European markets closed mixed: London’s FTSE fell 0.3 per cent, Paris lifted 0.1 per cent and Frankfurt gained 1.0 per cent.
Asian markets closed mixed: Tokyo’s Nikkei fell 1.5 per cent, Hong Kong’s Hang Seng dropped 1.9 per cent, and China’s Shanghai Composite rose 0.2 per cent.
The Australian share market closed lower on Friday: The S&P/ASX 200 Index closed 35 points down to finish at 5,436. The market was up 5 points on the week. On the futures market the SPI is 30 points up.
Currencies
The Australian Dollar at 7:20AM was buying $US76.65 cents, 59.34 Pence Sterling, 77.64 Yen and 68.26 Euro cents.
Economic news
Due out today from the Australian Industry Group is September’s Manufacturing Index. The Melbourne Institute will also report on September inflation figures.
Company News
Mineral Resources Limited
(ASX:MIN) has announced it has signed a Memorandum of Understanding with Neometals Limited to develop a downstream lithium chemical plant in the Eastern Goldfields of Western Australia. The deal will see the two companies turn lithium concentrate from their jointly-owned project at Mt Marion into battery-quality, lithium hydroxide. Work on the project will begin immediately, with a final investment decision expected by Q3 of 2017. Shares in Mineral Resources LImited closed 2.98 per cent lower on Friday at $11.07.
Redflow Limited
(ASX:RFX) has announced it has received a purchase order for 48 ZCell batteries from Standard Solar Pty Ltd, an endorsed Australian ZCell installer. The news comes on the back of last week’s release of Redflow’s endorsed installer list. Shares in Redflow LImited closed 9.59 per cent higher on Friday at $0.40.
Commodities
Gold has fallen $7.20 to $US1,319 an ounce for the December contract on Comex.
Silver has added $0.06 to $19.25 for December.
Copper has added $0.02 to $2.21 a pound for December.
Oil has risen $0.22 to $US48.05 a barrel for November light crude in New York.
