The Australian share market is expected to open flat today, according to ASX futures. This is despite a strong lead from Wall Street overnight.
There's no Australian economic data being released today. But tomorrow, the latest Consumer Price Index figures will be released, and investors will no doubt be considering what it says about inflation and how this will affect the RBA's next interest rate decision.
In the US, a number of high profile deals were announced – including Rockwell Collins’ $US6.4 billion acquisition of aircraft-parts supplier, B/E Aerospace, and TD AmeriTrade ‘s purchase of Scottrade Financial Services.
Over the weekend, AT&T announced it would buy Time Warner for $US85.4 billion. However, AT&T shares have fallen for the third consecutive day.
US economic newsThis morning, some manufacturing data was released. IHS Markit's purchasing managers index rose to 53.2 in October. This beat the three-month low of 51.5 in September. Any result above 50.0 means industry expansion, so this is a positive result.
MarketsWall Street closed lower overnight: The Dow Jones gained 0.4 per cent to close at 18,223 the S&P 500 was up 0.5 per cent to close at 2,151 and the NASDAQ added 1% to 5,310.
European markets finished mixed: London’s FTSE was down 0.5%, Paris added 0.4 per cent and Frankfurt rose 0.5 per cent.
Asian markets closed higher: the Nikkei gained 0.3 per cent, the Hang Seng gained almost 1 per cent, and the Shanghai Composite added 1.2%.
The Australian share market closed higher yesterday: The ASX 200 closed 22 points down to finish at 5,408. On the futures market the SPI is up 3 points.
CurrenciesThe Australian Dollar at 7:30AM was buying $US76.1 cents, 62.19 Pence, 79.3 Yen and 69.95 Euro cents.
Company newsMatt Bekier, the CEO of Australia’s second-largest casino, Star Entertainment Group
(ASX:SGR) has cancelled his trip to Hong Kong and Macau. This comes after employees of James Packer’s Crown Resorts
(ASX:CWN) were detained in China for alleged “gambling offences”. The Star says Mr Bekier’s visit would be rescheduled , and is not due to “security concerns”. Shares in Star closed 2.74% lower at $4.97 cents.
Oilex Ltd
(ASX:OEX), which is an oil and gas exploration and production company, has released its September quarter report. The company says it is implementing cost reduction initiatives, including a 30% overall reduction of personnel and 14% average reduction in salaries for existing Perth and India personnel. Shares in Oilex closed flat at 0.9 cents.
Ex-dividendsOne company is going ex-dividend. Ridley Corporation
(ASX:RIC) will pay a fully-franked dividend of 2.5 cents per share.
CommoditiesGold has lost $3.30 to $US1,264 an ounce for the December contract on Comex.
Silver has gained 10 cents to $17.59 for December.
Copper is up 1 cent at $2.10 a pound for December.
Oil is down $0.43 to US$50.42 per barrel for December light crude in New York.
