With futures up 7 points this morning, the Australian share market looks set to open higher, despite mild losses in US markets on Friday. After a strong post-election run, Wall Street is now contemplating the strong possibility of a December rate hike, as signalled in Janet Yellen’s testimony to congress late last week. Investors are also monitoring the strengthening greenback, wary of its potential impact on companies with significant global exposure.
US economic newsThe Conference Board Leading Economic Index was up 0.1 percent in October compared to the prior month. The reading was in line with market expectations.
MarketsWall Street closed lower on Friday: The Dow Jones Industrial Average fell 0.2 per cent to close at 18,868, the S&P 500 dropped 0.2 per cent to close at 2,182 and the NASDAQ slipped 0.2 per cent to close at 5,322.
European markets closed lower: London’s FTSE fell 0.3 per cent, Paris dropped 0.5 per cent and Frankfurt lost 0.2 per cent.
Asian markets closed mixed: Tokyo’s Nikkei rose 0.6, Hong Kong’s Hang Seng gained 0.4 per cent, and China’s Shanghai Composite lost 0.5 per cent.
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 21 points up to finish at 5,359. The market was down 11 points on the week. On the futures market the SPI is 7 points up.
CurrenciesThe Australian Dollar at 7:10AM was buying $US73.29 cents, 59.46 Pence Sterling, 81.32 Yen and 69.14 Euro cents.
Company news99 Wuxian Limited
(ASX:NNW) has announced it has become a mobile commerce service provider for Guangdong Rural Credit Union. The company will offer credit union customers mobile top up, data recharge and petrol card products. Shares in 99 Wuxian Limited closed 10 percent up on Friday at $0.11.
Flinders Mines Limited
(ASX:FMS) has announced that the Federal Government Department of the Environment and Energy has approved its request to expand operations at the Pilbara Iron Ore Project. The new developments will allow Flinders to increase its iron ore production from 15 Mtpa to 25 Mtpa. Shares in Flinders Mines Limited closed 10 percent up on Friday at $0.022
Commodities Gold has fallen $9.10 to $US1,207 an ounce for the December contract on Comex. Silver has dropped $0.23 to $16.65 for December. Copper has slipped $0.02 to $2.48 a pound for December. Oil has risen $0.66 to $US46.32 a barrel for December light crude in New York.
