The Australian share market has a positive lead from the US where upbeat sentiment from the minutes of last month’s Federal Reserve meeting is fuelling a rally and hopes of support for further interest rate rises.
Some of the biggest gains in Wall Street are in the automobile stocks such as General Motors after better-than-expected December car sales.
Retail stocks made strong gains in Wednesday trade and oil prices also bounced back from early losses.
MarketsWall Street finished higher overnight: The Dow Jones gained 0.3% to close at 19,942, the S&P 500 was 0.6% higher at 2,271, while the NASDAQ surged 0.9% to close at 5,477.
European markets finished higher as well: London’s FTSE was up 0.2%, Paris and Frankfurt were flat.
Asian markets were mixed: the Nikkei jumped 2.5%, the Hang Seng was only slightly down, while the Shanghai Composite added 0.7%.
The Australian share market finished a touch stronger yesterday, with the ASX 200 closing 3 points higher at 5,736. This morning, on the futures market the SPI is up 27 points.
CurrenciesThe Australian Dollar at 8.25am is buying 72.79 US cents, 59.11 Pence, 85.42 Yen and 69.44 Euro cents.
Company newsSuncorp Group Limited
(ASX:SBC) has lifted interest rates for homeowners and small business in a move it says is to balance out higher funding and regulatory costs that it has been absorbing since the US presidential election. The insurance giant increased investor loans last month. Shares in Suncorp last traded 0.36 per cent higher at $13.79.
Westpac Banking Corporation
(ASX:WBC) has pledged every child born in 2017 $200 to help celebrate the banks 200th birthday. There is a catch though, you have to open a Bump Savings account where the money will be deposited and it’s not able to be accessed until the child turns 16. It’s all part of an initiative that aims to teach kids how to save. Westpac shares last traded 0.7 per cent stronger to $33.18.
Ex-dividendsOne company is going ex-dividend today, Centuria Capital will pay 2.3 cents fully-franked.
CommoditiesGold is down $5.20 to $US1,165 an ounce.
Silver has gained 7 cents to $16.48.
Copper is flat at $2.56.
Oil is up $0.87 to US$53.20 per barrel.
