The Australian share market will open higher this morning according to ASX futures.
Wall Street has provided a weak lead as investors eagerly await President-Elect Donald Trump’s first news conference since winning the US election last November.
This morning, healthcare drove the Nasdaq to close at a new record high, while the S&P 500 closed unchanged for the first time in nine years and the Dow Jones retreated further away from the 20,000 points mark.
Miners made the most gains in the US equity markets amid the copper price rising 3% overnight. Meanwhile, Energy stocks were the worst performers, following an overnight fall in oil prices amid rising doubts about whether OPEC and non-OPEC members will comply with a recent deal to cut oil production.
US economic newsThe National Federation of Independent Business reported that small business sentiment sailed to a 12-year high in December – rising by 7.4 points to a reading of 105.8.
Wholesale inventories rose by 1 per cent in November, according to the Census Bureau.
The Bureau of Labor Statistics’ job openings and labour turnover survey showed job openings were flat at 5.5 million in November.
MarketsWall Street finished mixed overnight: The Dow Jones lost 0.2% to close at 19,856, the S&P 500 was flat at 2,269, while the NASDAQ rose 0.4% to close at 5,552.
European markets finished higher: London’s FTSE was up 0.5%, Paris was flat, while Frankfurt gained 0.2%.
Asian markets were mixed: the Nikkei was down 0.8%, the Hang Seng was up 0.8%, while the Shanghai Composite down 0.3%.
The Australian share market finished weaker yesterday, with the ASX 200 closing 47 points lower at 5,761. This morning, on the futures market the SPI is up 26 points.
CurrenciesThe Australian Dollar at 8.30am is buying 73.72 US cents, 60.59 Pence, 85.31 Yen and 69.83 Euro cents.
Local economic newsDue out today from the Australia Bureau of Statistics is its job vacancies data for November.
Company newsOil and gas company, Cooper Energy
(ASX:COE) has completed its acquisition of the Victorian gas assets of Santos Limited (ASX: STO) except for its 10% stake in the Minerva gas field. Copper Energy paid $61 million for this acquisition plus working capital adjustments. Yesterday, shares in Cooper Energy closed 1.52% higher at 33.5 cents.
CommoditiesGold is up $3.30 to $US1,188 an ounce.
Silver has gained 15 cents to $16.84.
Copper is 7 cents higher at $2.61.
Oil fell $1.24 to US$51.63 per barrel.
