The Australian share market looks set to open lower this morning with futures predicting a 16 point drop at the start of trade. While the Dow rallied to another strong finish on Friday, uncertainty ahead of Trump’s congressional address on Tuesday looks to be affecting local sentiment. European markets also closed lower on Friday.
US economic newsNew home sales rose by 3.7 per cent in January, falling short of market expectations of a 6.3 percent rise for the month. Consumer sentiment did slightly out-perform predictions, hitting 96.3 for January, 0.3 points above the estimate.
Economic NewsBusiness Indicators data will be released today. Looking ahead Private Sector Credit results will be out on Tuesday and January’s Building Approval numbers will be released on Thursday.
MarketsWall Street closed up on Friday: The Dow Jones Industrial Average gained 0.1 per cent to close at 20,822 the S&P 500 added 0.2 per cent to close at 2,367 and the NASDAQ gained 0.2 per cent to close at 5,845.
European markets closed lower: London’s FTSE dropped 0.4 per cent, Paris lost 0.9 per cent and Frankfurt fell 1.2 per cent.
Asian markets closed mixed: Tokyo’s Nikkei slipped 0.5 per cent, Hong Kong’s Hang Seng retreated 0.6 per cent, and China’s Shanghai Composite closed flat.
And back home, the Australian share market closed lower on Friday: The S&P/ASX 200 Index closed 46 points down to finish at 5,739. On the futures market the SPI is 16 points down.
Company NewsSky and Space Global Limited
(ASX:SAS) has released its interim financial report for the half year ended 31 December. While the company has reported a loss for the period, it has indicated it is on schedule to launch its nano-satellites at the end of February 2017. During the second half of 2016 the company secured two commercial partnerships with African based telecommunications companies and continued progressing its partnership with Virgin Galactic. On Friday Sky and Space Global shares closed 3.7 percent lower at $0.13.
Reporting SeasonTaking a look at companies to report financial results today, we can watch out for full year results from QBE Insurance Group
(ASX:QBE) and Spark Infrastructure Group
(ASX:SKI). Meanwhile companies reporting half year results include Lend Lease Group
(ASX:LLC), Spotless Group Holdings Limited
(ASX:SPO) and Adairs Limited
(ASX:ADH).
Ex-dividends9 companies are going ex-dividend today. Coca-Cola Amatil
(ASX:CCL) will pay 25 cents 75 per cent franked while Orora Limited
(ASX:ORA) will pay 5 cents 30 per cent franked.
Currencies
The Australian Dollar at 7:30AM was buying $US76.75 cents, 61.55 Pence Sterling, 86.07 Yen and 72.67 Euro cents.
Commodities
Gold has gained $8.10 to $US1,258 an ounce for the April contract on Comex.
Silver is up $0.23 to $18.41.
Oil has lost $0.43 to $US54.02 a barrel for April light crude.
