The Australian share market is expected to open higher today, having received positive overseas leads. Wall Street climbed over 2 per cent on Wednesday as positive economic data eased concerns about Europe’s debt woes.
In US economic news: Monthly data from payroll company ADP revealed a surprisingly high increase of 93,000 private sector jobs in November, representing the largest gain in three years. While the Labour Department showed that construction spending was up 0.7 per cent in October, which came in above market expectations of a 0.5 per cent decline. Economists at Goldman Sachs added to the positive news, boosting their forecast for US growth from 1.9 per cent to 2.7 per cent next year.
On Wednesday, the Dow Jones Industrial Average, closed 250 points stronger to 11,256. S&P500 lifted 26 points to 1,206 and the NASDAQ firmed 51 points to 2,549.
European stocks were higher: London’s FTSE is up 114 points, Paris is up 59 points and Frankfurt is up 178.
To Asian markets, stocks also advanced: Hong Kong’s Hang Seng was up 242, Tokyo’s Nikkei was up 51 points and China’s Shanghai Composite is up 3 points.
The Australian share market finished slightly higher on Wednesday. The S&P/ASX 200 Index lifted 2 points to close at 4,587 and on the futures market the SPI is up 62 points. Turning to currencies and the Aussie Dollar at 8:30AM was buying 96.88 US cents, 62.01 Pence Sterling, 81.57 Yen and 73.75 Euro cents.
In economic news: Due out today the Australian Bureau of Statistics retail trade for October and also, the international trade in goods and services for October.
Company news: Shares in Australian Infrastructure Fund Ltd (ASX:AIX) slipped 1.82 per cent to $1.89. Australian Infrastructure Fund has reported strong monthly passenger growth at its airports. Passengers across its airport portfolio increased 7.6 per cent in October, compared to the same time last year. While for the year to 31 October, passenger numbers rose 8.3 per cent. CEO Jeff Pollock says the growth supports the company’s positive outlook, with future performance expected to be enhanced by planned developments at its Australian airports. Australian Infrastructure Fund reported a net profit of $191.25 million in the 2010 financial year. Shares in Talent2 International Ltd (ASX:TWO) closed 0.33 per cent higher at $1.50. Talent2 International says the Asian market presents an opportunity for the managed and recruitment services provider, and that it eventually wants to have the majority of its business in the region. The company says it is targeting a fourfold increase in revenue over the next five years to around $1 billion, with Asia-managed services expected to account for at least $300 million to $400 million. Talent2 International booked a turnaround profit of $5.79 million in fiscal 2010. Ex-dividends: The only company going ex-dividend today is Templeton Global with a 3 cent fully franked dividend.
To commodities: Gold is up $2.20 to $US1,388 an ounce for the December contract on Comex, silver is up $0.201 to $28.41 and copper is up $0.122 to $3.95 a pound. Oil is up $2.64 at $86.75 for December light crude in New York.
