Following strong leads from US markets, the Australian share market looks set for a bumper open this morning. Overnight the Dow crashed through the 21,000 mark on the back Trump’s ‘America first’ speech to congress and inflation data increasing the likelihood of a rate hike. This also helped financials on the S&P outperform, with the sector rising 3 percent over the day’s trade.
US economic newsIt was good news on the manufacturing front, with the PMI rising to 57.7 in February, its highest read since August 2014. The Personal Consumption Index jumped by 0.4 percent in January, bringing the year on year gains to 1.9 percent. The index is a key measure of inflation for the Federal Reserve, with the latest read coming close to its 2 percent yearly target and potentially firming up the possibility of a rate hike in the coming months.
Economic newsDue out today is the Balance of Trade, trade data and monthly building permits.
MarketsWall Street closed up yesterday: The Dow Jones Industrial Average soared 1.5 per cent to close at 21,116, the S&P 500 surged 1.4 per cent to close at 2,396 and the NASDAQ jumped 1.4 per cent to close at 5,904.
European markets closed higher: London’s FTSE gained 1.6 per cent, Paris surged 2.1 per cent and Frankfurt climbed nearly 2 percent
Asian markets closed up: Tokyo’s Nikkei added 1.4 per cent, Hong Kong’s Hang Seng rose 0.2 per cent, and China’s Shanghai Composite lifted 0.2 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 7 points down to finish at 5,705. On the futures market the SPI is 50 points up.
Company newsPilbara Minerals Limited
(ASX:PLS) has announced results from its heavy media separation program have exceeded earlier results from a feasibility study. The Lithium developer has seen increased yields and grades from its Pilgangoora project, confirming the site will generate a premium product and meet or exceed industry benchmarks. Shares in Pilbara Minerals fell 1.1 percent on Wednesday to close at $0.45.
CurrenciesThe Australian Dollar at 8:20AM was buying $US76.77 cents, 62.51 Pence Sterling, 87.28 Yen and 72.81 Euro cents.
Commodities Gold has has fallen $4.10 to $US1,250 an ounce for the April contract on Comex.
Silver has dropped $0.02 to $18.45 for May.
Oil has lost $0.34 to $US53.67 a barrel for April light crude.
Dividends
