Australian shares are set for a stable, or slightly higher, open this morning.
Overnight, there’s been some "bouncebacks” – with a lift in oil and base metal prices, and the Aussie Dollar has strengthened against the US greenback.
Overseas equity markets are providing a positive lead to the Aussie share market, having recovered from yesterday’s abysmal trading day. It seems global markets have shrugged off Donald Trump's failure to repeal Obamacare and any implications this may have on his ability to pass a “phenomenal” tax plan and deliver his pro-economic growth agenda.
On Wall Street, all sectors finished in positive territory, with energy and financials stocks being the strongest performers. Investor sentiment was boosted in particular by some upbeat economic data which was released in the US overnight.
US economic newsThe Conference Board reported that consumer confidence surged this month, hitting 125.6, well above the February result of 116.1.
The S&P CoreLogic Case-Shiller home price index showed that US home prices rose 5.9% in January, which is a 31-month high.
MarketsWall Street finished higher this morning: The Dow Jones Industrial Average lifted 0.7% to 20,702. The S&P 500 gained 0.7% to 2,359 and the NASDAQ was up 0.6% to 5,875.
European markets closed higher overnight: London’s FTSE gained 0.7 per cent, Paris lifted 0.6 per cent, and Frankfurt surged 1.3%.
Asian markets finished mixed: the Nikkei rose 1.1 per cent, the Hang Seng was up 0.6 per cent, and the Shanghai Composite was down 0.4 per cent.
Yesterday, the Australian share market posted its best trading day of the year so far. The S&P/ASX 200 Index gained 75 points (or 1.3%) to close at 5,821.
This morning, on the futures market the SPI is up 13 points.
Company newsRegenerative medicine company Regeneus Ltd
(ASX:RGS) has been granted its first patent in China. This patent covers the use of the company’s stem cell secretions technology for the topical treatment of acne, and provides it with commercial rights in China until 2032. According to Regeneus, the global market for acne-based prescription treatments is worth over $3 billion per year. Yesterday, Regeneus shares closed flat at 14.5 cents.
Ex-dividends
CurrenciesThe Australian Dollar at 7:30AM was buying $US76.34 cents, 61.32 Pence Sterling, 84.86 Yen and 70.62 Euro cents.
Commodities Gold has dropped $4.60 to $US1,254 an ounce.
Silver is up $0.09 to $18.20 an ounce.
Oil has gained $0.48 to $US48.34 a barrel.
