The Australian share market is set at the open higher, despite the terrorist attack in London at the weekend.
The futures are tipping a 10 point gain, after the Iron Ore price surged and Wall Street closed at record highs on Friday, despite receiving weaker than expected jobs data.
The Dow Jones rose about 60 points, hitting its second straight record close, while the S&P 500 and the Nasdaq also hit record and intraday closes.
For the week, the three major indices posted weekly gains, helped by Telecommunications which gained over 2.3 per cent over the five days, while Utilites rose around 1.7 per cent.
Meantime, Gold has steamed ahead on the back of the new US jobs data.
The Oil prices however reversed, with investors fearing Donald Trump decision to abandon the climate deal, could fuel more crude drilling.
US economic news Job creation fell in May in US, according to the Labor Department. Their figures showed non-farm payrolls fell to138,000 jobs in May, well below the 185,000 jobs expected. Meantime, wages also grew less than economist expected.
However, the unemployment rate fell to 4.3 per cent from 4.4 per cent.
Also out of the US on Friday, America’s trade gap in goods and services with other nations increased 5.2 per cent in April to $47.62 billion. It comes as US imports rose 0.8 per cent, while US exports fell 0.3 per cent.
Local economic news due out this weekOn Monday the ABS will release the business indicators for the March quarter. The publication includes data on sales, profits, inventories and wages.
Also out today, ANZ Job ads for April.
On Tuesday the will RBA board will meet, with expectations interest rates will hold.
Also on Tuesday, the ABS will report on the balance of payments figures including the Current Account Deficit figure for the March quarter.
Come Wednesday the ABS will release economic growth estimates for the March quarter. CommSec expects the economy may have grown 0.5 per cent in the quarter, to be 1.8 per cent on the year. Australia is of course in the midst of the world’s longest economic expansion in the modern era.
Thursday the ABS will release international trade for April and on Friday the body will announce the housing and lending finance for April, with expectations home loans may have fallen by 2 per in April.
MarketsWall Street closed higher on Friday: The Dow Jones Industrial Average gained 0.3 per cent to close at 21,206, the S&P 500 added 0.4 per cent to close at 2,439 and the NASDAQ advanced 0.9 per cent to close at 6,306.
European markets closed higher as well: London’s FTSE gained 0.1 per cent, Paris added 0.5 per cent and Frankfurt rose 1.3 per cent.
Asian markets also closed higher: Tokyo’s Nikkei added 1.6 per cent, Hong Kong’s Hang Seng lifted 0.4 per cent, and China’s Shanghai Composite advanced 0.1 per cent.
And back home, the Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 50 points higher or by 0.9 per cent to finish at 5,788. On the futures market the SPI is 10 points up.
Company newsZeta Resources Limited
(ASX:ZER) is a step closer to taking over Bligh Resources Limited
(ASX:BGH). It comes as the directors of Bligh Resources, are recommending their shareholders accept Zeta’s off-market takeover offer for 3.8 cents, cash per share. The resource explorer and developer’s offer expires on 10 July 2017 at 5.00pm. Zeta Resources Limited
(ASX:ZER) last traded at $0.38.
To ex-dividendsOne company is going ex-dividend today, Evolve Education Group
(ASX:EVO) is 2.32 cents unfranked.
Currencies The Australian Dollar at 7:20AM was buying 74.29 US cents, 57.76 Pence Sterling, 82.06 Yen and 65.89 Euro cents.
Commodities Gold has gained $10.10 to $US1,280 an ounce.
Silver has gained 24 cents to $US17.52 an ounce.
And Oil has fallen 70 cents to $US47.66 a barrel.
