The Australian share market is tipped for flat start, after Wall Street closed mostly higher but somewhat mixed on Monday, with the Nasdaq leading. The tech heavy index gained ground after Amazon’s shares rose 1.8 per cent, which helped to bolster tech stocks. Shares in Tesla also rebounded from last week’s sell off, and climbed 0.9 per cent.
The broader S&P 500 closed 0.1 per cent higher with tech and materials stocks leading. The Dow Jones however ended the session marginally lower, by almost 6 points, with Wal-Mart contributing the most losses.
Meantime, oil has gained ground but it’s still hovering around the $44 mark.
Asian stocks closed mostly in the black, while European markets all closed higher, after the G-20 talks.
US economic news Consumer credit smashed through expectations for May. It comes as the Federal Reserve reported US consumer credit rose by $18.4 billion May, beating the $12.7 billion rise expected. The better than expected result for May also follows the revised rise of $12.9 billion in April.
Local economic news We are expecting to get a reading of housing finance for May from the ABS.
Housing finance for May is likely to show the total value of all new loans may have risen by 1.9 per cent in the month. Meanwhile, owner occupied loans are tipped to rise by 2.5 per cent in May after falling by 1.9 per cent in April.
We can also look out for NAB’s business survey for June.
Markets Wall Street closed mostly higher on Monday: The Dow Jones Industrial Average lost 0.03 per cent to close at 21,409, the S&P 500 gained 0.1 per cent to close at 2,427 and the NASDAQ advanced 0.4 per cent to close at 6,176.
European markets closed higher: London’s FTSE gained 0.3 per cent, Paris added 0.4per cent and Frankfurt rose 0.5 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 0.8 per cent, Hong Kong’s Hang Seng rose 0.6 per cent, and China’s Shanghai Composite lost 0.2 per cent.
And back home, the Australian share market closed in the black on Monday: At the closing bell, The S&P/ASX 200 Index gained 21 points to close at 5,724.
On the futures market the SPI is 1 points down.
Company newsDowner EDI
(ASX:DOW) has increased its stake in Spotless Group
(ASX:SPO) to 64.3 per cent. It comes as over 64 per cent of Spotless shareholders have accepted the engineering and infrastructure company’s unconditional takeover offer of Spotless or sold their shares to Downer. As Downer has a controlling interest in the firm, it is telling remaining Spotless shareholders to accept the offer to realize a certain cash premium. Downer’s offer for Spotless will close at today at 7pm (Tuesday 11 July 2017). The office price is $1.15 per share, which is a 59 per cent premium to Spotless’ share price prior to the offer of $0.725. Shares in Downer EDI
(ASX:DOW) closed 1.64 per cent higher yesterday to $6.18.
Currencies One the Australian Dollar at 7:20AM was buying 76.06 US cents, 59.06 Pence Sterling, 86.74 Yen and 66.74 Euro cents.
Commodities Gold has gained $4 to $US1,214 an ounce.
Silver has added 21 cents to $US15.63 an ounce.
And Oil has gained 32 cents to $US44.55 a barrel.
