The Australian share market is set for a flat start at the open, following mixed results from US stocks. On Wall Street Netflix shares soared to an all time high, rising more than 13 per cent, which lifted the Nasdaq to a record close, with the tech heavy index seeing its longest winning streak since 2015.
The S&P 500 closed at a record level of over 2,460 points, while it only gained about 1.5 points. Not so great for the Dow Jones though, which fell 150 points at one stage before it closed about 55 points lower.
The Australian dollar climbed almost 1.5 per cent against the greenback to 79.17 US cents.
On the commodities front, the gold price has gained ground, while oil prices eased but they are in positive territory.
US economic news The US housing market index fell 2 points in July. It’s actually the lowest reading on the National Association of Home Builders/Wells Fargo Housing Market Index reading since November 2016, before the presidential election
Local economic news No actual economic data is out today, however all eyes will be on commentary made by a Reserve Bank official today. The Head of Economic Analysis Department, Alex Heath will speak on the Women in Economics Panel at the Australian Conference of Economists.
Markets Wall Street closed mixed on Tuesday: The Dow Jones Industrial Average fell 0.3 per cent to close at 21,575, the S&P 500 rose 0.1 per cent to close at 2,461 and the NASDAQ advanced 0.5 per cent to close at 6,344.
European markets closed lower: London’s FTSE lost 0.2 per cent, Paris fell 1.1 per cent and Frankfurt slid 1.3 per cent.
Asian markets closed mixed: Tokyo’s Nikkei fell 0.6 per cent, Hong Kong’s Hang Seng rose 0.2 per cent, and China’s Shanghai Composite added 0.4 per cent.
And back home, the Australian share market lower on Tuesday: At the closing bell, The S&P/ASX 200 Index closed 68 points down or 1.2 per cent lower at 5,687.
On the futures market the SPI is 8 points down.
Company news BKI Investment Company
(ASX:BKI) has reported its net profit attributable to shareholders rose 8 per cent to $45.6 million for the 2017 financial year (compared to the FY16). The listed investment company reported its ordinary income grew 1.4 per cent to $44.5 million for FY17, compared to FY16. Meantime, its earnings per share including special dividends gained 3 per cent to 7.57 cents per share. Shares in BKI Investment Company
(ASX:BKI) last traded 0.61 per cent higher yesterday to $1.64.
CurrenciesOne Australian Dollar at 7:30AM was buying 79.17 cents, 60.74 Pence Sterling, 88.72 Yen and 68.56 Euro cents.
Commodities Gold has gained $8.20 to $US1,242 an ounce.
Silver has added 16 cents to $US16.26 an ounce.
And Oil has gained 21 cents to $US46.44 a barrel.
