The Australian share market is expected to push higher at the open, following positive leads from Wall Street, while Asian and European markets also closed in positive territory.
The Dow Jones, the S&P 500 and the Nasdaq all closed at record highs, after better-than-expected quarterly earnings results and construction news came through.
As for the S&P 500, that not only posted a closing record but an intraday record, after biotech company, Vertex Pharmaceuticals’ shares soared 21 per cent. The index was also pulled higher by tech stocks, which broke above its all-time high set in March 2000.
Morgan Stanley reported better-than-forecast second-quarter results, with trading revenue beating expectations. While on the Dow, IBM reported mixed quarterly results.
Meantime, on the commodities front, oil prices lifted by over 1 per cent a big drop in US crude and gasoline stocks.
US economic news US construction activity, in terms of housing starts, rebounded in June, after falling three months in a row.
Housing starts rose 8.3 per cent to a seasonally adjusted annual rate of 1.22 million units. It comes as single family and multi-family construction rose. Housing starts totalled 1.215 million in Jun, surpassing the 1.16 million expected. It’s the highest level of housing starts since February.
Local economic news We will get an unemployment employment pulse check for June from the ABS, with expectations the jobless rate may rise from 5.5 per cent to 5.6 per cent. But we will bring you those figures after 11.30am. So stay tuned to our breaking news feed on social media and of course the Market at Midday report.
Markets Wall Street closed higher on Wednesday: The Dow Jones Industrial Average gained 0.31 per cent to close at 21,641, the S&P 500 rose 0.54 per cent to close at 2,474 and the NASDAQ advanced 0.64 per cent to close at 6,385.
European markets also closed higher: London’s FTSE rose 0.55 per cent, Paris added 0.8 per cent and Frankfurt lifted 0.2 per cent.
Asian markets closed higher: Tokyo’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng rose 0.6 per cent, and China’s Shanghai Composite gained 1.4 per cent.
And back home, the Australian share market rebounded yesterday: At the closing bell, The S&P/ASX 200 Index closed 45 points up or 0.8 per cent higher for the day at 5,732.
On the futures market the SPI is 30 points up.
Company news Janus Henderson Group’s
(ASX:JHG) net income attributable to the company rose to US$74.4 million in the three months to 31 March 2017, compared to the US$61.2 million in the prior quarter. The global asset manager formed following the merger of Henderson Group and Janus Capital Group. Its earnings per share, on a diluted basis lifted by US$0.06 to US$0.36 for the three months ending 31 March 2017. Although the company released the pro-forma statements of income to the market, its actual statements of income and assets under management for the 30 June 2017 financial year will be released on 8 August 2017. Shares in Janus Henderson Group’s
(ASX:JHG) last traded 1.88 per cent lower yesterday to $42.33.
Currencies One Australian Dollar at 7:30AM was buying 79.53 US cents, 61.09 Pence Sterling, 88.98 Yen and 69.07 Euro cents.
Commodities Gold has lost $1.00 to $US1,241 an ounce.
Silver has fallen by 1 cents to $US16.25 an ounce.
And Oil has gained 68 cents to $US47.27 a barrel.
