The Australian share market is set for a rise to kick off the Thursday session, thanks to Wall Street’s positive leads and a rise in base metals.
On the back of a solid lift in copper, silver, lead, zinc and aluminum the materials charged ahead in the US. Apple shares also hit a record high.
All of that left the main US indices in positive territory, but criticism from the business community about President Donald Trump capped gains.
US economic news
Federal Open Market Committee’s minute meetings from July revealed the Central Bank is divided over path to hike rates. Half of the participants were worried about delaying a hike, while the other sides were concerned about a recent drop in inflation and said the Fed ‘could afford to be patient under current circumstances’. The minutes also said that inflation will hit the Fed's 2 per cent target, but is clearly not there yet.
The FOMC held its target interest rate range of 1 per cent to 1.25 per cent in July.
Local economic news
The ABS is expected to unveil the all-important unemployment & employment data for Jul, with the jobless rate tipped to remain at 5.6 per cent. As for the amount of people employed, the consensus is we will see a rise of 20,000 jobs in the month.
Wall Street closed in higher: The Dow Jones Industrial Average gained 0.1 per cent to close at 22,025, the S&P 500 added 0.1 per cent to close at 2,468 and the NASDAQ advanced 0.2 per cent to close at 6,345.
European markets closed higher: London’s FTSE rose 0.7 per cent, Paris added 0.7 per cent and Frankfurt lifted 0.7 per cent.
Asian markets closed mixed: Tokyo’s Nikkei fell 0.1 per cent, Hong Kong’s Hang Seng rose 0.9 per cent, and China’s Shanghai Composite fell 0.2 per cent.
And back home, the Australian share market closed higher yesterday: At the closing bell, The S&P/ASX 200 Index closed about 28 points higher or 0.48 per cent up for the day at 5,785.
On the futures market the SPI is 12 points up.
BC Iron (ASX:BCI) reported $5.7 million in profit 2017 financial year attributable to members. It’s a solid rebound from its $82.7 million loss in the prior corresponding period. It comes as it sold its 75 per cent interest in a JV to Fortescue (ASX:FMG) and also inked a rise in its revenue to $64 million. Shares in BC Iron (ASX:BCI) last traded steady at $0.16
About a dozen companies are reporting their financial results today. Just to name a few though, we can watch out for
Telstra Group (ASX:TLS)
Tatts Group (ASX:TTS)
QBE Insurance Group (ASX:QBE)
Wesfarmers Limited (ASX:WES)
IRESS Limited (ASX:IRE)
Cochlear Limited (ASX:COH)
Five companies are going ex-dividend today,
Finbar Group Limited (ASX: FRI) is paying 3 cent fully franked.
Flagship Investments (ASX: FSI) is paying 3.75 cents fully franked
G.U.D. Holdings (ASX: GUD) is paying 25 cents fully franked
IOOF Holdings (ASX: IFL) is paying 27 cents fully franked and
Janus Henderson (ASX: JHG) is paying 40.39 cents unfranked.
One Australian Dollar at 7:50AM was buying 79.29 US cents, 61.52 Pence Sterling, 87.34 Yen and 67.37 Euro cents.
Gold has gained $11.50 to $US1,289 an ounce.
Silver has added $0.40 to $US17.11 an ounce.
And Oil has lost $0.88 to $US46.94 a barrel.