Following negative leads from US markets, the Australian share market looks set to open flat. News out of Washington that Trump Advisor Steve Bannon had departed the administration buoyed US markets on Friday, however it wasn’t enough, with major market indexes ending the session lower. Friday also marked the NASDAQ’s longest losing streak of 2017.
On the commodities front, oil has risen over 3 percent, its highest since May.
US economic newsPreliminary estimates from the University of Michigan suggests consumer sentiment has increased for August, with reports of a jump from 93.4 in July to 97.6. 5 year estimates for inflation also eased, pulling back to 2.5 per cent from a previous forecast of 2.6 per cent.
MarketsWall Street closed lower on Friday: The Dow Jones Industrial Average dropped 0.35 per cent to close at 21,675, the S&P 500 fell 0.2 per cent to close at 2,426 and the NASDAQ lost 0.09 per cent to close at 6,217.
European markets closed lower: London’s FTSE fell 0.9 per cent, Paris lost 0.6 per cent and Frankfurt slipped 0.3 per cent.
Asian markets closed mixed: Tokyo’s Nikkei tumbled 1.2 per cent, Hong Kong’s Hang Seng slid 1.1 per cent, and China’s Shanghai Composite closed flat.
The Australian share market closed lower on Friday: The S&P/ASX 200 Index closed 32 points down to finish at 5,747. The market was up 54 points on the week. On the futures market the SPI is currently 4 points down.
Company newsMirvac Group
(ASX:MGR) has announced it has acquired the balance of East village shopping centre in Sydney’s Zetland. Mirvac previously took a 49.1 per cent stake in the complex in July 2016. The property group has also announced it has entered into an agreement to acquire the yet to be built South Village Shopping Centre in Kirawee, Sydney.
Shares in Mirvac Group closed flat on Friday, last trading at $2.30.
Reporting seasonBluescope Steel
(ASX:BSL), Brambles
(ASX:BXB) and NIB Holdings
(ASX:NHF) are three of the biggest companies reporting today.
Ex-dividends1 company is going ex-dividend today: Domino’s Pizza Enterprises
(ASX:DMP) will pay 44.9 cents 50 per cent franked.
CurrenciesThe Australian Dollar at 7:20AM was buying $US79.31 cents, 61.63 Pence Sterling, 86.70 Yen and 67.46 Euro cents.
Commodities Gold has lost $0.80 to $US1,292 an ounce for the December contract on Comex
Silver has fallen $0.05 to $US17.00 an ounce.
Oil has gained $1.42 to $US48.66 a barrel for September light crude.
