Following mixed leads from US markets, the Australian share market looks set to open moderately higher this morning, with future up 6 points. Tropical storm Harvey battered Houston overnight Australian time, causing a number of oil refineries to halt operations. Gasoline stocks spiked as a result, while listed insurance companies took a beating, as investors no doubt weighed up the potential volume and size of claims Harvey will leave in his wake.
On the commodities front, oil has dropped 2.21 percent and gold has jumped 1.36 per cent.
US economic newsThe Dallas Manufacturing Index rose from July’s read of 16.8 to 17 in August. It was above market expectations with shipments, hours worked and capital expenditures leading the charge. On the wholesale inventories front there was a 0.4 per cent increase in July compared to June. Data also out from the Commerce Department showed the Goods Trade Balance deficit widened in July to $65.1B, mainly driven by a drop in shipments of motor vehicles.
MarketsWall Street closed mixed yesterday: The Dow Jones Industrial Average closed flat at 21,808, the S&P 500 added 0.1 per cent to close at 2,444 and the NASDAQ lifted 0.3 per cent to close at 6,283.
European markets closed lower: London’s FTSE was closed, Paris lost 0.5 per cent and Frankfurt fell 0.4 per cent.
Asian markets closed mixed: Tokyo’s Nikkei dropped 0.01 per cent, Hong Kong’s Hang Seng rose 0.1 per cent, and China’s Shanghai Composite gained 0.9 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 34 points down to finish at 5,710. On the futures market the SPI is 6 points up.
Company newsAutosports Group Limited
(ASX:ASG) has announced its subsidiary ASG Melbourne Pty Ltd has entered into an agreement to buy BMW Melbourne. ASG expects to pay $22M for the business plus fixed assets. The acquisition will be funded by cash and new debt facilities. The purchase comes on the back of ASG’s prior acquisitions in the Melbourne market of Volvo Cars Brighton and BMW Doncaster and Bundoora. Shares in Autosports Group Limited
(ASX:ASG) last traded steady at $2.17
Reporting season7 companies are expected to report financial results today. Keep an eye out for Autosports Group
(ASX:ASG), Caltex Australia
(ASX:CTX), and Regis Resources
(ASX:RRL).
Ex-dividends 10 companies are going ex-dividend today: Alumina Limited
(ASX:AWC) will pay 5.32 cents fully franked, Bega Cheese
(ASX:BGA) will pay 5 cents fully franked and Fiducian Group
(ASX:FID) will pay 8.9 cents fully franked and Pioneer Credit will pay 5.28 cents also fully franked.
CurrenciesThe Australian Dollar at 7:15AM was buying $US79.63 cents, 61.57 Pence Sterling, 86.90 Yen and 66.47 Euro cents.
Commodities Gold has gained $18 to $US1,316 an ounce.
Silver has gained $0.40 to $US17.54 an ounce
Oil has lost $1.06 to $US46.81a barrel for light crude.
