Our local share market is set for a tiny lift at the open, following more leads positive from Wall Street.
It comes as the S&P 500 inked its longest winning streak since May, rising for the fourth straight day after Apple shares hit another fresh high, while Netflix rose 3 per cent up.
Needless to say, tech stocks led the rally and the Nasdaq closed over 1 per cent higher.
But a fresh bout of better than expected jobs and economic growth figures also fueled the charge across US stocks and major indices.
On the commodities front though, US crude prices oil are settling near a 6-week low as the aftermath of Hurricane Harvey has keep refiners offline.
US economic news US economic growth or gross domestic product (GPD) grew at 3 per cent annual pace in the second quarter of this year, smashing through expectations of 2.7 per cent growth. It also follows the Commerce Department reporting first quarter GPD growth was just 1.2 per cent.
US private sector employers created 237,000 jobs in August, beating the 185,000 expected. The ADP report is typically used by traders as a preview to the Government's monthly jobs report, which is set to be release on Friday in the US.
Economic news Investors and traders will have a bit of data to digest today, however all eyes will be the ABS the June quarter estimates of business investment. The data is also input into the calculation of economic growth.
Also on today, the Reserve Bank will release its data on private sector credit for July, or outstanding loans. And finally, we will get the new home sales figures for July from the Housing Industry Association (HIA).
Markets Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.12 per cent to close at 21,892, the S&P 500 added 0.5 per cent to close at 2,458 and the NASDAQ added 1.1 per cent to close at 6,368.
European markets closed higher: London’s FTSE gained 0.4 per cent, Paris added 0.5 per cent and Frankfurt rose 0.5 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 0.7 per cent, Hong Kong’s Hang Seng gained 1.2 per cent, and China’s Shanghai Composite fell 0.1 per cent.
And back home, the Australian share market closed flat yesterday: The S&P/ASX 200 Index closed 1 points up to finish at 5,670.
On the futures market the SPI is 1 point up.
Company newsOz Minerals
(ASX:OZL) has been notified that BHP
(ASX:BHP) will terminate the connection and access agreements between the two companies August 30 in 2020 and it will not extend their agreements in July 2018. The termination by BHP Olympic Dam Corporation relates to the Prominent Hill copper, silver and gold mine in north west South Australia. The company says its exploring legal options to ensure it has continued access for at least the next three years, while BHP says its open to alternative access agreements. Shares in Oz Minerals
(ASX:OZL) last traded 1.34 per cent higher to $8.35. .
Look at reporting season. We can watch out for:
GTN
(ASX:GTN)Harvey Norman (ASX: HVN)
Macquarie Atlas Roads Group (ASX: MQA)
Resolute Mining (ASX: RSG)
Sino Gas & Energy
(ASX:SEH) which are set to report financial results today.
Ex-dividends: 14 companies are going ex-dividend today:
Carlton Investments is paying 68 cents fully franked
Macq Media Ltd Is paying 4 cents fully franked
Navitas Limited 10.01 cents fully franked
Primary Health Care 5.80 cents fully franked
Treasury Wine Estate 13.00 cents 50 per cent franked
CurrenciesOne Australian Dollar at 7:50AM was buying 79.02 cents, 61.15 Pence Sterling, 87.13 Yen and 66.46 Euro cents.
Commodities Gold has lost $5.10 to $US1,314 an ounce,
Silver has lost $0.02 to $US17.50 an ounce
Oil has shed $0.47 to $US45.97 a barrel.
