Local investors and traders are setting up for an upbeat day of trade after Wall Street closed higher for its last trading day of August.
The US market digested some better than expected economic news and the Dow Jones added almost 56 points, while health stocks led the S&P 500 higher.
It was the tech heavy Nasdaq that had the most shine and it hit a record close, rising 0.95 per cent.
Closing off the month of August, the Dow and the S&P 500 posted five straight monthly gains, while the Nasdaq recorded its ninth positive month in 10.
On the commodities front, Crude Oil prices have risen but posted a 6 per cent loss for August, while Gold is rising.
US economic news US personal incomes rose 0.4 per cent in July, beating the expected 0.3 per cent rise, according to the figures from the Commerce Department. However, consumer spending, which accounts for over two-thirds of US economic activity, rose 0.3 per cent just shy of what the market predicted.
Economic news We will get a reading of Australian home prices from CoreLogic. Home price growth has remained strong and forecasts suggest home prices could post another solid rise in August, up by around 0.7 per cent.
Markets Wall Street closed up yesterday: The Dow Jones Industrial Average gained 0.3 per cent to close at 21,948, the S&P 500 added 0.6 per cent to close at 2,472 and the NASDAQ shone, rising almost 1 per cent to close at 6,429.
European markets closed higher: London’s FTSE gained 0.9 per cent, Paris added 0.6 per cent and Frankfurt rose 0.4 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 0.7 per cent, Hong Kong’s Hang Seng fell 0.4 per cent, and China’s Shanghai Composite lost 0.1 per cent.
And back home, the Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 45 points up to finish at 5,715.
On the futures market the SPI is 5 points up.
Company newsStanmore Coal
(ASX:SMR) completed its first full year of production and rebounded into positive profit territory. The metallurgical coal producer that operates in Queensland, made $12 million in profit after tax, in the 30 June 2017 financial year, recovering from its almost $20 million loss in the prior corresponding year. Meantime its revenue also soared to triple digits to $138 million, up from $13 million in the prior period. It achieved its coal guidance and saw improvements in its coal mix. Shares in Stanmore Coal
(ASX:SMR) last traded at 2.63 per cent lower to $0.37.
Reporting seasonToday we can watch out for Dacian Gold
(ASX:DCN) is set to set to report financial results today.
Next week we can watch out for Pilbara Minerals
(ASX:PLS) and Syrah Resources
(ASX:SYR) just to name a few.
CurrenciesOne Australian Dollar at 7:30AM was buying 79.47 US cents, 61.49 Pence Sterling, 87.40 Yen and 66.73 Euro cents.
CommoditiesGold has gained $12.40 to $US1,327 an ounce.
Silver has added $0.14 to $US17.64 an ounce.
Oil has risen by $1.13 to $US47.09 a barrel.
Ex dividends
