The Australian share market looks set to erase some of yesterday’s losses at the open.
While Wall Street is closed for the Labor Day holiday, the futures suggest North Korea’s largest ever nuclear test has set the US Markets on the path to a sell-off at tomorrow’s opening.
The North Korea tensions have also had an impact on commodity futures with investors seeking the safe haven of gold which shot up to their highest in nearly a year.
Also on the commodity front copper and silver have also attracted investors trading higher, this will be welcome news for resource companies here.
With the US stock markets closed, there was no US economic data to digest.
Local economic news
The Reserve Bank Board is expected to keep interest rates on hold when it meets today. Currently sitting at historical lows the next interest rate move appears to be a long way off. In the evening, the RBA Governor will also deliver a speech.
Also, the government finance data figures are key inputs to economic growth estimates due out tomorrow. The Balance of Payments figures on consumption and investment will be released.
European markets closed lower; London’s FTSE lost 0.4 per cent, Paris is down 0.4 per cent and Frankfurt was also down 0.3 per cent.
Asian markets closed mixed: Tokyo’s Nikkei was down 0.9 per cent, Hong Kong’s Hang Seng was down 0.8 per cent, and China’s Shanghai Composite was up 0.4 per cent.
And back home, the Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 23 points down to finish at 5,702. On the futures market the SPI is up 13 points.
Westgold Resources (ASX:WGX) has announced its annual mineral resources and oil reserves estimates as at 30 June 2017 and the results proved promising. The group reporting an increase of 26 per cent in consolidated ore reserves, standing at 46 million tonnes, or 3.38 million ounces of gold. The group’s mineral resource estimate increased to 237 million tonnes, or close to 16 million ounces. Shares in (ASX:WGX) last traded up 1.82 per cent to $1.96.
15 companies are going ex-dividend today; just to name a few
Bendigo and Adelaide Bank (ASX:BEN) is paying 34 cents fully franked, Boral (ASX:BLD) is paying 12 cents, 50 per cent franked, Oil Search (ASX:OSH) is paying 4.29 cents unfranked, Ramsay Health Care is paying 81.5 cents, fully franked and Servcorp are paying 13 cents, 50 per cent franked.
One Australian Dollar at 7:40AM was buying US79.47 US cents, 61.48 Pence Sterling, 87.21 Yen and 66.82 Euro cents.
Gold has gained $9 to $US1,339 an ounce.
Silver has gained 16 cents $US17.98 an ounce
Oil has gained .08 cents to $US47.37 a barrel.