The Australian share market is set for a hesitant start to the trading week after US markets retracted from their winning streak on Friday.
It comes as the American labour market experienced its first contraction in seven years. The Dow and the S&P 500 somewhat dipped into the red, while the tech heavy Nasadq closed slightly higher.
US economic newsThe US economy lost 33,000 jobs in September, a slump from the 90,000 that were expected to be added. It was the first monthly decline in seven years, when the US economy was still pulling out of a recession. The job plummet reflects the devastating effects from Hurricanes Harvey and Irma.
Despite the sudden fall, the US jobless rate or unemployment rat, fell to a 16-year low of 4.2 per cent.
Local economic news due out todayNo economic news out today, but on Tuesday the Reserve Bank Deputy Governor will give a speech at the FX Globe code of conduct seminar in Hong Kong and we will get a reading of the NAB business survey for September.
On Thursday the Reserve Bank releases August data on credit and debit card lending. On the same day the ABS will give us a pulse check of Housing Finance.
On Friday, the RBA will release its six-monthly Financial Stability Review, which is an assessment of the health of our financial system. Also on Friday the ABS housing occupancy and housing cost data as part of its 2015/16 series.
MarketsWall Street closed mixed: The Dow Jones Industrial Average lost 0.01 per cent to close at 22,774, the S&P 500 lost 0.1 per cent to close at 2,549 and the NASDAQ added 0.1 per cent to close at 6,590.
European markets closed mixed: London’s FTSE added 0.2 per cent, Paris lost 0.4 per cent and Frankfurt lost 0.1 per cent.
Asian markets closed higher: Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng gained 0.3 per cent, and China’s Shanghai Composite is still not trading.
And back home, the Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 59 points up to finish at 5,711.
On the futures market the SPI is 6 points down.
Company newsGeopacific Resources’
(ASX:GPR) takeover offer of Kula Gold Limited
(ASX:KGD) has been rejected by some of Kula Gold’s board of Directors. It comes as Directors of the Gold exploration company, Kula, made different recommendations to their shareholders, with some saying to ‘reject’ the takeover, while others said to ‘exercise their own judgement’, while some Directors withheld a recommendation saying there was a conflict of interest. Both companies are focused on developing a gold project in Papua New Guinea, the Woodlark Gold Project. Shares in Geopacific Resources
(ASX:GPR) are last traded flat at 2.7 cents.
To ex-dividends1 company going ex-dividend today, Shaver Shop
(ASX:SSG) is paying 2.4 cents fully franked.
CurrenciesOne Australian Dollar at 7:45AM was buying 77.73 cents, 59.39 Pence Sterling, 87.59 Yen and 66.28 Euro cents.
CommoditiesGold has gained $1.70 to $US1,275 an ounce.
Silver has added $0.15 to $US16.79 an ounce.
Oil has lost $1.50 to $US49.29 a barrel.
