The Australian share market is eyeing a rise at the open to kick off the trading week. It comes the three major indices on Wall Street closed at record highs on Friday with Apple shares gaining over 2 per cent and Qualcomm jumping over 12 per cent.
We also saw the iron ore rise over 2 per cent and the US crude oil price spike above the US$55.60 mark.US economic news
The US economy added 261,000 jobs in October, according to Bureau of Labor Statistics, which was less than 310,000 expected,
In good news though the unemployment rate surprisingly fell to 4.1 per cent, instead of holding at 4.2 per cent. It comes as US labor conditions returned to ‘normal’ following the storm-dampened September. Local economic news
On Tuesday, The RBA will hold their Bank Board meeting and we can expected interest rates will remain on hold at 1.5 per cent.
Also tomorrow, NAB’s Business Survey for October is released.
On Wednesday, AIG’s Construction Index for October is tipped to show a fall in activity from the prior month.
On Thursday the ABS will revel housing finance data. Home loans are expected to fall slightly in September and we will also get a reading of the property investment lending for the same month.
Closing out the economic week, on Friday the RBA will release its Statement on Monetary Policy.Markets
Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 0.1 per cent to close at 23,539, the S&P 500 added 0.3 per cent to close at 2,588 and the NASDAQ gained 0.7 per cent to close 6,764.
European markets closed higher: London’s FTSE rose 0.1 per cent, Paris added 0.1 per cent and Frankfurt gained 0.3 per cent.
Asian markets closed mixed: Tokyo’s Nikkei did not trade, Hong Kong’s Hang Seng rose 0.3 per cent, and China’s Shanghai Composite fell 0.3 per cent.
And back home, the Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 28 points up to finish at 5,960.
On the futures market the SPI is 16 points up.Company news
Automotive aftercare and accessory business, AMA Group (ASX:AMA)
has had its takeover offer of Automotive Solutions Group (ASX:4WD)
sidelined. The takeover target, ASG, says it told its shareholders to take no action as AMA’s offer has been opportunistically timed at a time when the company has been burdened with the division of some directors and shareholders. ASG also reminded shareholders not to sell their shares, so they could benefit from a subsequent higher offer or from an increased offer from another party if that occurs. AMA Group (ASX:AMA)
shares closed about 2.1 per cent higher to $0.98.
And memory and semiconductor technology firm, Weebit Nano (ASX:WBT)
will be forming a new wholly-owned French subsidiary. The subsidiary will be responsible for investigating the industrialisation options of its Silicon Oxide ReRam memory technology. Shares in Weebit Nano (ASX:WBT)
closed about 2.6 per cent lower on Friday to 3.8 cents.To ex-dividends
Jc Intern Group (ASX:JCI)
is the only company going ex-dividend today. It’s paying 2.3 cents un franked.Currencies
One Australian Dollar at 7:45AM was buying 76.60 US cents, 58.61 Pence Sterling, 87.41 Yen and 65.94 Euro cents.Commodities
Gold has lost $8.90 to $US1,269 an ounce.
Silver has lost $0.30 to $US16.83 an ounce.
Oil has gained $1.10 to $US55.64 a barrel.