The Australian share market looks to open weaker after Wall Street closed lower yesterday, after the news of Osama Bin Laden’s death prompted investors to shift their attention to corporate reports and the economy.
In US economic news, the April manufacturing index for the Institute for Supply Management said its fell to a reading of 60.4 per cent, a result that was better than expected.
The Dow Jones Industrial Average started the week 3 points lower, closing at 12,807, the S&P500 closed 2 points lower at 1,361 and the NASDAQ eased 9 points to close at 2,864.
European stocks closed higher on Monday; London’s FTSE was closed, Paris was up 2 and Frankfurt up 13.
To Asian markets and Hong Kong’s Hang Seng and China’s Shanghai Composite were both closed. Tokyo's Nikkei was up 154.
The Australian share market started the week slightly higher. The S&P/ASX 200 Index added 2 points to close at 4,825. On the futures market, the SPI was 21 points lower this morning.
Turning to currencies and the Australian Dollar at 7:35AM was buying $1.0945 US cents, 65.76 Pence Sterling, 88.94 Yen and 73.86 Euro cents.
In economic news, the Reserve Bank of Australia monthly board meeting and interest rate decision will be made at 2:30pm today.
In company news, shares in Centro (ASX:CNP) closed flat on Monday at $0.054, after the shopping centre property group announced it is expecting its underlying profit for the end of the financial year to be between $15 and $30 million. The announcement came almost three months after the group sold its US assets to Blackstone Real Estate Partners for $US9.4 billion. In the first half of the 2011 financial year Centro recorded a $790.3 million net profit.
Shares in Westpac (ASX:WBC) started the week 0.24 per cent lower at $24.78. The bank received a $1.1billion one-off tax benefit, which has left industry commentators tipping it to lead the charge among the big four to raise dividends this week. It is predicted to set a record tomorrow when it reports its half year profit. In the 2010 financial year Westpac reported a net profit of $6.4 billion.
Now to ex-dividends: The Bank of Queensland is the only company going ex-dividend today with a $0.26 fully-franked dividend.
And to commodities: Gold is up $0.70 to $US1,557 an ounce for the June contract on Comex, silver is down $2.52 at $46.08 for July and copper is up $0.02 at $4.20 a pound. Oil is down $0.41 at $113.52 a barrel for June light crude in New York.
