The Australian share market is set to open steady, following flat leads from the US on the back of disappointing economic data.
In US economic news: US economic growth remains weak for the first three months of this year, with GDP growing at an annual rate of 1.8 per cent.
For the week ended May 21, jobless claims rose to 424,000, that’s an increase of 10,000 on the week before.
And G8 leaders have voiced their concerns regarding government debt weighing down the global economy, but pledged to find funds to help new democracies in the Middle East.
To the figures: On Thursday, The Dow Jones Industrial Average rose 8 points to close at 12,403, the S&P500 added 5 points to close at 1,326 and the NASDAQ gained 22 points to close at 2,783.
European stocks were mixed: London’s FTSE up 11 points, Paris down 12 and Frankfurt was down 57 points.
To Asian markets and stocks were mixed: Hong Kong’s Hang Seng was up 154, Tokyo's Nikkei was up 139 and China’s Shanghai Composite was down 5.
The Australian share market rose on Thursday: The S&P/ASX 200 Index up 76 points to close at 4,660. On the futures market the SPI is 5 points higher.
Turning to currencies and the Australian Dollar at 7:40AM was buying $1.0637 US cents, 64.89 Pence Sterling, 86.55 Yen and 75.25 Euro cents.
Looking at company news: Yesterday shares in Qantas Airways Ltd (ASX:QAN) fell 1.44 per cent to close at $2.06. Chief executive Alan Joyce says the future of Qantas as an international carrier is in jeopardy. The unnerving announcement in response to Fair Work Australia approving a ballot allowing long-haul pilots to vote on taking industrial action – the first time in almost half a century. The pilot’s demands include wage increases which would result in job cuts Mr Joyce said. For the half year ended on 31 December 2010 Qantas reported a net profit of $239 million.
On Thursday shares in Charter Hall Office REIT (ASX:CQO) ended the day 1.41 per cent higher at $3.60. Apollo Global Management and Broadway Partners have offered to buy Charter Hall’s US real estate holdings for more than $US1.6 billion according to Bloomberg. AREA Property Partners, Boston Properties and Highwoods Properties have also made offers for some or all of the 14 US properties, the news agency said. Charter Hall refused to confirm or deny that bids have been made, Reuters reported. For the half year to December 31, Charter Hall Office reported a net profit of $64.8 million.
Now to ex-dividends: There aren’t any companies going ex-dividend today, but there are five coming up on Monday, including Countplus and Technology One.
To commodities: Gold is down $3.90 to $US1,522 an ounce for the June contract on Comex, silver is down $0.31 to $37.33 for July and copper is steady at $4.11 a pound. Oil is down $1.09 at $100.23 a barrel for July light crude in New York.
