The Australian market looks poised to lift this morning, after global markets rallied on news a court ruling in Germany will facilitate the nation’s ability to provide bailout packages to ease Europe’s debt woes. On Wall Street stocks snapped a three day losing streak, ahead of a speech by President Obama on Thursday evening expected to reveal a $US300 billion package to revive jobs growth.
Figures
On Wednesday: The Dow Jones Industrial Average advanced 276 points to close at 11,415, the S&P500 gained 33 points to close at 1,199 and the NASDAQ rose 75 points to close at 2,549.
European stocks closed higher: London’s FTSE was up 162 points, Paris was up 108 and Frankfurt was up 212.
To Asian markets, stocks were higher: Hong Kong’s Hang Seng rose 338, Tokyo Nikkei was up 173 points and China’s Shanghai Composite was up 46 points.
The Australian share market snapped a losing streak yesterday, advancing 2.7 per cent: The S&P/ASX 200 Index surged 108 points to close at 4,183. On the futures market the SPI is 44 points stronger.
Currencies
The Australian Dollar at 7:30AM was buying $US1.0662 cents, 66.68 Pence Sterling, 82.4 Yen and 75.63 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics labour force data for August.
Company news
On Wednesday shares in Rio Tinto Limited (ASX:RIO) advanced 3.2 per cent, closing at $70.60. Rio has joined a chorus of opposition against the Federal Government’s proposed carbon tax. The global miner’s Australian managing director, David Peever, says it is the wrong time for the tax which will undermine business confidence and competitiveness in Australia. Mr Peever believes the government must go back to the drawing board and reconsider its approach to pricing carbon. Rio Tinto generated a net profit of $7.5 billion in the first six months of 2011.
Yesterday shares in Paladin Energy Ltd (ASX:PDN) firmed 0.83 per cent to close at $1.81. Paladin Energy has advised that the start-up at its Kayelekera mine in the African country of Malawi has been pushed back by one week. The uranium miner says it is currently conducting reinforcement work, after which it expects the plant’s operation can begin. In the 2011 financial year Paladin Energy extended its net loss to $82.4 million.
Ex-dividends
Thirteen companies are going ex-dividend today. Among those are BSA, Country Road, FlexiGroup, News Corporation, Patties Foods, Tox Free Solutions and WDS.
Commodities
Gold is down $55.70 to $US1,817 an ounce for the December contract on Comex. Silver is down $0.24 cents to $41.63. Copper is up 8 cents at $4.13 a pound. Oil is up $3.32 at $89.34 a barrel for October light crude in New York.
