The SPI is pointing to a higher open for the Australian market this morning, and there has been some good news from Europe overnight after the German parliament approved an expansion of a euro zone bailout package.
US economic news
GDP growth for the US for the second quarter has been revised from 1 per cent to 1.3 per cent. The new figure comes amid a sharp fall in new jobless claims.
Figures
On Thursday, the Dow Jones Industrial Average gained 143 points to close at 11,154, the S&P500 gained 9 points to close at 1,160 and the NASDAQ lost 11 points to close at 2,481.
European stocks closed mixed, London’s FTSE was down 21 points, Paris was up 32 and Frankfurt was up 61.
Asian stocks were also mixed, Hong Kong’s Hang Seng was closed, Tokyo Nikkei was up 86 point and China’s Shanghai Composite was down 27 points.
Yesterday the S&P/ASX 200 Index closed 31 points lower at 4,008. On the futures market the SPI was 21 points higher.
Currencies
The Australian Dollar at 7:30am was buying US97.75 cents, 62.55 Pence Sterling, 75.09 Yen and 71.91 Euro cents.
Australian economic news
The RP Data-Rismark house prices for August will be out this morning.
Company news
Yesterday shares in Santos Limited (ASX:STO) closed 1.09 per cent higher at $11.27. It said it has $50 billion of planned coal-seam gas export plants planned for Gladstone. Vice president James Baulderstone said he thinks gas prices are heading towards an oil-linked parity of about $6 to $9 a gigajoule. They are currently between $3 and $4. For the six months to June, Santos Limited (ASX:STO) reported a net profit of $504 million.
On Thursday shares in Blackmores Limited (ASX:BKL) rose 0.23 per cent, finishing the day at $30.27. The pharmaceutical company’s controversial agreement with the Pharmacy Guild of Australia, to push the sales of nutritional supplements, has been approved by Commonwealth Bank analysts, like Natalie Kelly. She told The Australian the deal helps pharmacists put “increased commercial focus on their non-dispensary offering, giving ongoing financial pressures to the dispensary side from recent Pharmaceutical Benefits Scheme reforms.” Blackmores Limited (ASX:BKL) posted a net profit of $27.3 million for the six months to June.
Ex-dividends
Fifteen companies are going ex-dividend today, including: Auckland Airport; Consolidated Media; M2 Telecommunications; Nick Scali; Reece; Sims Metals; and WHK Group. On Monday we’ve got David Jones and Premier Investments going ex dividend.
Commodities
Gold is down 80 cents to $US1,617 an ounce for the December contract on Comex. Silver is up 39 cents to $30.52. Copper is flat at $3.25 a pound. Oil is up 93 cents at $82.14 a barrel for November light crude in New York.
