The Australian market looks to start the week higher, on hopes the eurozone leaders are getting closer to resolving the debt crisis.
US economic news
The Commerce Department said retail sales rose 1.1 per cent in September, boosted by strong auto purchases. Sales for August and July were revised higher as well.
Figures
The Dow Jones Industrial Average rose 166 points to close at 11,644, the S&P500 rose 21 points to close at 1,225 and the NASDAQ was up 48 points to close at 2,668.
At the end of last week, European stocks rose: London’s FTSE was up 63 points, Paris was up 31 and Frankfurt was up 52.
To Asian markets, and stocks were lower: Hong Kong’s Hang Seng dropped 256, Tokyo Nikkei was down 75 points and China’s Shanghai Composite was down seven.
On Friday the Australian share market closed lower: The S&P/ASX 200 Index lost 39 points at 4,206. On the futures market the SPI is currently up 46 points.
Currencies
The Australian Dollar at 8:10am was buying $1.0328 US cents, 65.24 Pence Sterling, 79.61 Yen and 74.45 Euro cents.
Economic news
New motor vehicle sales figures for September and lending finance figures for August are due out from the Bureau of Statistics today.
Company news
BHP Billiton Limited (ASX:BHP) (NYSE:BHP) closed at $36.86 on Friday, having lost 2.07 per cent over the day.
The mining giant’s expected to launch a 2 billion Euro takeover offer for Brazilian group Ferrous Resources. British media reports say Ferrous has been looking for potential bidders since it failed in a plan to list in London last year.
Other reports also claim BHP’s considering a $6 billion bid for US-based Walter Energy (NYSE:WLT), which is the largest producer of coal used for steelmaking.
In the 2011 financial year BHP Billiton reported a record net profit of $22.3 billion.
At the end of last week Woolworths Limited (ASX:WOW) closed at $24.49, losing 0.65 per cent for the day.
The supermarket giant is planning to raise $500 million in capital through a domestic hybrid securities issue. Today’s AFR said the move would make it the first non-financial group to utilise that type of issue this year, and the issue would be the third large-scale raising by an Australian company since the GFC, but the first to be conducted onshore.
Woolworths posted a 5 per cent increase in its full year net profit this year, coming in at $2.1 billion.
Ex-dividends
There are three companies today: Countplus with a fully franked three cents; PRO-PAC Packaging with a fully franked one cent; and TFS Corporation with a fully franked four cents.
Commodities
Gold is up $9 to $US1,683 an ounce for the December contract on Comex. Silver is up 51 cents to $32.17. Copper is up 9 cents at $3.41 a pound. Oil is up $2.57 at $86.80 a barrel for November light crude in New York.
