The Australian share market looks set for a strong start after Wall Street rose on news Italy’s Prime Minister has agreed to resign. Sentiment looks to be given a boost on confirmation Silvio Berlusconi will step down after key austerity laws are approved later this month to tackle the nation’s debt concerns. At home attention will turn to China this afternoon with the release of a series of economic gauges.
Figures
Wall Street closed higher on Tuesday: The Dow Jones Industrial Average gained 102 points to close at 12,170, the S&P500 rose 15 points to close at 1,276 and the Nasdaq put on 32 points to close at 2,727.
European stocks closed higher: London’s FTSE was up 57 points, Paris was up 40 and Frankfurt was up 33 points.
To Asian markets, stocks finished mixed: Hong Kong’s Hang Seng up 0.58 points, Tokyo Nikkei was down 112 and China’s Shanghai Composite was down 6 points.
The Australian share market added half a per cent on Tuesday: The S&P/ASX 200 Index gained 20 points to close at 4,294. On the futures market the SPI is 51 points stronger.
Currencies
The Australian Dollar at 8:20AM was buying $US1.0387, 64.49 Pence Sterling, 80.72 Yen and 75.11 Euro cents.
Economic news
Due out today is theAustralian Bureau of Statistics housing finance data for September and Westpac and the Melbourne Institute's survey of consumer sentiment for November.
Company news
Yesterday shares in Telstra Corporation Limited (ASX:TLS) closed 0.32 per cent higher at $3.15. Telstra has notched up a $9.8 million fine from the Telecommunications Industry Ombudsman after receiving close to 79,000 customer complains in the last financial year. The ombudsman's annual report has revealed it received 200,000 total complaints over the year, up 18 per cent from the year before. Hutchison Telecommunications’ Limited (ASX:HTA) owned-Vodaphone received the greatest increase in complaints and was invoiced $6.5 million. Sigtel’s Optus was fined $2.1 million and iiNet Limited (ASX:IIN) was charged $1.3 million. In the 2011 financial year, Telstra posted a net profit of $3.25 billion.
Shares in Singapore Telecommunications Limited (ASX:SGT) lost 2.07 per cent on Tuesday, closing at $2.37. Singtel’s Australian arm Optus has unveiled its consumer plans for accessing the National Broadband Network. The prices vary between $39.95 for 40 gigabytes of data and $129 for a terabyte of data for standalone broadband and bundled plans. In the year to March 31, 2011 SingTel recorded a net profit of $2.9 billion.
Ex-dividends
Two companies are going ex-dividend: Bank of Queensland with a $0.28 fully franked dividend and Ten Network Holdings with a $0.05 fully franked dividend. Coming up tomorrow: National Australia Bank, Sigma Pharmaceuticals and Zicom Group.
Commodities
Gold is up $8.10 to $US1,799 an ounce for the December contract on Comex.
Silver is up $0.325 cents to $35.15.
Copper is steady at $3.53 a pound.
Oil is up $0.73 at $96.25 a barrel for November light crude in New York.
