The Australian share market looks set for a cautious start to the day as investors digest developments in Europe in the lead up to the EU Summit, starting tonight.
Figures
Wall Street closed mainly higher on Wednesday: The Dow Jones Industrial Average rose 46 points to close at 12,196, the S&P500 added 3 points to close at 1,261 and the Nasdaq closed steady at 2,649.
European stocks finished lower on Wednesday: London’s FTSE was down 22 points, Paris was down 4 points and Frankfurt was down 34 points.
To Asian markets, stocks closed higher: Hong Kong’s Hang Seng was up 298 points, Tokyo Nikkei was up 147 and China’s Shanghai Composite up 7 points.
The Australian share market closed 0.7 higher on Wednesday: The S&P/ASX 200 Index gained 31 points to close at 4,293. On the futures market the SPI is 8 points weaker.
Currencies
The Australian Dollar at 8:30AM was buying $US1.0295 cents, 65.53 Pence Sterling, 79.96 Yen and 76.78 Euro cents.
Economic news
Due out today: Australian Bureau of Statistics labour force data for November.
Company news
Shares in ANZ Banking Group (ASX:ANZ) rose 1.19 per cent on Wednesday, finishing at $21.24. Two days after the Reserve Bank of Australia’s (RBA) rate cut and the Big Four are still staying quiet, with ME Bank and Bank of Queensland (ASX:BOQ) the only banks to pass the full 25 basis point rate cut onto customers. The Australian says ANZ, Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC) and National Australia Bank Limited (ASX:NAB) stand to each gain $5.5 million for every day they hold back on a rate cut. The Australian Financial Review reports withholding the full rate cut would add about $1.5 billion to the Big Four’s combined full year net profits. ANZ posted a 19 per cent increase in its annual net profit, hitting a record $5.4 billion.
Shares in Woodside Petroleum Limited (ASX:WPL) firmed 0.54 per cent yesterday, closing at $33.66. Conflicting reports have emerged over the status of Woodside’s $30 billion Browse liquefied natural gas project in Western Australia. Following a court decision earlier this week, ruling against the state's plans to acquire land for the project, Woodside says its site activities are continuing as scheduled. However, The Australian reports development of a construction camp and a $100 million road to the plant have been delayed. In the first half of the 2011 financial year, Woodside reported a profit of $772 million.
Ex-dividends
No companies are going ex-dividend today. Coming up tomorrow are Australian Masters Corporate Bond Fund No 3, Metcash, and Troy Resources.
Commodities
The price of gold is up $13.00 to $US1,744 an ounce for the February contract on Comex.
Silver is down $0.12 to $32.63 for March.
Copper is down $0.02 at $3.56 a pound.
Oil is down $0.79 at $100.49 a barrel for January light crude in New York.
