The Australian share market is set to open higher this morning following strong leads from Wall Street thanks to positive jobs data. The Greek parliament has also approved a law on a $133 billion debt writedown with private creditors.
US economic news
Initial claims for jobless benefits held steady at a 4 year low last week at 351,000.
Figures
Wall Street closed higher on Thursday: The Dow Jones Industrial Average gained 46 points to close at 12,985, the S&P500 gained 6 points to close at 1,363 and the Nasdaq rose 24 points to close at 2,957.
European markets finished mixed yesterday: London’s FTSE gained 21 points, Paris fell less than a point and Frankfurt lost 34.
Asian markets closed mixed yesterday: Hong Kong’s Hang Seng fell 168 points, Tokyo’s Nikkei rose 42 points and China’s Shanghai Composite gained 6.
The Australian share market ended the day lower on Thursday. The S&P/ASX 200 Index fell 7 points to finish at 4,286. On the futures market the SPI is currently 14 points higher.
Currencies
The Australian Dollar at 8:30AM was buying $US1.0707 cents, 68.05 Pence Sterling, 85.63 Yen and 80.11 Euro cents.
Australian economic news
Reserve Bank governor Glenn Stevens is appearing before the House of Representatives Standing Committee on Economics.
Company news
Shares in Telstra Corporation Limited (ASX:TLS) fell 1.81 per cent on Thursday, closing at $3.25. Telstra has lodged a revised structural separation undertaking with the Australian Competition and Consumer Commission for approval. The telco says the revised submission comes after multiple rounds of public consultation. According to the statement, the ACCC has acknowledged their concerns have been addressed. It’s the key outstanding condition standing in the way of Telstra’s involvement in the roll-out of the national broadband network. Telstra posted a net profit of $1.5 billion for the six months to December 31, 2011.
BHP Billiton Limited (ASX:BHP) shares fell 0.49 per cent on Thursday, closing at $36.23. The global miner has flagged possible job cuts because of the strength of the Australian dollar. BHP says from March it will temporarily stop production at its plant in George Town, near Launceston. It’s a move that could lead to the loss of more than 300 jobs.
BHP reported a net profit of $9.9 billion for the half year ended December 31, 2011.
Ex-dividends
Adelaide Brighton Limited (ASX:ABC)
Austin Engineering Limited (ASX:ANG)
Bki Investment Company Limited (ASX:BKI)
Charter Hall Office REIT (ASX:CQO)
Country Road Limited (ASX:CTY)
Emeco Holdings Limited (ASX:EHL)
Fleetwood Corporation Limited (ASX:FWD)
QR National (ASX:QRN), Santos Limited (ASX:STO)
Watpac Limited (ASX:WTP).
Commodities
Gold is up $15.00 to $US1,786 an ounce for the April contract on Comex. Silver is up $1.30 to $35.58 for March. Copper has fallen $0.03 at $3.81 a pound. Oil is up $1.55 at $107.83 a barrel for March light crude in New York.
