The Australian share market looks to be eyeing a subdued start to the day following mixed leads. At home attention will also remain fixed on political developments and reporting season.
Figures
Wall Street closed higher for the week but finished mixed on Friday. The Dow Jones Industrial Average lost 2 points to close at 12,983, the S&P500 added 2 points to close at 1,366 and the Nasdaq added 7 points to close at 2,964.
European markets also finished mixed: London’s FTSE lost 3 points, Paris added 20 points and Frankfurt added 55 points.
Asian markets finished higher at the end of last week: Hong Kong’s Hang Seng added 26 points, Tokyo Nikkei added 52 and China’s Shanghai Composite added 30 points.
The Australian share market rose throughout Friday’s session to end the day 0.5 per cent higher, gaining 111 points over the week: On Friday the S&P/ASX 200 Index 21 points to finish at 4,307. On the futures market the SPI is now 7 points lower.
Currencies
The Australian Dollar at 8:30AM was buying $US1.071 cents, 67.38 Pence Sterling, 87.28 Yen and 79.5 Euro cents.
Economic news due out today
National Australia Bank Limited (ASX:NAB): Online retail sales index
Company news
Shares in Commonwealth Bank of Australia (ASX:CBA) closed 0.36 per cent higher on Friday at $49.70, on the same day ratings agency Fitch downgraded three of Australia’s Big Four banks, Commonwealth Bank, Westpac Banking Corporation (ASX:WBC) and National Australia Bank Limited (ASX:NAB). The bank’s long-term debt rating has been lowered by one notch to AA-minus, with Fitch attributing the move to the bank’s exposure to wholesale funding costs. Responding after the market closed, CBA said it does not expect the downgrade to have any material impact on its funding plans or expected pricing of its new issuance. In the first half of the 2012 financial year CBA reported a net profit of $3.6 billion.
Shares in Woolworths Limited (ASX:WOW) closed 0.6 per cent higher on Friday at $25.16. Supermarket giant Woolworths is aiming to boost its sales online to $1 billion by 2014. Speaking at the American Chamber of Commerce lunch on Friday CEO Grant O’Brien said Woolies is well on the way to achieving its target. Woolworths first half results will be released this Thursday. In the first half of the 2012 financial year, Woolworths improved its net profit to $2.1 billion.
Commodities
Gold is down $8.00 to $US1,776 an ounce for the April contract on Comex.
Silver is down $0.218 to $35.34 for March.
Copper is up $0.056 at $3.86 a pound.
Oil is up $1.94 at $109.77 a barrel for March light crude in New York.
