Following positive leads, the Australian share market looks set to open slightly higher following a rebound in US and European markets.
US economic news
The Bureau of Labour Statistics reported US import prices climbed 1.3 per cent in March, while exports rose 0.8 per cent.
The Federal Reserve has released its April summary of outlooks from 12 district banks across the country, which says economic activity continued to expand from mid-February through to late March.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 89 points to close at 12,805, the S&P500 gained 10 points to close at 1,369 and the Nasdaq rose 25 points to close at 3,016.
European markets closed up: London’s FTSE gained 39 points, Paris rose 20 and Frankfurt added 68 points.
Asian markets closed mixed: Hong Kong’s Hang Seng lost 216 points, Tokyo’s Nikkei lost 79 and China’s Shanghai Composite added 3 points.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 46 points down to finish at 4,246. On the futures market the SPI is 5 points up.
Turning to currencies and the Australian Dollar at 7:15AM was buying $US1.0304 cents, 64.78 Pence Sterling, 83.34 Yen and 78.61 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is labour force data for March.
Company news
Shares in Hastie Group Limited (ASX:HST) closed 2.22 per cent down yesterday at $0.22. Hastie Group has advised of a further reduction to its anticipated earning before interest and tax for the half year to 30 June this year, from $28 million to a range of $10-$15 million before restructure costs. The engineering services company also announced late yesterday, that it has executed a revised syndicated facility agreement with its banking syndicate, which will see the removal of covenant testing for the rest of the 2012 financial year, along with a reduction in its bank guarantee facilities by $30 million. Hastie Group says it continues to experience difficult trading conditions both internationally and domestically. In the first half of the 2012 financial year, Hastie Group reported a net loss of $149 million.
Shares in Webjet Limited (ASX:WEB) closed flat yesterday at $3.45. Webjet has upgraded its profit guidance for the full year to 30 June this year. The online travel agent says its 2012 full year net profit after tax will not fall below $13 million, providing trading conditions do not deteriorate during the June quarter. In the first half of the 2012 financial year, Webjet reported a net profit of $5.9 million.
Ex-dividends
One company is going ex-dividend today:
CTI Logistics Limited (ASX:CLX)
Commodities
Gold is down $0.40 to $US1,660.30 an ounce for the June contract on Comex.
Silver is down $0.16 to $31.52 for May. Copper is down $0.01 at $3.64 a pound.
Oil is up$1.68 at $102.70 a barrel for May light crude in New York.
